Enigmo Inc.
3665・Prime Market・Information & Communication
Business
Enigmo, Inc. operates under the mission "Toward a new flow that changes the world," developing as its core businesses the fashion CtoC EC platform "BUYMA," which involves over 230,000 personal shoppers across 182 countries worldwide, and "BUYMA TRAVEL," a travel platform run by Japanese guides residing overseas. Since launching the BUYMA service in 2005, the company has established a marketplace model that carries no inventory risk, and as of January 2025 it boasts approximately 11.52 million members, over 18,800 registered brands, and more than 6.5 million listed items. In 2022, the company moved to the TSE Prime Market. In 2024, it made BUYMA TRAVEL a consolidated subsidiary and incorporated local activity businesses in Guam and Hawaii, transitioning to a two-segment structure covering fashion and travel.
Business Model
BUYMA is a C2C marketplace connecting personal shoppers (sellers) with buyers, collecting a payment system usage fee (5.50% of the listing price) from buyers and a transaction fee (5.50%–7.70%) from personal shoppers at the time a transaction is completed. Since sellers purchase items only after receiving an order and bear no inventory risk, the platform itself also holds no inventory. BUYMA TRAVEL similarly adopts a fee model in which it receives a 10.00% transaction fee from guides and a 5.50% payment usage fee from buyers.
Company Strengths
As of January 2025, the company had approximately 11.52 million members (up 5.1% year on year), with over 230,000 personal shoppers participating across 182 countries worldwide. The company achieves an inventory-less product lineup of over 18,800 registered brands and more than 6.5 million listed items, holding a global network asset that competitors cannot easily replicate.
In FY2025 (ending January 2025), the Fashion Platform Business recorded net sales of ¥5,638 million and segment profit of ¥1,580 million, achieving a segment profit margin of approximately 28%. The inventory-less platform model keeps fixed costs low, and cost-efficiency-focused business operations underpin the high profit margin.
As of the end of FY2025 (ending January 2025), the company held cash and deposits of ¥9,287 million and investment securities of ¥3,551 million, with net assets of ¥11,439 million. The company maintains a high equity ratio, providing the financial capacity to simultaneously pursue active investment in M&A and alliances and shareholder returns (dividend payments of ¥397 million).
ENVALITH's Perspective
Performance Trend
Consolidated net sales for the first quarter of FY2027 (ending January 2027) (February–April 2026) were ¥1,463 million (down 2.0% year on year). The Fashion Platform Business saw a significant decline, with net sales of ¥1,141 million (down 11.9% year on year) and gross merchandise value of ¥10,292 million (down 12.4% year on year), while the Travel Platform Business achieved high growth, with net sales of ¥321 million (up 61.3% year on year). An increase in SG&A expenses (¥1,233 million, up 14.7% year on year) weighed on results, causing the company to fall into an operating loss of ¥150 million. However, due to the recognition of a gain of ¥353 million on the sale of investment securities, quarterly net profit attributable to owners of the parent was secured at ¥101 million (up 30.9% year on year). As external factors, the yen's depreciation, rising prices, and geopolitical risk are suppressing consumer purchasing, putting pressure on gross merchandise value in the core business. The full-year earnings forecast (net sales of ¥7,267 million, operating profit of ¥44 million) remains unchanged. Operating profit over the past five fiscal years has declined significantly, from ¥2,971 million in FY2022 (ending January 2022) to ¥47 million in FY2026 (ending January 2026), reflecting a continuing structural deterioration in profitability.
Growth Strategy
Deepening the BUYMA economic ecosystem and establishing a second earnings pillar through M&A utilization in the Travel Platform Business
Expand supply capacity in the mid-to-low price range (enhanced listing functionality) and capture demand for luxury vintage items through BUYMA VINTAGE to win back lapsed customers. Also promote expansion of external sales channels through SNS promotions, campaigns linked with BUYMA studio, and system integration with overseas platforms.
Following the February 2025 acquisition of Formal Trans LLC (Hawaii transportation), the company acquired 100% of Krystal Enterprise Limousine (Hawaii limousine) in May 2026. By internalizing and scaling the transportation business, the company aims to minimize lost opportunities and strengthen the earnings base of BUYMA TRAVEL.
Deploy multifaceted campaigns linking BUYMA studio with the owned media "STYLE HAUS," SNS, and digital media. Promote the sophistication of the online purchasing experience through AI technology and continue strengthening safety and security measures through enhanced authentication functionality.
Toward building a global cross-border distribution infrastructure through which domestic and overseas products flow in both directions, the company is expanding external sales channels and customer touchpoints through system integration with leading overseas platforms. Expansion into overseas markets such as South Korea and the United States will also continue.
Last updated: July 17, 2026