FELISSIMOCORPORATION
3396・Standard Market・Retail Trade
Business
Felissimo Co., Ltd. was founded in 1965 (former company name: Hisense Co., Ltd.) and is headquartered in Kobe, operating as a mail-order-focused company. It sells apparel and apparel-related goods (clothing and personal items) as well as lifestyle-related products (household goods, daily necessities, beauty and health items, handicrafts, and food) through catalogs and the internet. Its most distinctive feature is Felissimo Teikibin, a monthly recurring subscription purchase model, through which it has established a unique style of delivering catalogs with high informational value alongside its products. The company operates its own consolidated order-receiving and logistics centers, managing everything from order acceptance to shipping in an integrated manner. In recent years, it has also worked to cultivate a second pillar of earnings, including a B2B business leveraging its subscription platform (FELISSIMO PARTNERS) and the operation of Kobe Port Tower (B2G and tourism). The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The core of revenue is "Felissimo Teikibin," where products are automatically delivered every month once a customer signs up. The design, premised on continued purchases, maximizes customer lifetime value (LTV). Gross profit margin remains at a high level of 54.7% (FY2026), with a structure that compresses SG&A expenses through more efficient advertising/direct mail costs and optimized catalog distribution by customer attribute. In addition, revenue diversification is pursued through vendor listings on the company's own platform (FELISSIMO PARTNERS) and income from operating the Kobe Port Tower.
Company Strengths
Gross profit margin for FY2026 (ending March 2026) was 54.7% (up 0.8 points year on year). The cost ratio has continued to improve through reviewing production locations for products centered on fashion items and enhancing supply chain efficiency. The planned product planning and procurement structure under the teikibin (subscription) model supports a high gross margin structure.
As of the end of FY2025 (ended February 2025), interest-bearing debt stood at ¥10 million, representing effectively debt-free operations. The company held ¥6,407 million in cash and cash equivalents, maintaining a financially sound management structure based on the fundamental policy of operating on its own funds.
Sales increased in the FELISSIMO PARTNERS business, in which business partners list and advertise products on the company's proprietary teikibin (subscription) platform, driven by strong performance of continuity-type products. In addition, the Kobe Port Tower operation business, which launched in April 2024, saw strong visitor revenue, merchandise sales, and food and beverage sales, contributing to a 19.6% year-on-year increase in sales in the new business domain.
ENVALITH's Perspective
Performance Trend
Revenue declined for four consecutive fiscal years, from ¥33,729 million in FY2022 (ended February 2022) to ¥29,179 million in FY2026 (ended February 2026), and the downtrend continued into 1Q FY2027 (ending February 2027), with sales of ¥7,026 million, down 1.3% year on year. On the other hand, operating income, which bottomed out at a loss of ¥931 million in FY2024 (ended February 2024), recovered to a profit of ¥215 million in FY2026 (ended February 2026). In 1Q, an increase in facility costs resulted in an operating loss of ¥67 million, but non-operating income of ¥84 million, including foreign exchange gains (¥51 million), secured ordinary income of ¥15 million, a substantial improvement from an ordinary loss of ¥41 million in the same period of the previous year. The gross profit margin improved to 54.8%, indicating that the earnings structure has bottomed out. The full-year forecast calls for revenue of ¥30,265 million (up 3.7% year on year) and operating income of ¥237 million (up 10.4% year on year), pointing to both higher revenue and higher profit. As an external factor, the situation in the Middle East and volatility in the financial and capital markets are creating uncertainty in the consumption environment.
Growth Strategy
Aiming to normalize sustained revenue and profit growth through the dual pillars of fundamentally strengthening the Teikibin (subscription) business and creating next-generation businesses
Thoroughly implementing "empathy-driven marketing" leveraging SNS short-video advertising and collaboration products with renowned artists and characters, achieving new customer acquisition numbers exceeding the previous year. A decline in overall cumulative customer count due to reduced purchase frequency among existing customers remains a challenge, making deepening ongoing customer relationships an urgent priority.
Actively developing co-creation businesses with local governments and companies, including operation of the official online store for Expo 2025 Osaka, Kansai, the "HYOGOSSIMO" project commissioned by Hyogo Prefecture, and "AOMORI × Dick Bruna TABLE" with Aomori Prefecture. Net sales in new business areas for the first quarter recorded high growth of ¥936 million (up 32.0% year on year).
Currently implementing renewal investment in logistics facilities and procurement systems. In the first quarter, increased depreciation expenses (¥226 million) pushed up SG&A expenses and contributed to an operating loss; however, improvements in cost of sales (gross margin improved to 54.8%) resulting from reduced procurement costs and enhanced logistics efficiency as investment effects have already partially materialized.
Last updated: July 17, 2026