ENVALITH
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CREEMA LTD.

4017・Growth Market・Information & Communication

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株式会社クリーマ logo
CREEMA LTD.4017

Business

Creema Ltd. launched Japan's first handmade marketplace "Creema" in 2010 and now operates the country's largest CtoC platform, where approximately 290,000 creators sell their works. Building on this marketplace foundation, the company offers a diverse range of creator support services, including a platform service (external/internal advertising) for corporations and local governments, large-scale craft events (HandMade In Japan Fes' and Creema YAMABIKO FES), the crowdfunding service "Creema SPRINGS," the lesson video platform "FANTIST," and the online shop creation service "InFRAME." It also operates Chinese-language versions for Taiwan and Hong Kong, aiming to establish a "Creema economic zone." Its main customers are professionally-oriented creators and consumers (users) seeking high-quality works, and it is driving the development of craft culture.

Business Model

Core revenue consists of the sales commission (take rate) deducted from the purchase price when artworks are bought and sold on Creema. In addition, revenue accumulates from Platform Service offerings—external advertising for corporations and local governments, click-based internal advertising for creators (artwork promotion), and speedy transfer fees—as well as from real event revenue and revenue from the new service group including crowdfunding and lesson videos. Of the ¥2,535 million in net sales for FY2026 (ending March 2026), the Marketplace accounts for the largest share, complemented by Platform Service, Event Service, and the new service group.

Company Strengths

As of the end of FY2025 (ending February 2025), the company had approximately 19.72 million registered works (111% year-on-year), approximately 15.48 million app downloads (105% year-on-year), and approximately 290,000 creators. The gap in gross merchandise value versus competitors continues to widen, and the company maintains its position as Japan's No.1 domestic handmade marketplace. Leading indicators such as registered works and app downloads expanded steadily even during phases when gross merchandise value declined.

Since its founding, the company has focused primarily on supporting the activities of professional and semi-professional creators, forming a discerning community where high-quality works gather. This has led to stable acquisition of users seeking high-quality works, serving as a clear differentiating factor from competitors. Quality control is also thoroughly enforced in cross-border transactions (Taiwan and Hong Kong), which operate under a pre-screening system.

In FY2025 (ending February 2025), even as Marketplace Service revenue fell to 93% year-on-year, Platform Service (101% year-on-year), Event Service (128% year-on-year), and the new services group (177% year-on-year) compensated, allowing total company revenue to maintain 100% year-on-year. This demonstrates a track record of revenue diversification functioning effectively to spread the risk of dependence on a single service.

ENVALITH's Perspective

Marketplace gross merchandise value for Q1 of FY2027 (ending February 2027) came to ¥3.80 billion (97.2% of the same period last year), falling short of the prior year, primarily due to a decline in inflow via email among other channels. Achieving the full-year sales forecast of ¥2,780 million (up 9.7% year on year) will require the effects of holding "HandMade In Japan Fes'" from the second quarter onward and the full-scale rollout of various large-scale initiatives; the downside risk cannot be ignored if the decline in inflow seen in Q1 continues. External factors such as changes in consumers' online purchasing behavior and structural shifts in inflow via social media and email also warrant continued attention.

Operating profit for Q1 of FY2027 (ending February 2027) declined sharply to ¥10 million (42.9% of the same period last year), as selling, general and administrative expenses increased from ¥476 million in the same period last year to ¥488 million. Continued promotion and development investment centered on new service offerings is weighing on profit, and the full-year operating profit forecast of ¥6 million (down 85.6% year on year) is already at a low level. With the timing and scale at which these investments will translate into revenue difficult to foresee, the sustainability of profitability and the trajectory of margin improvement remain the key focus for investor evaluation.

With the reduction of capital reserves by ¥541 million and the transfer of ¥1,387 million from other capital surplus to retained earnings—both approved at the Annual General Meeting of Shareholders in May 2026 and scheduled to take effect on July 31, 2026—the accumulated deficit since the company's founding is expected to be eliminated. This is a positive development, as it strengthens the company's financial standing and increases flexibility in future capital policy, including dividends and share buybacks. On the other hand, the dividend forecast for FY2027 (ending February 2027) remains undecided at this point, and the concretization of shareholder returns will continue to depend on the steady accumulation of earnings.

Growth Strategy

Multi-layered revenue growth through improved take rate, expansion of new services, and phased execution of major initiatives

Enhancing transaction safety and convenience through promotion of "Creema Anshin Tokumei-bin" (anonymous delivery service), improvements to search and recommendation functions, in-app navigation improvements, and stronger gift-category appeal using video advertising, while simultaneously pursuing expansion of gross merchandise value (GMV) and improvement of take rate. In Q1 of FY2027 (ending February 2027), the take rate improvement was effective, achieving revenue growth even as GMV declined.

Management has stated that the various large-scale initiatives set as priorities for FY2027 (ending February 2027) are progressing well toward a phased start during the fiscal year. Specific details of the initiatives have not been disclosed, but contribution to revenue and profit from Q2 onward is expected.

Japan's largest creator event is scheduled to be held in Q2. Recruitment of exhibitors, ticket sales, and securing of sponsorships are being actively pursued. Since event revenue was zero in Q1, recognition of revenue in Q2 is a key factor for achieving full-year results.

Creema SPRINGS is expanding into the traditional crafts and regional assets domain through new initiatives such as "Minna no Takaramono" (Everyone's Treasure). FANTIST is focusing on its official courses, which have high growth potential and profitability, and expanding into areas such as health, lifestyle, and skills for small business operators. Cumulative growth of 122.1% year-on-year continued in Q1 of FY2027 (ending February 2027).

Approved at the shareholders' meeting in May 2026. After reducing capital reserve by ¥541 million and transferring it to other capital surplus, ¥1,387 million of other capital surplus will be transferred to retained earnings to eliminate the accumulated deficit. The effective date is scheduled for July 31, 2026. This will expand future options for capital policy, including dividends and share buybacks.

Last updated: July 17, 2026