ENVALITH
トレンダーズ株式会社 logo

Trenders, Inc.

6069・Growth Market・Services

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トレンダーズ株式会社 logo
Trenders, Inc.6069

Business

Trenders, Inc. is a company listed on the TSE Growth Market, founded in 2000. It operates three businesses: SNS-first integrated marketing support centered on Influencer Marketing and Mimi Beauty (Marketing Business), investment management in unlisted companies and others (Investment Business), and strategic consulting specialized in EC malls (EC Consulting Business). In FY2025 (ending March 2025), the company made event company zenplus a subsidiary, and in December 2025, it made Shirushi Co., Ltd. a subsidiary, advancing its transformation into a retail marketing company that seamlessly connects "knowing, experiencing, and purchasing." Its main clients are major consumer goods and beauty manufacturers such as Kao, and the company is also promoting the development of categories outside the beauty field. Its largest shareholder is istyle Inc. (holding a 15% or greater equity stake).

Business Model

The Marketing Business accounts for approximately 93% of net sales, generating revenue by contracting services such as Influencer Marketing and Mimi Beauty on a project basis. In the Investment Business, interest income from held corporate bonds accumulates steadily. Shirushi Co., Ltd., which became a subsidiary in December 2025 and provides EC mall operation outsourcing and consulting, has been added as a third revenue pillar, and the company is working to transition toward an integrated solution combining SNS, real-world events, and EC.

Company Strengths

The company has built a system enabling integrated operation of Influencer Marketing / Mimi Beauty (SNS), zenplus (real-world events), and Shirushi Co., Ltd. (EC mall consulting). While competitors remain limited to single-function services, the ability to provide seamless support across "awareness, experience, and purchase" is a proprietary strength that is difficult to replicate in a short period.

Sales to Kao Corporation expanded from ¥637,575 thousand (10.3% of net sales) in the previous consolidated fiscal year to ¥1,056,094 million (12.8% of net sales) in the current consolidated fiscal year. The continuous and expanding business relationship with a major consumer goods manufacturer serves as proprietary customer base evidence backing the company's sales capability and service quality.

Since its founding in 2000, the company has continuously provided marketing support specialized in the beauty and cosmetics field, repeatedly making concentrated investments in the beauty domain, including the absorption merger of MimiTV, the establishment of Mimi Beauty, and the consolidation of Clemence Laboratory as a subsidiary. The dedicated business division structure for the beauty field and the cultivation and accumulation of specialized personnel constitute a proprietary competitive advantage that is difficult for competitors to replicate in a short period.

ENVALITH's Perspective

In FY2026 (ending March 2026), the company achieved high growth with net sales of ¥8,278 million (up 33.7% year on year), but operating profit fell to ¥727 million (down 26.5% year on year) and net income fell sharply to ¥217 million (down 63.9% year on year), representing a substantial profit decline. The cost of sales ratio rose from 47.2% to 50.9%, and selling, general and administrative expenses also surged from ¥2,280 million to ¥3,341 million. While the expansion of the scope of consolidation through M&A boosted sales, goodwill amortization surged from ¥18 million to ¥186 million, illustrating a structure in which acquisition costs are significantly squeezing profits; improving earnings quality is an urgent priority.

Following the acquisition of Shirushi Co., Ltd. in December 2025 (acquisition cost of ¥3,500 million), goodwill balance surged from ¥681 million to ¥3,618 million. Note that the purchase price allocation has not yet been finalized and is recorded on a provisional basis. Interest-bearing debt (total of short-term and long-term borrowings) expanded from ¥2,219 million to ¥6,024 million, and the equity ratio declined from 51.3% to 34.3%. Interest expense also increased from ¥15 million to ¥59 million. Caution is warranted, as both goodwill impairment risk and financial burden could materialize if the EC Consulting Business fails to generate the expected level of earnings.

The earnings forecast for FY2027 (ending March 2027) calls for net sales of ¥9,500 million (up 14.8% year on year), operating profit of ¥900 million (up 23.8% year on year), and net income of ¥450 million (up 107.6% year on year), representing a significant recovery. The full-year contribution from the EC Consulting Business is cited as the main driver of the profit increase, but existing businesses such as Influencer Marketing and Mimi Beauty fell short of forecasts again this period due to "intensifying competitive environment and platform-related factors." Amid ongoing external factors such as changes in SNS platform algorithms and increasing competition, achievement of the earnings forecast could become difficult if the recovery of existing businesses does not proceed as planned. The dividend payout ratio of 126.1% for the current period significantly exceeds profit levels, and attention should also be paid to its sustainability.

Growth Strategy

Deepening integrated SNS × EC × event solutions and expanding business domains through M&A

Expand the EC-mall-focused strategic consulting and operational outsourcing business conducted by Shirushi Co., Ltd. and EC no Shirushi Co., Ltd., which became subsidiaries in December 2025. In the current fiscal year, the four-month contribution generated net sales of ¥457 million and segment profit of ¥142 million. In FY2027 (ending March 2027), full-year contribution is expected to become a key driver of increased profit for consolidated results.

Combine zenplus (event production) with the Shirushi Group (EC mall operation outsourcing) to provide a multi-dimensional marketing solution linked with SNS marketing. Building on the track record in the beauty domain, the company will drive customer development into categories beyond beauty, aiming to maximize group synergies.

For Influencer Marketing and Mimi Beauty, which fell short of forecasts due to intensifying competition and platform-related factors, the company will renew and differentiate its service offerings. It will also continue to deepen its presence in the medical domain (targeting cosmetic/elective-care clinics), aiming to improve profitability across the entire Marketing Business.

Following zenplus in FY2025 (ending March 2025) and the Shirushi Group in December 2025, the company plans to continue pursuing M&A in adjacent domains with high affinity to SNS marketing. Although ¥3,500 million in long-term borrowings has been executed as a financing activity, securing investment funds, priority issues remain the management of goodwill balance of ¥3,618 million (provisional) and monetizing existing acquisitions.

Last updated: July 19, 2026