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夢展望株式会社 logo

DREAM VISION CO.,LTD.

3185・Growth Market・Retail Trade

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夢展望株式会社 logo
DREAM VISION CO.,LTD.3185

Apparel Business

Core business advancing overseas expansion centered on women's fashion EC and physical store sales

PeriodCurrentPreviousChange
Revenue¥2,420 million¥2,558 million↓
Operating loss-¥228 million-¥201 million↓
Depreciation and amortization¥5 million¥22 million↓
Impairment loss¥26 million¥28 million—

Business Details

Operated by EC-focused Musou Tenbou Co., Ltd., NARACAMICIE Japan Co., Ltd. (which combines physical stores and EC), and overseas subsidiary Musou Tenbou Trading (Shenzhen) Co., Ltd. Sells apparel, shoes, and accessories primarily to women in their teens through fifties. Domestically, the company promotes in-house brands through an SPA model, while overseas it drives global expansion by linking pop-up store openings, mainly in China, with digital marketing utilizing local SNS platforms.

Recent Overview

Advanced inventory reduction and closure of unprofitable stores, but supply chain shortages caused lost sales opportunities, leading to lower revenue and wider losses

In the Apparel Business for FY2026 (ending March 2026), revenue was ¥2,420 million (down 4.9% year on year), and operating loss was ¥228 million (compared with an operating loss of ¥201 million in the prior period). Thorough reduction of excess inventory significantly improved inventory turnover and restored the capacity to generate operating cash flow. On the other hand, inadequate supply chain coordination when procurement resumed in the fourth quarter temporarily caused a shortage of spring new product supply, resulting in stockouts of mainstay products and expanded lost sales opportunities. Overseas sales through the Chinese subsidiary grew and supported the business overall.

Key Products

product
In-house EC Brands (Newlyme / Dear My Love, etc.)

A group of EC-focused brands that sell apparel products, sourced from overseas partner factories and domestic manufacturers, mainly through the internet. During the period, inadequate supply chain coordination following the reduction of excess inventory and the resumption of procurement led to stockouts of certain products, resulting in lost sales opportunities.

product
NARACAMICIE

Operated by NARACAMICIE Japan Co., Ltd. High-quality shirts and blouses for office wear and special occasions are offered through physical stores such as department stores and via EC. The effects of fixed cost reductions from closing unprofitable stores and restructuring personnel are beginning to appear, but a fundamental improvement in the earnings structure has not yet been achieved.

service
Cross-border EC & Overseas Pop-up Stores

Using Musou Tenbou Trading (Shenzhen) Co., Ltd. as a base, the company creates real customer touchpoints through pop-up store openings within China, linking these with digital marketing utilizing local SNS platforms to expand brand awareness and acquire fans. During the period, growth in overseas sales supported the overall earnings of the Apparel Business.

Growth Drivers

  • Enhanced brand recognition and expanded overseas sales through cross-border EC and pop-up store development based in the Chinese subsidiary
  • Minimization of lost sales opportunities and steady recovery of revenue through supply chain optimization (improved demand forecasting accuracy and shortened production lead times)
  • Recovery of inventory turnover and operating cash flow generation capability through strategic disposal of excess inventory and inventory reduction
  • Maximization of customer acquisition efficiency and improved profit margins through strengthened fan community formation utilizing SNS
  • Improved customer service and sales efficiency and profitability through strengthened integration of physical stores and EC (omnichannel strategy) at NARACAMICIE Japan

Risks

  • Risk of continued weakness in domestic EC sales due to entrenched thrift-consciousness among domestic consumers and rising prices
  • Increased procurement costs and pressure on gross margins due to exchange rate fluctuations (yen depreciation) and rising raw material and logistics costs
  • Increased customer acquisition costs due to rising digital advertising unit prices
  • Risk of recurring product supply shortages and lost sales opportunities due to inadequate supply chain coordination when procurement resumes
  • Delay in improving the earnings structure of NARACAMICIE Japan (fundamental improvement not yet achieved even after closing unprofitable stores)
  • Continued negative net worth in non-consolidated financial statements and the existence of material events casting doubt on the going concern assumption

Last updated: June 22, 2026