YAMAKI CO.,LTD.
3598・Standard Market・Textiles & Apparels
Business
Yamaki Co., Ltd. is a dress shirt-specialized apparel manufacturer founded in 1946, listed on the Standard Market of the Tokyo Stock Exchange. The company is organized into three segments—Domestic Sales, Manufacturing, and Overseas Sales—and sells dress shirts, made-to-order shirts, casual wear, uniforms, and other products through diverse channels including department stores, mass retailers, menswear specialty stores, and EC. With the CHOYA brand at its core, the company operates the domestic mass retailer concession chain "SHIRT HOUSE" (124 stores) and its own EC platform "Yamaki Online Shop" (46,333 members) in Japan. On the manufacturing side, it operates three factories in Laos, Thailand, and Japan, and runs an integrated planning, manufacturing, and sales operation across a group of seven companies. Its main customers are corporate buyers such as department stores, mass retailers, and menswear specialty stores, as well as BtoC consumers.
Business Model
In the Domestic Sales segment, which accounts for approximately 85% of sales, wholesale to department stores, mass retailers, and specialty stores is combined with BtoC direct sales (SHIRT HOUSE, EC, and Made-to-order Shirts). In the Manufacturing segment, three domestic factories and a Laos factory handle production, maintaining utilization rates through a combination of internal supply and external orders. Improving gross margin through the shift to consignment-sale transaction formats, along with appropriate pricing of high-value-added original products, is key to the profit structure.
Company Strengths
The share of made-to-order shirts in the department store channel has reached 82% (+3 points from the previous fiscal year-end), with the custom order provision system functioning as a differentiating factor against competitors. The expansion of CHOYA SHIRT SHOP and the operation of a total of 10 Yamaki flagship shops are contributing to maintaining brand recognition and customer touchpoints.
SHIRT HOUSE, a direct-to-consumer business in the mass retailer channel, expanded to 124 stores by the end of the current fiscal year (+4 stores from the previous fiscal year-end). By focusing on coordinate-proposal-type sales and the SWAN brand while expanding office casual items, the company has secured its own dedicated sales space within mass retailers as a specialized shirt manufacturer, forming a sales network that is difficult for competitors to replicate in a short period.
The company operates three domestic factories (Yamaki Sewing, Fair Murakami, etc.) and an overseas factory in Laos (Lao Yamaki), possessing a system that allows it to complete everything from planning to manufacturing within its own group. In the uniform-related business, tricot material uniforms and school shirts achieved increased revenue and profit compared to the previous fiscal year, functioning as a revenue source that captures stable corporate demand.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥11,397 million in FY2023 (ended March 2023) and has declined for three consecutive fiscal years, reaching ¥9,906 million in FY2026 (ending March 2026), down 8.1% year on year. Operating profit deteriorated rapidly, from ¥221 million in FY2024 (ended March 2024) to ¥49 million in FY2025 (ended March 2025) and to an operating loss of ¥310 million in FY2026 (ending March 2026). External factors compounding this decline include the structural shrinkage of dress shirt demand due to the shift toward office casual wear, more frugal consumer spending amid rising prices, higher product costs from yen depreciation, and increases in labor and logistics costs. Recording ¥654 million in business structure improvement expenses as an extraordinary loss caused net loss to expand to ¥1,017 million. For FY2027 (ending March 2027), the company forecasts revenue of ¥10,000 million, operating profit of ¥130 million, and net profit of ¥90 million.
Growth Strategy
Building an integrated manufacturing-and-sales model and transforming into an Only-One shirt maker based on the new medium-term management plan
Promoting fixed cost reduction and optimization of the cost structure through the closure of the Shinshu Plant and consolidation of production into three domestic plants (operations commencing April 2026). Narrowing the business scope to business wear, and pursuing fundamental optimization of inventory levels and strengthening of the sales structure.
Promoting the expansion of items under CHOYA1886, CHOYA NEXT, and CHOYA SHIRT MAKERS, and strengthening sales of higher-priced products. Aiming to improve operational efficiency at SHIRT HOUSE (Mass Retailer Concession Stores) (124 stores) and expand BtoC revenue by leveraging the company's EC membership base (46,333 members).
Restructuring Thai Yamaki from the manufacturing segment into an overseas sales and production management base, promoting the development of new business partners in the European, American, and Asian markets. Shanghai Yamaki aims to focus on developing the Indian market as a key target and expand orders for third-country destinations. However, in FY2026 (ending March 2026), the overseas sales segment recorded a loss of ¥117 million, and it is expected to take time to achieve profitability.
Last updated: July 19, 2026