ENVALITH
クラシコ株式会社 logo

Classico, Inc.

442A・Growth Market・Textiles & Apparels

クラシコ株式会社 logo
Classico, Inc.442A

Business

Classico, Inc. is a specialty planning and sales company for medical apparel targeting healthcare professionals, founded in 2008 under the mission "Bringing sensibility to medical settings." Its core products are lab coats, scrubs, patient gowns, and related accessories, offered through four channels: Domestic EC, directly-operated stores (four locations: Marunouchi, Osaka, Nagoya, and Yokohama), domestic corporate clients, and overseas markets. Its main customers are healthcare professionals such as doctors and nurses, and it is accelerating the hospital-facing rollout of its Patient Gowns (lifte brand) through a capital and business alliance with Elan. The company listed on the Tokyo Stock Exchange Growth Market in November 2025 and has entered a growth phase both domestically and overseas.

Business Model

As a fabless company with no production facilities, it plans and procures high-value-added products through joint material development with domestic textile manufacturers, and sells through multiple channels. It maintains direct contact with end users via Domestic EC and 4 Domestic Directly-Operated Stores, accumulating customer data, and aims to maximize LTV backed by a 51.0% repeat rate (cumulative F2 conversion rate). Patient Gowns (lifte brand) are deployed to hospitals through wholesale sales to Elan. Gross profit margin for the fiscal year ended October 2025 was 52.6%.

Company Strengths

Through joint development with a leading domestic materials manufacturer centered in the Hokuriku region, the company has achieved proprietary materials that combine industrial laundering durability, comfort, functionality, and design at a high level. The gross profit margin for FY2025 (ending October 2025) remained at a high level of 52.6% (gross profit of ¥1,908,796 thousand), with hard-to-imitate material development know-how serving as a source of competitive advantage.

Patient Gowns (lifte brand), jointly developed through the capital and business alliance with Elan (March 2020), grew into a core revenue source, with sales to Elan reaching ¥1,396,952 thousand (up 38.1% year on year) in FY2025 (ending October 2025), accounting for 38.5% of total sales. The number of facilities adopting the product is rapidly increasing nationwide, and there remains significant room for further penetration relative to the potential number of facilities with demand for inpatient sets.

Through its own EC site and four directly-operated stores, the company maintains direct contact with end users and accumulates purchasing data. The cumulative F2 conversion rate (repeat purchase rate) reached 51.0% (as of the end of October 2025), with the global membership base reaching 111 thousand members. This high level of customer loyalty forms the foundation of the strategy to maximize LTV.

ENVALITH's Perspective

Sales for the interim period of FY2026 (ending October 2026) (November 2025–April 2026) were ¥1,560 million (down 7.9% year on year), with an operating loss of ¥188 million, a sharp deterioration from operating income of ¥45 million in the same period of the prior year. This is attributed mainly to domestic corporate sales delivery plans being weighted toward the second half, but achieving the full-year forecast (sales of ¥4,250 million and operating income of ¥233 million) requires generating sales of ¥2,690 million and operating income of ¥421 million in the remaining two quarters, and the extremely high degree of concentration in the second half warrants close attention.

Selling, general and administrative expenses for the interim period rose 18.2% year on year to ¥1,002 million from ¥848 million in the same period of the prior year, reaching a level exceeding gross profit of ¥813 million. While this includes one-time costs such as listing-related expenses (¥2,379 thousand) and share issuance costs (¥1,441 thousand), structural cost increases continue, and balancing full-year cost containment with sales recovery will be key to achieving profit targets.

Following the listing in November 2025 (public offering of 280,000 shares) and a third-party allotment of new shares (42,000 shares), capital stock and capital surplus each increased by ¥205 million, improving the equity ratio to 66.9% (from 58.8% at the end of the previous fiscal year). Meanwhile, retained earnings widened to a deficit of ¥454 million. Merchandise inventory stood at ¥1,274 million, accounting for over 52% of total assets, and together with the degree of dependence on Elan (38.5% of prior-year sales), this represents a financial concentration risk requiring ongoing monitoring.

Growth Strategy

Pursuing sustainable growth through a three-pronged strategy of domestic growth, overseas expansion, and profitability improvement

From December 2025, the company opened official stores on Rakuten Ichiba and Amazon, strengthening reach to new customer segments with which it previously had limited touchpoints, centered on the entry-level "PACK series." The company aims to expand its customer base by diversifying its DtoC channels.

In November 2025, the company opened official online stores targeting the United States, Canada, and Australia, expanding its overseas presence to 17 countries/regions. This will accelerate the capture of global demand from healthcare professionals.

The company continues to expand adoption of Patient Gowns (lifte brand) at medical institutions through trading companies such as Elan. Sales to Elan for the fiscal period ended October 2025 grew rapidly to ¥1,397 million (up 38.1% year on year), and the company aims to build a stable revenue base by accumulating adopting facilities.

The company is advancing cost reduction measures through shifting inspections overseas and consolidating suppliers, among others. It aims to maintain and improve its high gross margin (52.2% for the interim period) and establish a profit structure capable of absorbing increases in SG&A expenses.

Last updated: July 17, 2026