TSI HOLDINGS CO.,LTD.
3608・Prime Market・Textiles & Apparels
Business
TSI Holdings was established in 2011 through the business integration of Tokyo Style Co., Ltd. and Sanei-International Co., Ltd., making it one of Japan's largest apparel holding companies. As a holding company, it oversees 26 consolidated subsidiaries and 1 equity-method affiliate, with its core business centered on the Apparel-related Business, which handles the planning, manufacturing, and sales of apparel through a diverse range of brands including "STUSSY," "AVIREX," "Schott," "MARGARET HOWELL," and "and wander." In addition, the company operates a group of complementary service businesses, including Sales Agency & Staffing, an Apparel-Specialized Job Platform, synthetic resin product manufacturing and sales, Store Design Supervision, and cosmetics sales. The company is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
The Apparel-related Business (net sales of ¥162,075 million) accounts for approximately 97% of the total, generating revenue through the planning and manufacturing of proprietary brands and direct sales via directly-operated stores and the proprietary EC site "mix.tokyo". The company is pursuing margin improvement through three pillars: reducing procurement costs, optimizing pricing, and reviewing store profitability structures. Other Businesses (net sales of ¥5,009 million) complement the group's operations through the Sales Agency & Staffing Business, the Apparel-Specialized Job Platform, and other services, serving as a stable source of earnings.
Company Strengths
Brands such as "STUSSY," "and wander," and "MARGARET HOWELL" steadily captured inbound demand, and the Apparel-related Business achieved sales of ¥162,075 million in FY2026 (ending March 2026). Through a reassessment of the brand portfolio, low-profitability brands were withdrawn, and a structure was established to concentrate management resources on brands with high growth and profitability.
In FY2025 (ended March 2025), the company recorded extraordinary income of approximately ¥253,500 million, including gains from the sale of owned real estate, achieving net income attributable to owners of the parent of ¥15,230 million. The period-end balance of cash and cash equivalents reached ¥45,822 million, and reductions in short-term and long-term borrowings also progressed, improving financial soundness.
Based on the medium-term management plan TIP27, SG&A cost reductions took effect ahead of schedule. The completed integration of the proprietary EC site "mix.tokyo" simultaneously achieved operational cost reductions and strengthened customer touchpoints. The gross profit margin improved by 1.1 points year on year, and the SG&A expense ratio also improved by 0.5 points year on year, confirming in numerical terms the leaner, more profitable business structure.
ENVALITH's Perspective
Performance Trend
Revenue continued moderate growth from ¥140,382 million in FY2022 to ¥167,085 million in FY2026, then accelerated in Q1 FY2027 (ending February 2027) to ¥46,279 million, up 30.0% year on year. Operating profit was sluggish in FY2024 and FY2025 (¥1,760 million and ¥1,636 million, respectively), but recovered to ¥4,325 million in FY2026, and continued to improve in Q1 FY2027 (ending February 2027), rising 65.8% year on year to ¥2,512 million. The sharp expansion in revenue was mainly attributable to the effect of newly consolidating Daytona International Co., Ltd. and Waterfront Co., Ltd. As for external factors, higher-than-usual spring temperatures and continued wage increases supported apparel consumption, while heightened cost-consciousness stemming from the weak yen and rising prices, as well as a roughly 50% decline in inbound tourism from China, acted as negative factors. Full-year forecasts call for revenue of ¥200,000 million and operating profit of ¥7,500 million, both substantial increases from the previous fiscal year.
Growth Strategy
Profit structure reform under TIP27 and utilization of M&A to substantially recover earning power toward FY2027 (ending February 2027)
Based on TIP27 announced in April 2024, the company is advancing improvements in the SG&A expense ratio (a 2.4-point improvement year on year in Q1 of FY2027 (ending February 2027)) and profitability improvements in existing businesses. The company aims to achieve full-year operating profit of ¥7,500 million (up 73.4% year on year).
The consolidation effects of Daytona International Co., Ltd. (FREAK'S STORE, etc.) and Waterfront Co., Ltd. have fully contributed from the beginning of the period in FY2027 (ending February 2027), significantly boosting net sales. Improving the profitability of the two newly consolidated companies is the next challenge.
The proprietary EC site "mix.tokyo" achieved sales growth of over 20% year on year in Q1 of FY2027 (ending February 2027). The company aims to expand its digital sales channels to improve the direct sales ratio and profitability.
The annual dividend forecast for FY2027 (ending February 2027) has been raised to ¥70 (up 75% from ¥40 in the previous fiscal year). In Q1, the company conducted share buybacks totaling ¥2,962 million, actively pursuing shareholder returns.
Last updated: July 17, 2026