CUBE CO., LTD.
7112・Growth Market・Retail Trade
Business
CUBE Co., Ltd. is a single-segment company engaged in the planning and sale of golf-related apparel and accessories, centered on the golf casual wear brand "MARK&LONA," launched in 2008. Its primary customers are affluent (high-end) consumers, and under the mission "Freedom to Golf," it has brought innovative design to the conservative golf wear market. The company operates across multiple channels: Domestic Retail (MARK&LONA Directly-Managed Stores and department stores), Domestic EC, Overseas EC, Korea Wholesale (JC FAMILY CO., LTD.) (an exclusive contract with JC FAMILY CO., LTD.), China Wholesale (Joint Venture) (a joint venture established in 2025), and Overseas Wholesale (Taiwan, Italy, the United States, etc.). It listed on the Tokyo Stock Exchange Growth Market in October 2022. Net sales were ¥4,863 million (FY2025, ending December 2025).
Business Model
The company plans and designs products in-house and sells merchandise sourced from domestic and overseas production partners through multiple channels: Domestic Retail (directly-managed stores and consignment purchasing), Domestic EC, Overseas EC, and various wholesale channels (Korea, China, overseas, and domestic). The gross profit margin for FY2025 (ending December 2025) was 60.5%. The D2C ratio (Domestic Retail + Domestic EC + Overseas EC) reached 61.9%, pursuing a high-profitability structure that eliminates intermediate distribution. The company aims to maintain brand value by improving the proper (full-price) sell-through ratio based on supply-demand forecasting and by fostering a sense of scarcity.
Company Strengths
Gross profit margin for FY2025 (ending December 2025) improved to 60.5% (up from 57.7% in the previous period). As a result of setting and thoroughly pursuing a cost-of-sales ratio reduction target, cost of sales decreased 6.5% year on year to ¥1,922 million. Maintaining premium pricing as a luxury brand and improving the proper (full-price) sell-through ratio contributed to the improvement in gross margin.
Based on an exclusive sales and license agreement (through December 2027) with Korea's general distributor JC FAMILY CO., LTD., the brand is being rolled out at Shinsegae Department Store, Lotte Department Store, and other locations. Korea Wholesale (JC FAMILY CO., LTD.) sales for FY2025 (ending December 2025) were ¥1,323 million (27.2% of total sales). In addition, the China Wholesale (Joint Venture) IllumiVista Co., Limited was established in December 2024, and from FY2025 (ending December 2025) the company recorded ¥100 million in China Wholesale (Joint Venture) sales, marking a full-scale entry into this new market.
The D2C ratio (Domestic Retail (MARK&LONA Directly-Managed Stores) + Domestic EC / Overseas EC + Overseas EC) for FY2025 (ending December 2025) improved to 61.9% (up from 57.8% in the previous period). Domestic Retail (MARK&LONA Directly-Managed Stores) sales expanded to ¥2,086 million (up 18.3% from ¥1,762 million in the previous period). Customer touchpoints were strengthened through new store openings at Gotemba and Rinku Premium Outlets and the renewal of the Matsuzakaya Nagoya store. The company is also promoting loyal customer development through digital marketing utilizing virtual shops, its official app, and social media.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥5,560 million in FY2022 and has since remained flat in the ¥4,858–4,864 million range from FY2023 onward. Operating profit fell sharply for four consecutive periods, from ¥908 million in FY2022 to ¥59 million in FY2025. In Q1 (January–March) of FY2026 (ending December 2026), revenue was ¥1,111 million (down 2.2% year on year), and the company posted an operating loss of ¥43 million (versus operating profit of ¥0 million in the same period of the previous year), falling into the red. Gross margin improved to 62.0% (versus 59.9% in the same period of the previous year), but an increase in SG&A expenses (up 7.8% year on year) associated with hiring, new store openings, and the overhaul of core systems weighed on earnings. As an external factor, sustained high raw material and energy prices along with yen depreciation are affecting the cost structure of the apparel industry as a whole. The full-year earnings forecast (revenue of ¥4,965 million, operating profit of ¥115 million) remains unchanged.
Growth Strategy
Aiming to return to a growth trajectory through a three-pronged approach: global expansion, deepening D2C, and reform of the profit structure
The company continues to open new stores, including at Fukaya Hanazono Premium Outlets, expanding Domestic Retail sales. Domestic Retail sales in 1Q of FY2026 (ending December 2026) performed strongly at ¥494 million (up 16.7% year on year), with the sales composition ratio rising from 37.3% to 44.5%.
China Wholesale, which had no results in the same period of the previous year, recorded ¥55 million in 1Q of FY2026 (ending December 2026), becoming operational as a new revenue source. This is positioned as part of a strategy to reduce dependence on Korea Wholesale and diversify overseas sales geographically.
Through the setting of cost targets and thorough purchasing management, the cost of sales ratio in 1Q of FY2026 (ending December 2026) was reduced to 38.0% (40.1% in the same period of the previous year). A gross profit margin of 62.0% has been secured, and improvement in profitability at the gross profit stage is steadily progressing.
Development investment associated with the replacement of the core system is progressing, with software in the course of construction at the end of 1Q of FY2026 (ending December 2026) increasing to ¥70 million (¥38 million at the end of the previous fiscal year). The company is advancing infrastructure development to support the integration of offline and online sales channels.
Last updated: July 17, 2026