TENTIAL Inc.
325A・Growth Market・Textiles & Apparels
TENTIAL Inc.
325A・Growth Market・Textiles & Apparels
Business
TENTIAL, Inc. operates under the mission of "creating a society positive about health and drawing out human potential," running the conditioning brand "TENTIAL." Starting from insole sales in 2019, the company has developed the "BAKUNE" series of recovery wear—registered as general medical devices and using the far-infrared functional fiber "SELFLAME®"—as its core product. It has expanded its product lineup to include nightwear, comfort-tech wear, recovery sandals, and functional bedding, targeting health-conscious general consumers as its primary customer base. The company listed on the Tokyo Stock Exchange Growth Market in February 2025. As of the end of August 2025, it had a cumulative total of 630,000 existing customers and 17 directly operated stores.
Business Model
The company adopts a fabless structure that outsources manufacturing and logistics, while internalizing planning, development, marketing, and customer support (CS). Sales are conducted through four channels: its proprietary e-commerce site "tential.jp," e-commerce malls, directly operated stores, and wholesale, with 90.2% of net sales in FY2025 (ending August 2025) generated through its own high-margin channels. The company achieved a gross profit margin of 72.6%. Through its proprietary e-commerce channel, it leverages 1st Party Data for precise customer analysis and UI/UX improvements, maintaining a repeat purchase rate of over 30% among existing customers. The company strengthens customer loyalty through its points program, "TENTIAL Club (Membership Points Program)."
Company Strengths
The flagship product 'BAKUNE' series has obtained evidence for far-infrared characteristics and blood circulation promotion effects, and all types have been filed as 'household far-infrared blood circulation promotion clothing.' In August 2024, the company obtained a Type 2 medical device manufacturing and sales license, establishing a framework enabling in-house certification and registration of controlled medical devices (Class II). Science-based marketing claims support differentiation from competitors.
In FY2025.8 (a 7-month transitional fiscal period), the proportion of sales through proprietary channels—combining the company's own EC site, EC malls, and directly operated stores—reached 90.2%, achieving a gross profit margin of 72.6%. The synergy between fixed cost suppression under the fabless business model and concentration on high-margin channels resulted in operating profit of ¥1,168 million and net income of ¥817 million for the 7-month period.
Since sales began in August 2019, the cumulative number of existing customers reached 630,000 as of the end of August 2025. The share of proprietary EC sales attributable to existing customers has remained stable at over 30%, with the 'TENTIAL Club' point program, launched in May 2024, functioning as a measure to enhance customer loyalty.
ENVALITH's Perspective
Performance Trend
Cumulative results for the first nine months of FY2026 (ending August 2026) (September 1, 2025 to May 31, 2026) recorded net sales of ¥24,566 million, operating income of ¥2,691 million, ordinary income of ¥2,689 million, and quarterly net income of ¥1,877 million. Gross margin stood at 72.9% and operating margin at 10.9%, maintaining a high-profitability structure. For reference, compared with the prior fiscal year's (FY2025, ending August 2025, an irregular 7-month period) net sales of ¥12,837 million and operating income of ¥1,453 million, a substantial expansion in scale is confirmed even after accounting for the difference in period length (7 months vs. 9 months). Regarding the external environment, personal consumption remained resilient amid improving employment and income conditions, while foreign exchange fluctuations and persistently high import costs served as constraining factors on the cost side. No revision has been made to the full-year forecast (net sales of ¥33,081 million; operating income of ¥3,804 million). On the financial side, inventory buildup (¥5,445 million) and an increase in accounts payable (¥2,050 million) were notable, with working capital continuing to expand.
Growth Strategy
Accelerating growth along three pillars: product portfolio diversification, expansion of directly operated stores, and improved share liquidity
Launched "BAKUNE Dry Pro," the brand's highest-grade model to date featuring pursued materials and patterns, aiming to raise per-customer spending among existing customers and acquire new customers. Expansion of high-value-added models is expected to help maintain and improve the gross profit margin.
Launched multiple new-category products such as "Recovery Sandal Flip Flop" and "BAKUNE Kakebuton Cool," promoting seasonal demand smoothing and expanding customer touchpoints, with the aim of reducing dependence on Recovery Wear as a single product line.
Promoting store openings in department stores and commercial facilities frequented by highly discerning customers, including a permanent store at Isetan Shinjuku. Strengthening an omnichannel strategy combining experiential sales to enhance brand recognition with guidance toward the company's own e-commerce site. Property, plant and equipment increased from ¥302 million at the end of the previous fiscal year to ¥751 million, reflecting ongoing store investment.
Implemented a 3-for-1 stock split effective July 1, 2026 (shares outstanding increased from 7,733,041 before the split to 23,199,123 after the split). Aims to expand the retail investor base and improve share liquidity by lowering the investment unit amount.
Expanding brand recognition in the sports and well-being domain through initiatives such as becoming an official partner of Samurai Japan (the Japan national baseball team) and a collaboration with HERALBONY. Aims to simultaneously strengthen reach to new customer segments and enhance loyalty among existing customers.
Last updated: July 17, 2026