HUMAN MADE Inc.
456A・Growth Market・Retail Trade
HUMAN MADE Inc.
456A・Growth Market・Retail Trade
Business
HUMAN MADE, Inc. is a high value-added brand company that develops apparel and lifestyle products both domestically and internationally, centered on the "HUMAN MADE" brand founded by creative director NIGO. Under the concept of "fusion of the past and the future," the company plans and produces products that fuse Japan's uncompromising craftsmanship spirit with street culture. Its main customers are fashion-conscious consumers and celebrities in Japan and overseas, with overseas demand accounting for approximately 64% of sales (of which approximately 37% is duty-free sales at domestic stores). The company operates through four channels—Own E-commerce & Own Stores (7 domestic stores), Wholesale, and Licensing—and listed on the TSE Growth Market in November 2025.
Business Model
Since its founding, the company has deliberately constrained supply relative to demand, consistently maintaining a 100% proper consumption rate (full-price sales ratio). By never conducting sales or discounting, it avoids impairing brand value and keeps gross profit margin at a high level. Promotion relies on SNS and spontaneous celebrity exposure and collaborations, minimizing advertising expenses. Own E-commerce & Own Stores serve as the core direct channels, while an asset-light model is employed in which less efficient areas are supplemented through wholesale and licensing.
Company Strengths
For FY2026/1 (10th fiscal year, full-year basis), the operating margin was 31.7% (net sales of ¥14,273 million, operating profit of ¥4,531 million). This continues the improvement from 28.2% in the prior fiscal year (FY2025/1), with the combination of zero discounting, low advertising costs, and an asset-light model underpinning the high-profitability structure.
While the proper sell-through rate for typical apparel companies is generally said to be 30-40%, the Company has consistently achieved 100% since its founding. The product sell-through rate has also been maintained at nearly 100%, resulting in extremely low inventory risk, which is the primary driver of high inventory turnover and gross profit margin.
The Company continuously conducts collaborations with world-renowned creators such as KAWS and VERDY, as well as global brands such as NIKE and Levi's. Pharrell Williams (Men's Creative Director at Louis Vuitton) participates as an advisor and shareholder, contributing to the international expansion of brand recognition.
ENVALITH's Perspective
Performance Trend
Against FY2026 (ended January 2026) results of revenue of ¥14,273 million, operating profit of ¥4,531 million, and net income of ¥2,941 million, the full-year forecast for FY2027 (ending January 2027) is revenue of ¥18,500 million (+29.6% YoY), operating profit of ¥4,800 million (+5.9%), and net income attributable to owners of parent of ¥3,300 million (+12.2%). Q1 results (revenue of ¥4,299 million, operating profit of ¥1,233 million, quarterly net income of ¥870 million) represent generally solid progress against the full-year forecast. As an external factor, continued expansion in inbound consumption, driven by yen depreciation, is supporting revenue. On the other hand, while the Q1 operating margin stood at 28.7%, the full-year forecast anticipates a decline to 26.0%, with upfront investment associated with overseas expansion and new store openings (property, plant and equipment up ¥636 million and asset retirement obligations up ¥419 million versus the previous fiscal year-end) expected to be a cost-increasing factor heading into the second half. Year-on-year comparison with the same quarter of the prior year is not available due to the pre-listing period.
Growth Strategy
Pursuing mid-to-long-term growth along three axes: strengthening the domestic foundation, building an overseas direct sales structure, and brand M&A
Opened "HUMAN MADE KOBE" in Kobe City, Hyogo Prefecture in February 2026. Continuing the rollout of directly-operated stores in major cities to capture inbound demand and expand the domestic customer base.
Opened a store operated by a local partner in Bangkok, Thailand in March 2026, adding a new country of operation. Established local subsidiaries in China (Renchengchuang (Shanghai) Fashion Co., Ltd.) and the United States (HUMAN MADE USA Inc.) in March 2026, laying the foundation for an overseas direct sales structure.
Expanding the number of SKUs and inventory of basic, lower-priced essential products such as T-shirts and innerwear, in an effort to deliver products to more customers even amid tight supply resulting from small-batch, multi-item production. Merchandise inventory increased by ¥69 million compared to the end of the previous fiscal year.
Entered into a basic agreement on June 15, 2026 for the acquisition of all shares of UNDERCOVER Co., Ltd. (UNDERCOVER brand). Execution of the share transfer is scheduled for February 2027, with consolidation as a subsidiary expected from Q1 of FY2028 (ending January 2028). The acquisition price is to be determined based on a valuation by a third-party institution.
Following approval at the Annual General Meeting of Shareholders in April 2026, introduced a plan to grant restricted stock to three internal directors, up to an annual limit of ¥80,000 thousand and 80,000 shares. Payment is scheduled to be completed on June 19, 2026, with 20,722 shares (at ¥1,355 per share) to be issued.
Last updated: July 17, 2026