ENVALITH
ジェイドグループ株式会社 logo

JADE GROUP, Inc.

3558・Growth Market・Retail Trade

Official website
ジェイドグループ株式会社 logo
JADE GROUP, Inc.3558

Business

JADE GROUP upholds the management philosophy of "HAPPY FOR ALL" and operates three mutually complementary businesses: the EC Mall Business, centered on the fashion e-commerce platform "LOCONDO.jp" (known for its "try on at home, easy returns" feature), which runs 7 proprietary malls including MAGASEEK, d fashion, and FASHIONWALKER, as well as third-party malls such as Rakuten and Yahoo!; the Platform Business, which provides official brand EC support, warehousing outsourcing, and store DX support; and the Brand Business, which operates Reebok, FASCINATE, and MANGO. Its main customers are fashion consumers, primarily women in their late 30s to 40s in urban areas, and fashion brand companies seeking EC and logistics DX. In FY2025 (ending February 2025), merchandise transaction volume reached ¥48,157 million (up 85.8% year on year), and the number of brands listed on the platform expanded to 4,941.

Business Model

In the consignment model of the EC Mall Business, the company collects consignment sales commissions from tenant brands and does not bear inventory risk. In the buy-sell model, the company recognizes the product sales price as revenue and bears inventory risk. In the Platform Business, the company earns fixed monthly income such as system usage fees and shipping fees through BOEM/ECS, e-3PL, LOCOPOS, and LOCOCHOC. In the Brand Business, the company generates direct sales revenue across three channels: EC, physical stores, and wholesale. By sharing the IT infrastructure and logistics infrastructure built through the EC Mall Business across all businesses, the company has established a structure that enables low-cost operation of multiple malls and multiple brands, which is a source of competitive advantage.

Company Strengths

The company operates seven proprietary malls—including LOCONDO.jp, MAGASEEK, d fashion, and FASHIONWALKER—together with third-party malls such as Rakuten and Yahoo!, under a unified IT and logistics infrastructure. Infrastructure integration for MAGASEEK was completed in FY2025 (ended February 2025), and integration for d fashion is also scheduled to be completed early. Inventory sharing enables simultaneous sales across multiple malls, establishing a system that improves operational efficiency and inventory turnover.

Since 2020, the company has sequentially made Fashionwalker, SWS, waja, MAGASEEK, FASCINATE, and BRANDELI subsidiaries, with merchandise transaction volume reaching ¥48,157 million in FY2025 (ended February 2025), up 85.8% year on year. In addition, Blue Cynthia, Marutami, and ARIGATO are scheduled to be newly consolidated in FY2026 (ending February 2026). The company has established the intermediate holding company ANBUR LEAGUE, and is also considering listing subsidiaries.

Few companies in Japan can provide, as a package, BOEM/ECS (official EC support), e-3PL (contracted warehousing), LOCOPOS (store POS), LOCOCHOC (store stockout support), and LoCORE (core system). e-3PL also handles shipments to department stores and wholesalers. In FY2025 (ended February 2025), Platform Business transaction volume reached ¥18,365 million, up 149.2% year on year, and the number of supported brands expanded to 46.

ENVALITH's Perspective

Operating profit of ¥897 million in Q1 of FY2027 (ending February 2027) represents a progress rate of 35.9% against the full-year forecast of ¥2,500 million, significantly exceeding the same period last year's ¥557 million (23.2% against the full-year actual of ¥2,404 million). The M&A effects in the Brand Business and SG&A efficiency improvements are contributing more than expected, making the full-year earnings forecast (operating profit up 4.0% year-on-year) appear conservative. However, the forecast for net income attributable to owners of parent remains undetermined due to significant volatility in extraordinary gains/losses and tax expenses associated with M&A and PMI progress, and continued attention is needed regarding the risk of integration costs arising in the second half.

EC Mall Business transaction volume was ¥6,190 million (down 9.2% year-on-year), and Platform Business transaction volume was ¥2,737 million (down 19.9% year-on-year), with both core businesses showing a contraction trend. The impact of the termination of the Magaseek ECS transaction has directly hit BOEM/ECS transaction volume (down 22.3% year-on-year), and recovery of transaction volume after completion of migration and integration remains a challenge. While the M&A in the Brand Business is maintaining overall transaction volume, external factors such as the negative impact of prolonged price increases on consumer sentiment, US tariff policy, and geopolitical risks are heightening uncertainty regarding personal consumption, making it difficult to foresee the timing of recovery in the EC Mall Business's proprietary mall transaction volume (down 9.8% year-on-year).

The equity ratio at the end of Q1 of FY2027 (ending February 2027) improved to 51.8% (from 48.2% at the end of the previous fiscal year), and net assets increased to ¥8,904 million. Long-term borrowings remain at a low level of ¥442 million, indicating high financial soundness. On the other hand, the goodwill balance stands at ¥595 million (down from ¥655 million at the end of the previous fiscal year) as amortization progresses, but given the policy of continuing to actively consider M&A going forward, ongoing monitoring is needed for the risk of goodwill recognition and impairment associated with new M&A. The introduction of the stock-granting ESOP trust (300,000 shares, equivalent to ¥442 million) can be evaluated positively as strengthening employee incentives, but attention should also be paid to the dilutive impact associated with future stock delivery.

Growth Strategy

Dominating the fashion e-commerce market through multi-mall and multi-brand expansion via M&A and deepening the DX platform

Operating seven malls—LOCONDO.jp, MAGASEEK, d fashion, FASHION WALKER, SWS, wajabazar, and BRANDELI—on a shared infrastructure. Unification of d fashion's IT infrastructure was completed during the previous fiscal year, and the migration and integration of Magaseek ECS into BOEM is scheduled for completion within the current fiscal year. The company aims to expand scale benefits through efficient operation of multiple malls.

Continuing to promote brand M&A centered on the intermediate holding company ANBUR LEAGUE (comprising FASCINATE, TCB, and Blue Cynthia). ROYAL newly joined the group in the fourth quarter of the previous fiscal year, contributing immediately to results, with GMV in the Brand Business up 90.0% year on year and net sales up 91.7% in the first quarter of FY2027 (ending February 2027). The company aims to continue expanding the brands under ANBUR LEAGUE.

The number of brands supported by BOEM/ECS reached 38 as of the end of the first quarter of FY2027 (ending February 2027). Through a system that seamlessly deploys new EC Mall Business functions to BOEM, LOCOPOS, and LOCOCHOC, the company maintains a mechanism allowing client companies to benefit from the latest technology at low cost. The company will continue to strengthen the differentiation of e-3PL, which can handle shipments to department stores and wholesalers.

In April 2026, the company introduced the employee incentive plan "Stock-Granting ESOP Trust." A total of 300,000 shares (book value of ¥442 million) were allotted to the trust for employees of the company and certain subsidiaries. This aims to retain talent supporting M&A and PMI promotion and enhance their motivation, thereby supporting the rapid realization of group integration effects.

Last updated: July 17, 2026