Misawa & Co.,Ltd.
3169・Standard Market・Retail Trade
Business
Misawa Co., Ltd. is a company that plans and sells furniture, fabric, interior goods, and general merchandise under the "unico" and "unico loom" brands, with the concept of "proposing a relaxed, authentic lifestyle." The company handles nearly all product planning and development in-house and adopts an SPA (specialty store retailer of private label apparel/manufacturing retail) model, outsourcing manufacturing to partner factories in Japan and overseas. Products are sold through 49 directly operated stores nationwide and an online shop, with the main target being consumers in their mid-20s to 40s who value sensibility and individuality. The company withdrew from the food business in September 2024 and is now concentrating its management resources on the unico business. Since the birth of the unico brand in 1998, the company has expanded to major cities nationwide, from Hokkaido to Kyushu.
Business Model
The company completes product planning in-house and outsources manufacturing to domestic and overseas partner factories, eliminating intermediary margins. By selling directly to consumers through 49 directly-operated stores nationwide and its online shop, it maintains brand value and price control. Purchases amounted to ¥6,517 million (FY2025, ending January 2025), securing a gross profit structure against net sales of ¥12,606 million. While rising delivery and rent costs are pressuring profitability, the company is working to improve its operating margin through a shift toward higher value-added product mix and appropriate inventory management.
Company Strengths
The company plans and develops almost all of its own products, including furniture and fabrics, and operates two brands: "unico" and "unico loom". It introduces new series such as DEMI, HILMA, EPET, and KEPPI every period, continuously expanding its product lineup while maintaining consistency in brand image.
The company operates 49 stores across 7 regions nationwide, from Hokkaido to Kyushu. It focuses on opening stores in commercial facilities with high customer traffic, such as LUMINE, Lucua, and Amu Plaza, and continues to strengthen high-gross existing stores, including the expansion and renovation of unico Namba and the relocation and renovation of unico Okayama.
Operating profit for FY2025 (ending January 2025) reached ¥325 million (up 401.0% year on year), achieving an operating profit margin of 2.6%. This significantly exceeded the medium-term management plan's targets (operating profit of ¥201 million and operating profit margin of 1.5%), demonstrating the effectiveness of profitability improvements. Net income also recovered sharply to ¥187 million (up 1,427.2% year on year).
ENVALITH's Perspective
Performance Trend
Revenue over the past five periods shows a gradual recovery trend, from ¥11,626 million (FY2022) to a projected ¥12,752 million (FY2027). Operating profit peaked at ¥1,005 million in FY2022, then fell sharply to ¥65 million by FY2024, before recovering somewhat to ¥326 million in FY2025 and ¥236 million in FY2026. In the most recent cumulative first quarter of FY2027 (ending January 2027) (February–April 2026), revenue reached ¥3,061 million (+2.5% year-on-year), securing revenue growth, but a 6.0% year-on-year increase in SG&A expenses (¥1,556 million) outpaced gross profit, resulting in an operating loss of ¥24 million. An external factor—a foreign exchange loss of ¥15 million—also contributed to a widening ordinary loss of ¥38 million. EC sales performed well, up 15.7% year-on-year, but structural increases in rent, labor costs, and logistics costs, along with expenses related to the introduction of a new core system, are weighing on profitability.
Growth Strategy
Restructuring the profit structure through EC and digital enhancement, operational efficiency improvement, and selective focus
Strengthened brand and product appeal by expanding SNS video content, expanding EC sales. Cumulative EC sales for the first quarter of FY2027 (ending January 2027) reached ¥637 million (up 15.7% year-on-year), with accelerating growth contributing to reduced dependence on fixed costs.
A new core system was implemented at the start of FY2027 (ending January 2027) to enable functional and rapid execution of digital strategy and improve productivity in routine operations. In the short term, implementation costs are pushing up SG&A expenses, but cost reduction effects are expected over the medium to long term.
Closed the unico Shizuoka store and unico Kawasaki store to maximize cost-effectiveness. Aiming to improve the profit structure by reducing store fixed costs. The impact of the closures on store sales is reflected in cumulative first-quarter store sales of ¥2,423 million (slightly down year-on-year).
Launched new series such as ALKU and DWELI, aiming to increase average customer spending and sales by raising the composition ratio of fabrics and sundries. Product inventory increased by ¥115 million compared to the end of the previous fiscal year, indicating progress in preparation for new product launches.
On June 8, 2026, disposed of 50,300 shares of common stock (¥652 per share, total of approximately ¥33 million) to 4 directors and 20 employees. Aims to retain and motivate personnel toward improving corporate value over the medium to long term.
Last updated: July 17, 2026