Shirohato Co.,Ltd.
3192・Standard Market・Retail Trade
Business
Shirahato Co., Ltd. was established in 1974 and is headquartered in Fushimi-ku, Kyoto City, as an e-commerce company specializing in innerwear. In addition to major domestic malls such as Rakuten Ichiba, Yahoo! Shopping, Amazon.co.jp, au PAY Market, Qoo10, d Shopping, and Mercari Shops, the company also engages in cross-border e-commerce through Tmall Global (China) and Shopee (Southeast Asia). It handles approximately 140 brands, with about 11,000 item numbers combined across ladies' and men's products. The company owns original brands (HIMICO, LA VIE A DEUX, etc.) as well as OEM brands. It has built a system that handles procurement, site operation, logistics, and customer service in a one-stop manner at its Head Office Logistics Center (One-Stop Ecosystem). In December 2024, it became a consolidated subsidiary of Shiai Medical Co., Ltd., and in October 2025 it became a member of the Air Water Group. Listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The company purchases products from innerwear manufacturers and sells them to individual customers through its own flagship site and domestic and overseas shopping malls. Its distinguishing feature is a one-stop system that centrally manages purchasing, inventory control, order receipt, shipping, and customer service through its in-house-developed core system, the "Rakuraku Tsuhan System," together with its headquarters distribution center. The sales ratio of PB (private brand) and CB (collaboration brand) products has reached 27.2%, and the company is pursuing differentiation through higher value-added offerings.
Company Strengths
OrtoStore (an automated warehouse-type picking system) and material handling systems have been installed at the head office logistics center, enabling integrated management from procurement through shipping and customer service. The company maintains a stable same-day shipping system including Sundays and holidays, differentiating itself through the convenience of its delivery services.
The company handles approximately 140 brands and about 11,000 product SKUs, ranging from major domestic brands such as Wacoal, Triumph, and Gunze, to overseas brands, its own original brands (HIMICO, LA VIE A DEUX, etc.), and OEM brands. The sales ratio of PB and CB products has reached 27.2%, reflecting progress toward higher value-added offerings.
In December 2024, the company became a consolidated subsidiary of Shiai Medical, and in October 2025 it became part of the Air Water Group. It has already been working to expand its sales channels by leveraging the sales network for medical institutions such as dental clinics (a customer base with a high proportion of women), and is well positioned to acquire new customers through group synergies.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal periods has remained flat, ranging between ¥5,694 million and ¥6,373 million. Revenue for the first half (6 months) of FY2026 (ending November 2026) held firm at ¥3,083 million, but selling, general and administrative expenses of ¥1,158 million exceeded gross profit of ¥1,102 million, resulting in an operating loss of ¥55 million. The gross profit margin declined to 35.8% from 37.0% in the same period of the previous fiscal year. External factors—elevated procurement costs against a backdrop of yen depreciation, rising logistics costs, and higher advertising unit costs—are squeezing profitability. The full-year forecast (revenue of ¥6,750 million, operating profit of ¥50 million) remains unchanged, requiring a substantial improvement in performance in the second half. Note that FY2025 (ending November 2025) was a nine-month period due to a change in fiscal year-end (revenue of ¥6,274 million, operating profit of ¥36 million), so simple comparisons should be made with caution.
Growth Strategy
The company aims for differentiated growth by expanding PB and CB offerings, strengthening its flagship store website, and leveraging overseas e-commerce and group sales channels.
The company is advancing the strengthening of solution-oriented categories tailored to customer concerns and use cases, along with expanding the national brand product lineup, in the second half. National brands performed steadily in the interim period as well, and the company aims to grow sales through an expanded lineup.
For its in-house PB brand products, the company intends to pursue development with greater emphasis on improving product planning precision, moving away from reliance on pricing measures and instead selling attractive products at appropriate prices. In the interim period, profit pressure from pricing measures continued, and the transition is still underway.
Expansion into East Asian markets outside China, which began in the previous fiscal year, continued to perform steadily in the interim period as well. Overseas e-commerce also functions as risk diversification against intensifying competition in the domestic e-commerce market, and the company aims for continued expansion.
The company opened a pop-up store at a department store in March 2026 and exhibited a booth at a large-scale fashion event in April. These initiatives aim to raise awareness of the company's own brands and products, leading to expansion of its customer base over the medium to long term.
Amid rising unit costs for advertising and sales promotion expenses that are pressuring profits across the industry, the company plans to further strengthen cost-effectiveness management to improve its financial results from both the sales and expense sides. This is a key measure for achieving full-year profitability.
Last updated: July 17, 2026