I-ne Co., Ltd.
4933・Prime Market・Chemicals
Domestic Business
Core segment centered on domestic wholesale and direct e-commerce sales, accounting for over 97% of revenue
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue | ¥47,736 million | ¥43,661 million | ↑ |
| Revenue YoY | up 9.3% | up 7.8% | ↑ |
| Segment Operating Income | ¥7,298 million | ¥7,935 million | ↓ |
| Segment Operating Income YoY | down 8.0% | up 17.7% (vs. two years prior) | ↓ |
| Depreciation and Amortization | ¥983 million | ¥477 million | ↑ |
| Goodwill Amortization | ¥648 million | ¥108 million | ↑ |
| Share of Consolidated Revenue | 97.5% | 97.0% | ↑ |
Business Details
This segment mainly consists of wholesale sales to retail stores and mass merchandisers through domestic wholesale distributors in Japan, as well as direct-to-consumer (D2C) sales to general consumers via the internet. The company operates multiple beauty brands including BOTANIST, YOLU, SALONIA, and TOUT VERT, focusing on hair care, beauty appliances, skin care, and other categories. In FY2025 (ending December 2025), significant growth of new brands (ReWEAR, Teaflex, etc.) drove expansion in the skin care and other categories.
Recent Overview
Revenue grew 9.3%, but operating income declined 8.0% due to higher SG&A expenses
In FY2025 (ending December 2025), Domestic Business revenue reached ¥47,736 million (up 9.3% year on year), achieving revenue growth. In addition to the three core brands BOTANIST, YOLU, and SALONIA, skin care brands TOUT VERT and Wrinkfade, as well as new brands ReWEAR and Teaflex, grew significantly, driving the skin care and other categories. On the other hand, segment operating income declined to ¥7,298 million (down 8.0% year on year). The increase in company-wide cost adjustments (SG&A) from ¥2,657 million in the prior period to ¥3,292 million weighed on consolidated operating income. Goodwill amortization also increased substantially, from ¥108 million to ¥648 million.
Key Products
Growth Drivers
- Continued revenue expansion through the renewal of the BOTANIST brand and introduction of new lines
- Deepening of the hair care category through expansion of the YOLU hair care series (fourth series launch)
- Strengthening of beauty appliance earnings through continued strong sales of SALONIA's mid-to-high price range products and new items such as accessories
- Diversification of categories driven by the strong performance of skin care brands such as TOUT VERT and Wrinkfade
- Significant growth of new brands such as ReWEAR (regenerating fabric softener) and Teaflex (functional tea)
- Maintaining a rapid new product development and market launch cycle through the IPTOS model
- Promotion of an OMO strategy combining wholesale (Arata, Ohki, etc.) with direct e-commerce (D2C) sales
Risks
- Profit margin pressure from increased SG&A expenses (segment operating income down 8.0% in FY2025)
- Planned large-scale strategic additional investment of approximately ¥3.0 billion in FY2026, posing a risk of a significant decline in profit (operating income forecast: -¥500 million to -¥1,000 million)
- Risk of revenue concentration in specific brands (BOTANIST, YOLU, SALONIA)
- Risk of dependence on a major wholesale distributor (Arata Corporation)
- Increased amortization burden of goodwill and intangible fixed assets related to M&A (Tout Vert, Artemis, etc.) (goodwill amortization increased by ¥543 million year on year to ¥648 million)
- Establishment of a special investigation committee and response to restatement of past financial results related to transactions with a company founded by a former employee (RH Company) (planned expense recognition of ¥178 million in FY2026)
- Risk of rising raw material and logistics costs due to geopolitical risk surrounding the Strait of Hormuz
- Risk of market share decline due to intensifying competition in the hair care market
Last updated: June 15, 2026