halmek holdings Co.,Ltd.
7119・Growth Market・Retail Trade
Business
Halmek Holdings Co., Ltd. operates under the management philosophy of "supporting women aged 50 and above in living better lives," and runs a platform business that addresses the diverse needs of senior women. In its core Halmek Business, the company provides an integrated offering built around Halmek (magazine), a monthly publication that ranks No.1 in total nationwide magazine circulation (according to the Japan Audit Bureau of Circulations), combined with Halmek Merchandise Sales (Mail Order/Stores) of original products and Community (Events, Courses, Travel) services. In the Kotose Business, the company operates a low-price-range mail-order catalog business using a door-to-door sales-style approach. The company's primary customers are women aged 50 and above, with Halmek Business customers averaging 73 years of age. Consolidated revenue for FY2026 (ending March 2026) was ¥33,812 million.
Business Model
The company acquires highly loyal readers through Halmek (magazine) (subscription-only, not sold in bookstores), and pursues cross-selling via catalog, EC, and store sales of original products (approximately 80% original ratio) linked to the magazine content. It further promotes fan conversion through community experiences such as courses, travel, and events, raising customer unit spend and retention rates. The three businesses—information content, merchandise sales, and community—form a circular structure that mutually handles customer acquisition, nurturing, and fan conversion, which serves as the earnings foundation.
Company Strengths
Halmek (magazine) has achieved the No.1 position in domestic magazine sales volume among all magazines for four consecutive years according to a survey by the Japan Audit Bureau of Circulations (ABC), with average readership of 440,000 in the second half of FY2026 (ending March 2026). Under a subscription-only model without bookstore sales, the magazine acquires only highly loyal readers who resonate with its content, forming a customer base with a high cross-sell rate into merchandise sales and community offerings.
The in-house think tank "Ikikata Jozu Kenkyujo" (Institute for Skillful Living) utilizes approximately 6,100 Harutomo (fan monitors) to conduct research across the entire PDCA cycle of planning, development, sales, evaluation, and improvement. Product development reflects an average of approximately 2,000 postcards per month, approximately 15,000 customer center comments per month, and 126 internet surveys per year, achieving an original product ratio of approximately 80% and strong sales performance in the mid-to-high price range.
The three businesses of magazine (information content), mail order (merchandise sales), and events/courses/travel (community) work in tandem to form a cycle of customer acquisition, nurturing, and fan conversion. In FY2026 (ending March 2026), new customer acquisition functioned through multiple channels, with 120,000 customers acquired via information content and 120,000 via merchandise sales, differentiating the company from mail-order-only operators. The number of Halmek Business customers grew at an average annual rate of +6% for four consecutive fiscal years, rising from 740,000 in FY2022 (ended March 2022) to 930,000 in FY2026 (ending March 2026).
ENVALITH's Perspective
Performance Trend
Revenue continued its growth trend from ¥28,738 million in FY2023 (ended March 2023) to ¥31,415 million in FY2024 (ended March 2024) to ¥33,930 million in FY2025 (ended March 2025), but turned to a slight decline in FY2026 (ending March 2026) at ¥33,812 million (down 0.3% year on year). The main cause was a ¥965 million revenue decline in the Kotose Business due to the impact of restrained advertising investment in the prior period. On the profit side, after operating profit fell to ¥857 million in FY2024 (ended March 2024), it recovered to ¥1,068 million in FY2025 (ended March 2025) and accelerated to ¥1,774 million in FY2026 (ending March 2026). Reductions in SG&A expenses through improved advertising efficiency and a substantial decrease in other expenses (from ¥288 million in the prior period to ¥37 million in the current period) drove the profit expansion. While cautious consumer spending due to price increases continues as an external factor, the specialized model targeting senior women has demonstrated relative resilience. The company has disclosed its forecast for FY2027 (ending March 2027) of revenue of ¥35,000 million and operating profit of ¥2,000 million.
Growth Strategy
Consolidation of profitability improvements and transition to a revenue growth phase from the second half, driving sustained increases in both revenue and profit
The improvement in advertising efficiency, which had deteriorated since autumn 2023, became apparent in FY2026 (ending March 2026), with SG&A expenses decreasing by ¥541 million year on year. In FY2027 (ending March 2026), the company will continue profitability improvement measures and aim for further improvement in operating margin.
Catalog mailing destinations, which had temporarily declined due to advertising investment restraint in the previous period, will be restored through the resumption of advertising investment from this period onward. The business achieved profitability (segment profit of ¥3 million) in FY2026 (ending March 2026) and is now at the stage of increasing customer numbers while maintaining profitability.
In FY2026 (ending March 2026), four new stores were opened: Fukuya Hiroshima Ekimae, Isetan Tachikawa, Yamakataya, and Entetsu Department Store. The company will continue to acquire new customers through the department store channel and expand the cross-sell base between the magazine and merchandise sales businesses.
In FY2027 (ending March 2026), the first half is positioned as a continuation of the profitability improvement phase, with the launch of new products developed during the structural reform beginning in the second half, transitioning to a revenue growth phase. The target is revenue of ¥35,000 million (up 3.5% year on year).
Original products based on customer insights—such as health support innerwear, relaxation innerwear, trial-size mini cosmetics products aimed at acquiring new cosmetics customers, and premium-priced coats—contributed to the growth of Halmek Merchandise Sales (Mail Order/Stores) revenue in FY2026 (ending March 2026). The company will continue to expand its product lineup.
Last updated: July 19, 2026