Tea Life Co.,Ltd.
3172・Standard Market・Retail Trade
Business
T-Life Co., Ltd. is a listed company (TSE Standard Market) headquartered in Shimada City, Shizuoka Prefecture, founded in 1983 with its origins in green tea tea-bag processing and mail-order sales. It currently comprises two segments: the Wellness Business (mail-order and wholesale of health teas, health foods, cosmetics, etc.) and the Logistics Business (real estate leasing and outsourced shipping operations utilizing its own logistics centers). Its main customers are individual consumers via catalog and e-commerce channels, as well corporate clients such as TV shopping operators (QVC Japan, a key business partner accounting for 46.1% of net sales) and retail stores. The consolidated subsidiaries consist of 4 companies, including Apex Co., Ltd., and consolidated net sales for FY2025 (ending July 2025) were ¥11,502 million.
Business Model
In the wellness business, the company leverages its manufacturing and processing know-how to develop proprietary product planning capabilities, selling health and beauty products through multiple channels including catalogs, e-commerce, and TV shopping. Its subsidiary Apex specializes in wholesale for TV shopping, providing an integrated service from product development to sales production. In the logistics business, the company secures stable fixed income through real estate leasing and 3PL (third-party logistics) contract operations utilizing its three centers in Fukuroi, Kakegawa, and Nagoya. The logistics business's operating margin for FY2025 (ended July 2025) remained at a high level of approximately 20.4%.
Company Strengths
Since its founding in 1983, the company has leveraged the manufacturing and processing know-how cultivated through green tea tea-bag processing to carry out integrated product planning encompassing everything from raw material procurement to manufacturing processes. It develops highly distinctive health teas, health foods, and cosmetics in-house, differentiating itself from competitors. For pu-erh tea raw materials, the company has established a stable procurement system through a long-term supply agreement (concluded in 2014, with automatic renewal) with Yunnan China Tea Co., Ltd. of Yunnan Province, China.
The company owns three logistics centers: the Fukuroi Center (operational since 2015), the Kakegawa Center (operational since 2019), and the Nagoya Center (operational since 2022). In FY2025 (ended July 2025), the Logistics segment recorded net sales of ¥927 million (up 1.3% year on year) and segment profit of ¥189 million, functioning as a stable earnings source with a profit margin of approximately 20.4%. It plays a role in hedging the volatility risk of the Wellness business.
As of the end of FY2025 (ended July 2025), total net assets stood at ¥6,432 million, with an equity ratio of 73.3%, indicating high financial soundness. Cash and cash equivalents stood at ¥2,633 million, providing sufficient financial flexibility to fund upfront investment in overseas operations and future M&A. Total liabilities have been compressed to ¥2,344 million, reflecting low reliance on interest-bearing debt.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥13,457 million in FY2023 and has declined for three consecutive fiscal years. Cumulative revenue for the third quarter of FY2026 (ending July 2026) was ¥7,955 million (down 8.2% year on year), continuing the decline. Operating profit was halved from ¥901 million in FY2021 to ¥456 million in FY2025, and cumulative operating profit for the third quarter of the current fiscal year deteriorated further to ¥195 million (down 31.7% year on year). An impairment loss of ¥35 million was recorded as an extraordinary loss, and quarterly net income was ¥146 million (down 27.2% year on year). Externally, prolonged consumer thrift driven by rising prices, intensifying competition from EC malls, and the maturation of the TV shopping market have combined to cause a rapid decline in the profitability of the Wellness Business. The Logistics Business has maintained higher revenue and profit, but its scale is insufficient to offset the deterioration in overall group performance.
Growth Strategy
Aiming to achieve the medium-term plan through structural reform of existing businesses combined with upfront investment in overseas and new businesses
Pursuing the development of suppliers and sales channels for matcha exports amid growing overseas demand. While the market environment presents a tailwind from expanding overseas matcha demand, the company is in the stage of building its own trade flows under its own initiative. Timing of profit contribution has not been disclosed.
Continuing upfront investment in EC operations targeting the US market. Expenses related to marketing and logistics system development are weighing on Wellness segment profit, representing a major factor behind the significant decline in segment profit for the cumulative nine months. Timing of monetization and investment scale have not been disclosed.
Pursuing improvements in customer acquisition efficiency for catalog mail-order sales, optimization of promotional scale, price pass-through of rising raw material costs, and expansion of original products and inventory optimization on EC malls. However, cumulative nine-month segment profit stood at ¥38 million (down 72.4% year on year), showing no improvement yet, and an impairment loss was also recorded.
Pursuing sales activities to acquire new customers at the Nagoya Center and improving operational efficiency at the Fukuroi and Kakegawa Centers. For the cumulative nine months, segment sales reached ¥722 million (up 4.6% year on year) and segment profit reached ¥156 million (up 6.9% year on year), delivering steady results and functioning as the only segment within the group to achieve profit growth.
Last updated: July 17, 2026