Primo Global Holdings Co., Ltd.
367A・Standard Market・Retail Trade
Primo Global Holdings Co., Ltd.
367A・Standard Market・Retail Trade
Business
Primo Global Holdings Co., Ltd. is a bridal jewelry specialty store group with "I-PRIMO" and "LAZARE DIAMOND" as its core brands. Starting from the opening of the I-PRIMO Ginza flagship store in 1999, the company has expanded globally to a total of 134 stores as of the end of August 2025, comprising 87 domestic stores and 47 overseas stores. Its main customers are couples preparing for engagement or marriage, and it primarily sells engagement rings and wedding rings. The company has expanded sequentially into Taiwan, Hong Kong, mainland China, and Singapore, developing the Greater China and Southeast Asian markets with a multi-brand approach spanning "I-PRIMO," "K.UNO," and "STAR JEWELRY." It listed on the Standard Market of the Tokyo Stock Exchange in June 2025.
Business Model
The company employs a "Select Order" format in which customers choose from over 200 design options for rings, diamonds, engravings, and other elements, with production and processing beginning only after an order is received. This has enabled a business model that minimizes finished-goods inventory as much as possible. Ring bodies are produced by outsourced manufacturers, while some processing and after-sales maintenance are handled in-house, balancing quality with efficiency. Against revenue of ¥28,002 million, the gross profit margin remains at a high level of approximately 64.5%, with the high per-customer spending and strong inventory efficiency characteristic of a specialty store forming the foundation of the company's earnings structure.
Company Strengths
For FY2025 (ending August 2025), revenue reached ¥28,002 million (up 12.5% year on year), while operating profit rose to ¥3,132 million (up 39.4% year on year) and profit attributable to owners of parent came to ¥1,786 million (up 55.3% year on year). The business profit margin improved from 8.9% in the previous period to 11.9%, achieving profit growth that significantly outpaced revenue growth.
Starting with entry into Taiwan in 2007, the company subsequently expanded into Hong Kong (2011), mainland China (2015), and Singapore (2022). It has a track record of achieving profitability in the third year after opening its first store in each market. Having established brand recognition in Asian markets ahead of domestic competitors, the company operated 47 overseas stores as of the end of August 2025.
The company operates "Primo College," a proprietary education program spanning 10 years from the time of hiring, systematically developing customer service capabilities across the three axes of "mindset, knowledge, and skills." It is promoting an environment where women, who make up more than 90% of employees, can thrive over the long term, and has also introduced an AI-powered educational support system. These efforts aim to standardize and enhance the quality of customer service.
ENVALITH's Perspective
Performance Trend
For the cumulative nine months of FY2026 (ending March 2026) (September 2025 to May 2026), revenue was ¥23,267 million (up 13.6% year on year), operating profit was ¥2,906 million (up 18.4% year on year), and quarterly profit attributable to owners of the parent was ¥1,758 million (up 7.0% year on year). As an external factor, the surge in prices of platinum and other precious metals pushed up cost of sales (cost of sales ¥9,271 million, versus ¥7,247 million in the same period of the previous year), and the gross profit margin has been on a declining trend. On the other hand, the Domestic Business achieved both a rise in average spend per customer and steady customer numbers, while the Overseas Business saw segment profit expand sharply, up 46.1% year on year. Compared with the previous fiscal year's (FY2025, ending March 2025) revenue of ¥28,002 million and operating profit of ¥3,132 million, the company had already achieved 92.8% of full-year operating profit by the cumulative Q3 stage, putting the full-year forecast of ¥3,650 million (up 16.5% year on year) within reach.
Growth Strategy
Pursuing sustainable growth through strengthened vertical integration of domestic brands and aggressive store openings in emerging Asian markets
In April 2026, acquired diamond procurement rights from Lazare Kaplan. By internalizing the entire process from procurement to sales, the company aims to accelerate decision-making and improve gross profit margin. This is expected to strengthen profit defense capability during periods of surging precious metal prices.
Following the Zhengzhou store opening in November 2025, opened the Beijing No. 3 store (China World Mall Store) and Hangzhou No. 3 store (Westlake 66 Store) in April 2026. Business performance continues to grow year on year, and the company will continue aggressive expansion in markets with room for further store openings.
Selected Malaysia as a new market for entry into Southeast Asia. Newly established Primo Diamond Malaysia Sdn. Bhd. (added to the scope of consolidation) and proceeded with preparations for the opening of the first "I-PRIMO" store in June 2026. This marks geographic expansion as the second Southeast Asian base following Singapore.
In response to changes in trading areas and purchasing behavior, the company is promoting relocation to areas and leading commercial facilities with greater customer-drawing power, as well as renovation of store facilities. In April 2026, relocated and reopened the "LAZARE DIAMOND Boutique Quartz Shinsaibashi Store." Store design that expresses the brand's world view is intended to enhance the purchasing experience of visiting customers.
In addition to original products such as "PRIMO QUALITY DIAMOND" and "Pale Brown Gold," launched new marriage rings "GCT" and "TRANSIT" nationwide in May 2026. Through the expansion of Anniversary Jewelry, the company aims to build long-term relationships with existing customers and improve LTV.
Last updated: July 17, 2026