QB Net Holdings Co.,Ltd.
6571・Prime Market・Services
Business
QB Net Holdings is a holding company that has expanded its "affordable and reliable haircut service" both domestically and internationally since opening "QB HOUSE" (Japan's first haircut specialty store) in 1996. Domestically, it operates 585 stores across three brands—QB HOUSE, QB PREMIUM, and FaSS—through a mix of directly-managed and franchise formats. Overseas, it directly operates 139 stores across 7 countries and regions: Singapore, Hong Kong, Taiwan, the United States, Canada, Vietnam, and Malaysia. As of the end of FY2025 (ended June 2025), the consolidated store count was 724. Its main customers span a wide range of age groups, centered on business people who value time efficiency, and the company serves approximately 20 million customer visits annually.
Business Model
The core of revenue is compensation for haircut services: directly-operated stores record the full sales amount, while FC stores collect royalties (a fixed rate applied to monthly sales). Store operations combine directly-employed direct management with outsourced management (outsourcing fees equal to 52% of store sales), achieving both variable-cost conversion of labor expenses and operational efficiency. Domestic Business (revenue of ¥20,641 million) is the core business, accounting for approximately 81% of revenue, while Overseas Business (revenue of ¥4,908 million) functions as the growth engine, forming a dual-axis structure.
Company Strengths
Opened its first store in 1996 in Kanda Mitoshirocho as Japan's first hair-cut-only specialty salon. Through nearly 30 years of business operations since then, the company has established the 'QB HOUSE' brand, and as of the end of FY2025 (ending June 2025) operated 585 domestic stores and 139 overseas stores, for a total of 724 stores. It maintains an annual customer base of approximately 20 million and retains a first-mover advantage within the industry.
Operating cash flow for FY2025 (ending June 2025) secured ¥4,299 million. Non-cash expenses were substantial, including depreciation and amortization of ¥3,570 million, indicating strong underlying cash-generating capacity. Cash and cash equivalents stood at a healthy ¥5,271 million, giving the company a financial base that supports both aggressive store-opening investment and debt repayment in parallel.
In addition to the existing four regions of Singapore, Hong Kong, Taiwan, and the United States, the company opened its first stores in Canada, Vietnam, and Malaysia during FY2025 (ending June 2025), expanding its overseas footprint to 7 countries/regions. Overseas Business revenue reached ¥4,908 million (up 4.8% year on year), and segment profit reached ¥156 million (up 254.4% year on year), reflecting a progressing turnaround to profitability.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal periods has maintained an expansionary trend, growing from ¥18,933 million → ¥20,564 million → ¥22,746 million → ¥24,757 million → ¥25,543 million. For FY2026 (ending June 2026), full-year revenue is forecast at ¥27,350 million (up 7.1% year on year), with continued revenue growth expected. On the other hand, operating profit peaked at ¥2,138 million in FY2023 (ended June 2023) and has since declined for two consecutive periods, to ¥2,115 million and then ¥1,685 million, remaining at only ¥1,060 million (up 0.9% year on year) on a cumulative basis through the third quarter of FY2026 (ending March 2026). External factors such as labor shortages, rising wages, and higher prices are pushing up expenses, and combined with upfront costs associated with new overseas market entries, this is delaying the recovery in profit margins. If the full-year operating profit forecast of ¥2,200 million is achieved, it would mark the first profit recovery in three periods.
Growth Strategy
Under the medium-term management plan "NEXUS," the company aims for 966 stores and revenue of ¥35,500 million by FY2029 (ending June 2029)
Store opening plans are being executed against a backdrop of solid progress in personnel recruitment. The assignment of trained personnel to stores has exceeded plan, and acceleration of profitability at newly opened stores is expected. Domestic revenue for the cumulative nine months of FY2026 (ending March 2026) came to ¥16,001 million (up 5.6% year on year), progressing as planned.
The price revision implemented in February 2025 was combined with the expansion of the "Tsuki Ichi Campaign" to all age groups, achieving both higher customer spend and increased visitor numbers. Visitor numbers have remained above the year-earlier level even after the price revision, confirming the effectiveness of these measures.
The company is advancing development of an app with membership registration, store search, and cut chart (customer history) functions, aiming to improve customer convenience and store operation efficiency. Through the promotion of human capital and DX investment under the medium-term management plan "NEXUS," the company aims to expand total seating capacity in operation and improve productivity.
The company is advancing new entry into Malaysia and Vietnam, currently in a cost-front-loaded phase. While store expansion in Taiwan is contributing to revenue, initial investment in newly entered regions is weighing on Overseas Business segment profit (cumulative nine months of FY2026 (ending March 2026): ¥64 million, down 28.0% year on year). Future monetization will be key to overall profit improvement.
Last updated: July 17, 2026