MANDOM CORPORATION
4917・Prime Market・Chemicals
Business
Mandom Corporation is a cosmetics manufacturer founded in 1927, engaged in the manufacturing and sale of cosmetics both domestically and overseas. Its core brands include men's cosmetics "GATSBY" and "LUCIDO," as well as women's brands such as "Bifesta" and "LUCIDO-L." The business is organized into three segments—Japan, Indonesia, and Other Overseas—and is operated as a group comprising 18 subsidiaries and 1 affiliated company. In Indonesia, PT MANDOM INDONESIA Tbk, a locally listed subsidiary, handles manufacturing and sales, and the company also maintains sales bases in various ASEAN countries (Malaysia, Thailand, the Philippines, Vietnam, etc.). Its primary customer base centers on men's grooming demand, while also expanding into the women's cosmetics and toiletries markets. Consolidated net sales for FY2025 (ended March 2025) were ¥76,183 million.
Business Model
Products are manufactured at the Fukusaki Plant in Japan and at overseas manufacturing bases in Indonesia and China, and sold domestically through a combination of wholesale distribution—with PALTAC Corporation as the main sales channel (net sales of ¥22,344 million, 29.3% of total company sales)—and EC distribution via D2C brands. Overseas, local subsidiaries in each country sell through local distribution networks. The company maintains an integrated value chain from manufacturing to sales, adopting a synergistic structure in which manufacturing bases within the group supply one another. The basic policy on shareholder returns is a consolidated dividend payout ratio of 40% or more.
Company Strengths
Launched in 1978, the GATSBY brand has established a long-standing position in the domestic men's cosmetics market. It achieved sales of ¥10 billion in 1999, and in Indonesia it has continued to secure the No.1 share in the hair styling market. In FY2025 (ended March 2025), Japan segment sales expanded 6.2% year on year to ¥40,354 million, driven mainly by summer season products, demonstrating the sustainability of the brand's strength.
In addition to three manufacturing bases in Indonesia, China, and Japan, the company operates sales subsidiaries across a total of 11 countries in ASEAN and East Asia. In FY2025 (ended March 2025), Other Overseas segment sales were ¥22,398 million (up 9.2% year on year), with Malaysia alone contributing a sales base of ¥8,895 million. Over 60 years of overseas business experience since entering the Philippines in 1958 forms a barrier to entry.
At the end of FY2025 (ended March 2025), total net assets stood at ¥76,673 million against total assets of ¥97,492 million, giving an equity ratio of over approximately 78%. The company has low reliance on interest-bearing debt and holds cash on hand of ¥23,810 million. Through commitment line arrangements with financial institutions, it has established a framework to constantly secure funds equivalent to more than three months of monthly sales.
ENVALITH's Perspective
Performance Trend
For the nine months ended December 2025 (cumulative Q3 of FY2026, ending March 2026), net sales were ¥59,192 million (up 3.6% year on year), operating profit was ¥2,891 million (up 116.4% year on year), ordinary profit was ¥3,680 million (up 71.0% year on year), and quarterly net profit attributable to owners of the parent was ¥2,122 million (up 16.6% year on year). Looking at annual results over the past five fiscal years, operating loss worsened to ¥2,308 million in FY2022, after which the company was on a recovery trend from FY2023 onward, but operating profit fell back to a low level of ¥1,028 million in FY2025. In the current period, improvement in the gross margin (cost of sales declined substantially to ¥31,526 million from ¥32,745 million in the same period of the previous year) coincided with Indonesia's return to profitability, expanding operating profit to more than double the level of the same period last year. As an external factor, the worsening of the foreign currency translation adjustment account due to yen appreciation and Asian currency depreciation is weighing on comprehensive income, but the improvement in earnings on a business-substance basis is clear. The full-year earnings forecast (net sales of ¥78,600 million, operating profit of ¥2,700 million) remains unchanged.
Growth Strategy
Toward realizing VISION2027, a "period of building growth foundations": simultaneously pursuing profitability improvement in Japan and Indonesia and quantitative growth in ASEAN
Cost ratio improved through fundamental reviews of raw material cost reductions and packaging material development (MP-14 structural reform). Combined with a recovery in sales of the PIXY brand and GATSBY brand (Indonesia), operating profit turned positive at ¥294 million for the cumulative nine months of FY2026 (ending March 2026), a dramatic improvement from an operating loss of ¥1,317 million in the same period of the previous year.
Owing to continued strong performance of the LUCIDO brand and an improved cost ratio, operating profit for the Japan segment for the cumulative nine months of FY2026 (ending March 2026) was ¥1,553 million (up 12.0% year on year). Efforts are also underway to expand new customer touchpoints in EC distribution through the D2C brands Aono / HOLIDEA.
Expansion of the sales base is being promoted through local subsidiaries and affiliated companies in ASEAN countries such as Malaysia and Thailand. For the cumulative nine months of FY2026 (ending March 2026), operating profit in the Other Overseas segment declined by 19.5% year on year due to increased selling expenses, reflecting an investment phase. In terms of market environment, population growth and economic growth in ASEAN offer medium- to long-term quantitative growth opportunities.
Last updated: July 17, 2026