Hamee Corp.

Business Details

The segment is centered on smartphone accessories (iFace brand), alongside cosmetics (ByUR/ByGLOW), gaming monitors (Pixio), and global operations (US, South Korea, and China). It operates on two pillars: a multi-store domestic EC presence and wholesale to major variety-goods and consumer-electronics retailers, with the group internally managing the supply chain from product planning and manufacturing through logistics and sales. Approximately 90% of revenue is generated in the domestic market. From FY2026 (ending April 2026), this segment is positioned as the core segment following the spin-off of NE Inc.

Recent Overview

Revenue increased 5.8% year on year, while segment profit fell sharply by 35.8%

Revenue in the Commerce segment for FY2026 (ending April 2026) reached ¥20,095 million (up 5.8% year on year), achieving growth. The cosmetics business grew 30.4% year on year and the global business grew 11.3% year on year, driving the increase, while the mobile life business declined 1.5% and the gaming accessories business declined 5.0% year on year. Segment profit fell sharply to ¥1,386 million (down 35.8% year on year), mainly due to a pullback from the prior period's strong performance, the impact of external factors such as US tariffs, and increased costs from intensifying advertising competition. Consolidated selling, general and administrative expenses expanded to ¥11,947 million (up 7.2% year on year).

Key Products

Growth Drivers

• Improved cost ratio in the cosmetics business (ByUR) driven by expanded store placement in major drugstore chains for the base makeup category and better purchasing terms
• Establishment of a multi-brand structure through the launch of the new "ByGLOW" brand, strengthening the medium- to long-term beauty business portfolio
• Acceleration of proprietary brand expansion in the global business across the US, South Korea, and China (FY2026 (ending April 2026) revenue up 11.3% year on year)
• Development of new categories through full-scale entry into power-related accessories (chargers, mobile batteries, etc.) under the iFace brand
• Expansion into peripheral accessories and furniture categories such as monitor arms, desks, and chairs at Pixio, reducing reliance on monitors alone
• A sales growth target of a 3-year CAGR of +15.4% under the "Z Culture SPA" strategy in the medium-term management plan (May 2026 to April 2029), deepening vertical integration from planning to sales

Risks

• Revenue concentration in the smartphone accessory category and reliance on the domestic market (domestic revenue of ¥18,272 million in FY2026 (ending April 2026), 82.8% of total)
• Intensifying competition in the EC market from rival brands, including overseas players, and upward pressure on advertising auction costs
• Risk of rising procurement costs and cost-ratio deterioration due to US tariff policy developments and foreign exchange fluctuations (Hamee US)
• A pricing environment shaped by continued aggressive price cuts from major manufacturers and oversupply in the gaming accessories market
• Short-term profit pressure from ongoing upfront investment to expand awareness and product lineup for the new "ByGLOW" brand in the cosmetics business
• Risk of margin decline due to an increase in selling, general and administrative expenses (¥11,947 million in FY2026 (ending April 2026), up 7.2% year on year)