DREAM VISION CO.,LTD.
3185・Growth Market・Retail Trade
Business
Yume Tenbo Co., Ltd. was established in 1998 and listed on the Tokyo Stock Exchange Mothers market (now Growth Market) in 2013. It is a subsidiary of the RIZAP Group. The company, together with four consolidated subsidiaries, operates three business segments: Apparel (approximately 69% of revenue), Jewelry (approximately 20%), and Toy (approximately 11%). In the Apparel business, the company sells to women in their teens through thirties via e-commerce and physical stores both domestically and overseas. In the Jewelry business, Tresente Co., Ltd. sells bridal jewelry through physical stores in major cities and via e-commerce. The company has overseas subsidiaries in China and Hong Kong, and is pursuing global expansion through cross-border e-commerce and local physical stores.
Business Model
The company sources products from overseas partner factories and domestic manufacturers, and sells through multiple channels including its own EC site, external online malls, and physical stores. It handles everything in-house, from product photography at its own studio through to publication on the web, enhancing its speed in responding to trends. The jewelry business is centered on made-to-order bridal sales. Gross profit margin, operating profit margin, and operating cash flow are treated as key KPIs, with improving profitability through inventory turnover improvement and fixed cost reduction identified as the top priority.
Company Strengths
Based in Shenzhen, Yumu Zhanwang Trade (Shenzhen) Co., Ltd., the company has linked pop-up store openings within China with local social media marketing, and growth in overseas sales has supported overall profitability of the apparel business. Since 2024, the company has fully launched cross-border e-commerce operations in partnership with major operators in the US, China, South Korea, and Taiwan, and has also expanded its presence on platforms such as eBay, Temu, and ABLY.
The company has established an integrated in-house system covering everything from product photography at its own studio to publication on web pages, enabling it to provide trend-conscious, fresh products in a timely manner. Many of the designers are female employees of the same generation as the customers, giving the organization a structure that directly connects the customer's perspective to product planning.
The company procured subordinated loans from its parent company, RIZAP Group, Inc., of ¥600 million in March 2020 and ¥280 million in March 2024, under terms that prohibit demands for principal repayment except in the event of liquidation or bankruptcy proceedings. This suppresses short-term pressure for principal repayment and provides financial support while the company pursues structural reforms.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) came to ¥3,534 million (down 21.4% year on year), marking the largest revenue decline in five fiscal periods. Operating loss was ¥385 million (versus ¥277 million in the prior period), and net loss attributable to owners of the parent widened to ¥444 million (versus ¥369 million in the prior period). External headwinds included the entrenchment of consumer thrift due to cost-push inflation, rising digital advertising unit costs, supply chain disruption stemming from Middle East tensions, and a sharp surge in gold and platinum prices — all of which weighed on performance. On the other hand, inventory reduction effects improved operating cash flow from a negative ¥363 million in the prior period to a positive ¥159 million, and the cash and cash equivalents balance at period-end increased to ¥629 million (versus ¥362 million in the prior period). For FY2027 (ending March 2027), the company forecasts revenue of ¥3,400 million (down 3.8% year on year) and an operating loss of ¥30 million, anticipating a significant narrowing of the loss but still expecting the deficit to continue.
Growth Strategy
Aiming to transform its profit structure through supply chain optimization, overseas expansion, and diversification of the jewelry business
Learning from the supply shortages and lost sales opportunities for spring merchandise that became apparent in Q4 of FY2026 (ending March 2026), the company is prioritizing improved demand forecasting accuracy and shortened production lead times as top priorities. It aims for a steady recovery in revenue.
Leveraging its Chinese subsidiary as a base, the company is combining pop-up store openings with digital marketing utilizing local SNS platforms to expand brand awareness and acquire fans. This strengthens the structure whereby growth in overseas revenue underpins overall profitability of the apparel business.
The company continues to close unprofitable stores in both the apparel and jewelry businesses while reducing fixed costs. At Naracamicie Japan, it is also promoting improved customer service and sales efficiency through strengthening the omnichannel strategy combining physical stores and e-commerce. Some effects became apparent in FY2026 (ending March 2026), but a fundamental improvement has not yet been achieved.
To reduce the risk of dependence on bridal demand amid soaring gold and platinum prices, the company is promoting stronger sales of fine jewelry, centered on necklaces targeting inbound tourists, and developing and launching new products with reduced costs through revised manufacturing methods. It is also working to optimize store visit reservations and improve conversion rates through a renewal of its digital marketing.
With the goal of early resolution of the negative net worth (equity of negative ¥996 million) on a non-consolidated financial statement basis and achieving operating profitability, the company is focusing on accumulating equity capital through generation of operating cash flow, while premised on continued financial support from the parent company.
Last updated: July 19, 2026