Enigmo Inc.

Business Details

Operates "BUYMA," a CtoC fashion marketplace connecting personal shoppers residing in various countries around the world with buyers. The platform offers trending items from around the world through an inventory-risk-free model, covering lifestyle items such as apparel, beauty, and general merchandise. Under its fee-based business model, revenue is recognized from payment system usage fees charged to buyers and transaction fees charged to personal shoppers.

Recent Overview

Both revenue and profit declined significantly year on year, with gross merchandise value also down 12.4%

In Q1 FY2027 (ending March 2027) (February–April 2026), the Fashion Platform Business recorded revenue of ¥1,141 million (down 11.9% year on year) and segment profit of ¥116 million (down 58.5% year on year), a substantial decline in profit. Gross merchandise value was ¥10,292 million (down 12.4% year on year). The main cause was consumers' deepening preference for "selective value spending" amid rising prices and continued yen depreciation. Meanwhile, the number of members maintained an upward trend, reaching 12,118,557 (up 4.2% year on year). From April, the company rolled out multifaceted campaigns combining SNS promotions featuring talent aimed at younger demographics with BUYMA studio events. It also expanded external sales channels through system integration with major overseas platforms, and recorded an impairment loss on fixed assets of ¥13 million associated with the migration of server infrastructure to the cloud.

Key Products

Growth Drivers

• Continued growth in membership (up 4.2% year on year to 12,118,557), expanding the potential transaction base
• Diversification of the customer base through BUYMA VINTAGE's capture of luxury vintage demand and expanded supply in the low-to-mid price range
• Expansion of external sales channels and customer touchpoints through system integration with leading overseas platforms (building a global cross-border distribution infrastructure)
• Continued strengthening of safety and security measures through enhanced authentication functions, improving platform trust
• Quality brand awareness gains and deepening of OMO strategy through BUYMA studio, SNS, and digital media-linked campaigns
• Thorough cost control and securing of cash generation capability through cost-efficiency-focused business operations

Risks

• Decline in consumer purchasing power and deepening preference for "selective value spending" amid historic yen depreciation and rising prices (main cause of the 12.4% decline in gross merchandise value)
• Rising overseas procurement costs and deteriorating sourcing conditions for personal shoppers due to protectionist trade policies (e.g., US tariffs)
• Intensifying competition in the fashion e-commerce market from domestic and overseas competitors, including brick-and-mortar retailers strengthening OMO strategies
• Declining profitability due to increased selling, general and administrative expenses (company-wide SG&A expenses for the quarter were ¥1,233 million, up 14.7% year on year)
• Ongoing costs associated with addressing risks from intellectual property infringement and counterfeit goods
• Continued suppression of real purchasing power among Japanese consumers due to ongoing yen depreciation and persistent uncertainty in the discretionary consumption market