WACOAL HOLDINGS CORP.
3591・Prime Market・Textiles & Apparels
Business
Wacoal Holdings is an innerwear-focused group comprising 1 holding company, 46 subsidiaries, and 7 affiliated companies. The core Wacoal Business (Domestic) accounts for approximately 51% of consolidated revenue, Wacoal Business (Overseas) for approximately 40%, and Peach John Business for approximately 6%. Domestically, the company sells Innerwear (Foundation & Lingerie), sportswear, and other products through department stores, mass retailers, directly-operated stores, and EC channels. Overseas, it operates manufacturing and sales bases across North and Central America, Europe, Asia, and Oceania, conducting business globally. Its primary customers are female consumers, and it is accelerating its shift toward EC and digital services centered on mid-to-high price range brands that emphasize high quality and sensibility.
Business Model
Wacoal Corp. handles planning, design, and raw material procurement, with products manufactured at domestic and overseas sewing factories before being supplied to end consumers through department stores, mass retailers, directly-operated stores, and EC—a vertically integrated model. In recent years, the company has been promoting a channel shift from wholesale-centric (B2B) to direct sales (D2C), aiming to improve gross margin through the expansion of Own EC & Third-party EC. Overseas, it is leveraging M&A to expand market share in the US and European markets, while utilizing manufacturing capacity at Asian bases within the group's supply chain.
Company Strengths
Proprietary body data and fit technology centered on the Human Science Research and Development Center—including the ongoing survey of Japanese women's body shapes conducted since 1964, the development and operation of the 3D Measurement Service (SCANBE), and the 'Watashi ni Au Bra Shindan' (bra fit diagnosis) service surpassing 500,000 cumulative users (as of end of March 2026)—constitutes a proprietary competitive advantage that is difficult for competitors to imitate in the short term.
Domestically, the company operates multiple brands such as 'WACOAL,' 'CW-X,' 'Wing,' 'Salute,' and 'GOCOCi' through department stores, mass retailers, directly-operated stores, and Own EC & Third-party EC channels. Overseas, it has a total of 38 subsidiaries and affiliates across North and Central America, Europe, and Asia, and has expanded its channel and brand portfolio in Europe and the U.S. through the acquisition of Bravissimo Group in September 2024 and the acquisition of Glamorise in March 2026.
At the end of FY2026 (ending March 2026), the ratio of equity attributable to owners of the parent stood at 71.7% (up 1.3 percentage points year on year), and cash and cash equivalents totaled ¥44,170 million (up ¥20,751 million year on year). Against a borrowing facility of ¥52.1 billion, the outstanding balance was ¥11,922 million, indicating substantial financial flexibility, giving the company a financial foundation capable of simultaneously pursuing growth investment, shareholder returns, and structural reforms.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥172,860 million in FY2022 (ending March 2022) and has since shown a mild declining trend, reaching ¥171,510 million in FY2026 (ending March 2026). Meanwhile, operating profit swung from two consecutive years of losses—¥(3,490) million in FY2023 (ending March 2023) and ¥(9,503) million in FY2024 (ending March 2024)—to a sharp recovery of ¥3,328 million in FY2025 (ending March 2025) and ¥19,877 million in FY2026 (ending March 2026). The large profit increase in FY2026 was mainly attributable to gains from the sale of tangible fixed assets and other items (proceeds of ¥27,421 million). Net income also increased to ¥13,124 million (from ¥6,989 million in the previous fiscal year). Amid external pressures such as yen depreciation and rising raw material costs pushing up procurement costs, withdrawal from unprofitable stores, consolidation of product lines, and price revisions contributed to the improvement in profitability. Operating cash flow was ¥8,487 million, indicating that cash generation from core operations remained limited.
Growth Strategy
Toward VISION2030, the company is pursuing domestic reform, overseas expansion, and improved capital efficiency as an integrated three-pronged strategy
Advancing cost structure reform through withdrawal from unprofitable stores and SKU consolidation, while promoting continued growth of Own EC & Third-party EC and the "WACOAL" rebranding initiative. Aiming to enhance customer loyalty through expansion of personalized experiences such as the 3D Measurement Service (SCANBE).
Wacoal Europe expanded 26.9% year-on-year following the acquisition of UK-based Bravissimo Group in September 2024. Concurrently advancing platform renewal through UI/UX improvements to the US Own EC, and withdrawal from unprofitable stores and profitability improvement in China.
Actively promoting the sale of tangible fixed assets and other holdings, recording proceeds from sales of ¥27,421 million in FY2026 (ending March 2026). Cash and cash equivalents at period-end increased substantially to ¥44,170 million. Proceeds are being allocated to growth investments and shareholder returns (share buybacks of ¥12,469 million and dividends of ¥5,073 million).
Promoting enhanced promotion and expanded store rollout for "CW-X," entry into the new recovery wear category with "&RECOVERY," and strengthened new customer acquisition in the Peach John Business. Sales are being supported by sustained high performance of celebrity-endorsed products and major sales events.
Last updated: July 19, 2026