Kurashicom Inc.
7110・Growth Market・Retail Trade
Business
Kurashicom Inc. operates under the mission "Let's build a life that fits" and runs a life culture platform business centered on Hokuou, Kurashi no Dougu-ten. Founded in 2007 as an EC site for Nordic vintage tableware, the company now generates revenue through two segments: the D2C Domain, which handles apparel, kitchenware, and interior goods, and the Brand Solution Domain, which provides branding support for national brands. Its consolidated subsidiary foufou operates a fashion D2C brand. The company's primary customers are consumers of all ages who wish to enrich their lives in their own way, and it positions itself as an ageless brand with no "graduation" point for customers. The company listed on the Tokyo Stock Exchange Growth Market in August 2022.
Business Model
Daily publication of diverse content—articles, videos, radio, and more—as a content publisher fosters user engagement, which converts into purchases through Owned channels such as SNS, the app, and email newsletters. In the D2C Domain, sales are conducted exclusively through the company's own EC site, achieving highly efficient operations with a full-price sell-through rate of approximately 98% and an inventory turnover of 7.9 times. In the Brand Solution Domain, the accumulated brand strength and planning/production capabilities are leveraged to offer content-based advertising menus, such as BRAND NOTE, to national brands. Advertising expenses are concentrated primarily on ads promoting app downloads, and short-term investment payback has been confirmed.
Company Strengths
The company has a revenue structure characterized by long-term growth, with the 3-year LTV from first purchase reaching approximately twice the 1-year LTV. Because content-driven retention encourages repeat purchases, the company can expand its customer base while restraining advertising and sales promotion expenses. Gross profit margin reached 44.9% in FY2025 (ended July 2025).
As of the end of July 2025, the number of engagement accounts stood at 9.96 million (up 26.8% year on year), cumulative membership at 780,000 (up 15.0% year on year), and annual purchasers at 240,000 (up 19.1% year on year). Cumulative app downloads reached approximately 4.97 million, with app-based orders accounting for approximately 73% of the total.
At the end of FY2025 (ended July 2025), the equity ratio stood at 84.4%, with cash and cash equivalents of ¥4,728 million. The company achieved an inventory turnover ratio of 7.9 times and a full-price sell-through rate of approximately 98%, maintaining a financial structure close to debt-free management. Capital expenditures were an extremely light ¥11 million, reflecting an asset-light management approach.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years has consistently grown at around 20%: ¥5,163 million in FY2022 → ¥6,061 million in FY2023 → ¥7,013 million in FY2024 → ¥8,491 million in FY2025. For FY2026 (ending July 2026), the full-year forecast is ¥10,200 million (+20.1% YoY), with cumulative Q3 progress at a solid 78.0%. On the profit side, operating profit growth in the prior period (FY2025) was limited to +0.6%, resulting in a decline in profit margin, but in the cumulative Q3 of the current period, the operating profit margin improved significantly to 16.8% (versus 13.4% in the same period of the prior year). This was mainly driven by SG&A efficiency gains from bringing advertising in-house. As for the external environment, the improving trend in real wages and the year-on-year increase in the "furniture and household goods" category are tailwinds, but real consumption expenditure for households of two or more persons continues to decline year-on-year, suggesting that the spread of consumption recovery will take time.
Growth Strategy
Aiming for consolidated net sales in the ¥10.0 billion range through marketing investment, in-house capability building, new category development, and foufou brand nurturing
Transitioning from reliance on external agencies to in-house creation and operation of advertising materials by internal staff. Savings from reduced agency fees are reallocated to advertising investment, aiming to improve precision through highly consistent brand-world advertising delivery. App download numbers have set quarterly all-time highs for two consecutive quarters, showing that the effect is materializing in the figures.
The cosmetics category accounts for approximately 5% of product sales at Hokuou, Kurashi no Dougu-ten, and continues to grow steadily, including through the addition of an original moisturizing cream to the skincare series. Collaborations with well-known brands (such as the ARABIA Pomona revival) also contribute to expanding the scale of existing categories and acquiring new customers.
The original drama "Hitorigoto Apron" has begun unlimited streaming on domestic platforms FOD, Prime Video, and U-NEXT, and has also started TV broadcast and digital distribution in South Korea. The company aims to leverage video streaming services as a new engagement channel to expand touchpoints with users and strengthen its customer base over the medium to long term.
The opening of the foufou Flagship Store (Sendagaya) in November 2025 brought the physical channel into full operation. The company has also strengthened its online presence through a proactive inventory preparation system based on demand forecasting and growth in Instagram followers. EBITDA turned profitable on a cumulative basis through Q3, but segment profit remains in the red, and continued profitability improvement toward contributing to group profit remains a challenge.
Last updated: July 17, 2026