KAITORI OKOKU CO., LTD.
3181・Standard Market・Retail Trade
Business
Kaitori Okoku Co., Ltd. is headquartered in Aichi Prefecture and operates a comprehensive reuse retail business centered on the Tokai, Kansai, and Hokuriku areas. It runs multiple formats, led by its core "Kaitori Okoku" brand (27 directly operated stores), the tool-specialty "Kogu Kaitori Okoku" (23 directly operated stores and 6 franchise stores), the outlet format "My Shu Sagar" (3 directly operated stores), the buyback specialty store "Otakara Kaitori Okoku" (6 directly operated stores), and "Ryohin Kaikan" in the Kansai region (8 directly operated stores), whose business was acquired in August 2024. The range of merchandise handled is broad, spanning fashion, tools, hobby items, brand goods, and trading cards, with men and women in their 20s to 50s as the primary customer base. Under the corporate message "REUSE IS GOOD – Making Reuse a Part of Everyday Life," the company positions its contribution to a circular society as its core business domain.
Business Model
The basic structure is a margin model in which used goods are purchased from consumers, given added value, and resold. In addition to over-the-counter purchasing, sourcing channels are being diversified to include home-delivery purchasing, corporate procurement, overseas buying, and event-based purchasing. Sales are centered on directly operated stores, with expansion into domestic e-commerce and cross-border e-commerce as well. The gross margin was 52.8% in FY2025 (ending February 2025), improving from 51.4% in the previous fiscal year. The company emphasizes rapid cash conversion with a focus on inventory turnover, and minimizes inventory losses by channeling unsold merchandise into tertiary and quaternary distribution (overseas) through the MyShuu Sagar format.
Company Strengths
Product lines are diversified across fashion (net sales of ¥3,259 million), tools (¥1,449 million), hobby goods (¥1,395 million), and brand items (¥791 million). Even in FY2025 (ending February 2025), when trading card sales declined due to falling market prices, growth in other product categories offset the decline, resulting in record net sales of ¥7,822 million (up 16.1% year on year). This structurally reduces the risk of dependence on any single product category.
Since opening its first store in March 2017, the company has expanded to 29 stores in total (23 directly operated and 6 franchised). It has progressively expanded its store network across the Tokai, Kansai, and Hokuriku regions, opening 5 new stores in FY2025 (ending February 2025) alone. The company plans to open 7 directly operated stores in FY2026 (ending February 2026) as well, building a first-mover advantage in the tool reuse market.
The company has established a unique multi-stage distribution model in which unsold merchandise at Kaitori Okoku is transferred to the Maishu Sagar format (a weekly markdown, tag-based pricing system) for domestic tertiary distribution, and subsequently channeled into overseas quaternary distribution. In FY2025 (ending February 2025), the centralization of logistics centers for product processing and other functions was completed, laying the groundwork for further improvements in operational efficiency.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal years, from ¥4,951 million in FY2022 to ¥9,331 million in FY2026. In FY2025 and FY2026, the operating margin had declined to the 5% range due to upfront investment in new store openings, but in the first quarter of FY2027 (ending February 2027) (March-May 2026), revenue was ¥2,441 million (up 11.2% year on year), operating profit was ¥221 million (up 37.5%), and the operating margin improved significantly to 9.1%. As an external factor, heightened consumer cost-consciousness amid rising prices and growing interest in the circular economy continued to support expansion of the reuse market. The disappearance of the foreign exchange loss (¥10 million) recorded in the same period of the previous year also contributed to the improvement in ordinary profit (up 41.8%). The full-year forecast remains unchanged, with revenue of ¥10,012 million (up 7.3% year on year) and operating profit of ¥600 million (up 18.5%).
Growth Strategy
Three pillars: multi-store expansion of specialized formats, format synergies, and KOV's overseas expansion
The company continues opening company-operated stores centered on highly profitable specialized formats such as Kougu Kaitori Oukoku (Tool Buyback Kingdom) and Furugi Kaitori Oukoku (Used Clothing Buyback Kingdom). The plan for new company-operated store openings in FY2027 (ending February 2027) is progressing smoothly, driving differentiation through specialization and the acquisition of new customer segments.
In April 2026, the Ryohin Kaikan Takarazuka Inter store was renewed as a combined store housing both "Furugi Kaitori Oukoku" (Used Clothing Buyback Kingdom) and "Kougu Tsurigu Kaitori Oukoku" (Tool & Fishing Gear Buyback Kingdom). By combining highly specialized formats, the company is creating synergies in purchasing and sales, strengthening the earnings power of existing stores.
The 3rd store of KOV (Kaitori Oukoku Vintage), a strategic format specializing in highly rare vintage items, opened on March 20, 2026 in Osu, Naka-ku, Nagoya City. This is positioned as a step toward strengthening sales and buyback operations and preparing for future overseas expansion, contributing to the acquisition of new customer segments.
The company is proceeding with the integration of the Ryohin Kaikan business acquired in August 2024, creating synergy effects through co-location with specialized formats. In the first quarter, this manifested as significant growth in gross profit, with the integration effects contributing to business performance.
Last updated: July 17, 2026