WACOAL HOLDINGS CORP.
3591・Prime Market・Textiles & Apparels
Wacoal Business (Domestic)
Core segment of the domestic innerwear business, accounting for approximately 50% of consolidated revenue.
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (full year, FY2025 ended March 2025) | ¥87,828 million | ¥94,198 million | ↓ |
| Operating profit (full year, FY2025 ended March 2025) | ¥2,970 million | -¥4,193 million (loss) | ↑ |
| Segment assets (end of FY2025 ended March 2025) | ¥223,859 million | ¥247,480 million | ↓ |
| Depreciation and amortization (FY2025 ended March 2025) | ¥6,029 million | ¥6,547 million | ↓ |
| Capital expenditures (FY2025 ended March 2025) | ¥2,115 million | ¥1,999 million | ↑ |
Business Details
Comprised of eight domestic subsidiaries centered on Wacoal Corp. under the holding company. The segment plans, manufactures, and sells innerwear (foundation, lingerie, nightwear), outerwear, and sportswear. Main sales channels are department stores, mass retailers, directly-operated stores, and EC, with multiple brands including "WACOAL," "CW-X," "GOCOCi," "Wing," and "Salute." Un Nana Cool Co., Ltd. and Lange Noel Co., Ltd. are also held as sales subsidiaries.
Recent Overview
Cumulative Q3 revenue slightly declined, but gain on sale of fixed assets drove a large increase in operating profit.
Revenue for the nine months ended December 2025 (April-December 2025) in the third quarter of FY2026 (ending March 2026) was ¥68,472 million (down 0.4% year on year). While declining foot traffic at physical stores and weak performance at sales subsidiaries weighed on results, own EC and third-party EC continued steady growth. The effects of the "WACOAL" rebranding initiative led to results exceeding the prior-year level in the third quarter alone. Operating profit increased sharply to ¥21,659 million (up 134.6% year on year), aided by a gain on sale of fixed assets (¥18,576 million) related to the New Kyoto Building and other properties. For the full year (FY2025 ended March 2025), revenue was ¥87,828 million (down 6.8% year on year), and operating profit was ¥2,970 million (versus an operating loss of ¥4,193 million in the prior year), marking a return to profitability.
Key Products
Growth Drivers
- Continued growth of EC operations (own EC and third-party EC) supporting segment revenue
- Emergence of effects from the "WACOAL" rebranding initiative (results exceeded prior-year level in Q3 alone)
- Sales expansion of "CW-X" through enhanced promotion and expanded store presence
- Provision of personalized customer experiences via the 3D measurement service "SCANBE" and "Bra Diagnosis for Me" (cumulative approximately 400,000 users)
- Market expansion through entry into the new recovery wear category "&RECOVERY"
- Progress in cost structure reform through withdrawal from unprofitable stores and SKU consolidation
Risks
- Continuation of the declining trend in foot traffic to physical stores (particularly weak at department stores and directly-operated stores)
- Cost escalation risk from rising raw material and processing costs due to yen depreciation
- Weak performance at sales subsidiaries (Un Nana Cool Co., Ltd. and Lange Noel Co., Ltd.) dragging down overall segment revenue
- Weak sales of some brands and merchandise such as "AMPHI" and nightwear items
- Gain on sale of fixed assets (New Kyoto Building, etc.) is a one-time factor, and underlying earnings power on a business profit basis remains at a low level
- Impairment loss risk (¥2,290 million recorded in FY2025 ended March 2025)
Last updated: June 26, 2026