JAPAN CRAFT HOLDINGS CO., LTD.
7135・Standard Market・Retail Trade
Business
Japan Craft Holdings is a holding company established in January 2022 by Toka Corporation through a sole-share transfer. It has three subsidiaries: Toka Corporation (Retail Business), which operates the craft specialty store chain "Craft Heart Tokai (physical stores)" with 214 stores nationwide; Nihon Vogue-sha (marking its 70th anniversary), which handles craft-related book publishing; and Vogue Gakuen (craft school), which runs classes under the Publishing & Education Business. The group holds an integrated value chain related to handmade goods, spanning store and EC sales of craft supplies and daily sundries, book publishing, and culture school operations. Its main customers are primarily craft enthusiasts, and in recent years the knitting boom among younger generations has helped bring in new customer segments. The company is listed on both the Tokyo and Nagoya stock exchanges (currently the Standard Market).
Business Model
In the Retail Business, the company operates 214 stores across two formats—directly-operated stores and the owner system (sales consignment)—achieving a low-risk expansion model in which the Group retains ownership of merchandise while paying consignment sales fees to store operators. The company also utilizes EC mall sites in parallel, with the Retail Business accounting for approximately 78% of net sales of ¥14,046 million. In the Publishing & Education Business, the company combines book sales, the EC site "Tezukuri Town," culture schools, and online classes to cultivate the craft-enthusiast population and enhance customer loyalty. The BtoB Business (wholesale of merchandise to home centers and bookstores) is also being developed as a new pillar of earnings.
Company Strengths
"Craft Heart Tokai," operated by Fujikyu, operates 214 stores nationwide (as of end-June 2025). Of these, 78 stores utilize an owner system (sales agency arrangement), a unique model in which the group retains ownership of merchandise while owners bear part of the store operating costs, enhancing the efficiency of chain expansion.
Nihon Vogue-sha, a long-established craft publisher, marked its 70th anniversary in May 2024. Leveraging its long-accumulated assets of books and instructional texts, the company can develop diverse content offerings, including the EC site "Tezukuri Town," the yarn market event "Itoma!" (which recorded its highest-ever attendance), and the "Craft Certification" scheduled for January 2026.
After recording cumulative operating losses of approximately ¥5,854 million from FY2022 to FY2024, the company achieved operating profit of ¥66 million in FY2025 through the closure of unprofitable stores and reductions in SG&A expenses (down approximately ¥1,900 million year on year). The Retail Business alone posted operating profit of ¥319 million, confirming an improvement in the earnings structure in numerical terms.
ENVALITH's Perspective
Performance Trend
Net sales continued to contract, from ¥15,712 million in FY2022 to ¥16,994 million in FY2023, ¥15,394 million in FY2024, and ¥14,046 million in FY2025, but for the cumulative nine months of Q3 FY2026 (ending June 2026), net sales were ¥10,548 million (down 0.4% year-on-year), remaining roughly flat. The full-year forecast of ¥14,598 million (up 3.9% year-on-year) remains unchanged. Operating profit continued to improve, rising from ¥66 million in FY2025 to ¥120 million (up 8.8% year-on-year) in the cumulative nine months of Q3. On the other hand, non-operating expenses increased by ¥55 million year-on-year due to the new recognition of syndicated loan fees, among other factors, causing ordinary income to deteriorate sharply from ¥65 million to ¥25 million. The recognition of extraordinary income (gain on sale of investment securities of ¥217 million) secured quarterly net income of ¥191 million. The equity ratio improved slightly to 32.1% (from 31.8% at the end of the previous fiscal year).
Growth Strategy
With three pillars—expanding the craft market base, improving profitability, and deepening group synergies—the company aims to achieve net sales of ¥16,640 million and operating profit of ¥1,120 million in FY2028 (ending June 2028)
Leveraging the knitting boom centered on younger generations, the company aims to capture light users through the pop-up shop "Tabisuru Keito-ten" and the rollout of beginner-oriented books. Retail Business net sales increased 1.2% year-on-year for the same quarter, showing results.
The company is promoting structural reform of unprofitable businesses within the Publishing & Education Business, and operating profit for the Publishing & Education Business improved significantly, up 506.3% year-on-year for the same quarter to ¥10 million. Vogue Gakuen (culture school) was transferred to Halmek in May 2026 for ¥150 million, concentrating management resources on the publishing business.
The company is promoting the centralization of procurement and marketing functions across group companies to improve cost efficiency. Selling, general and administrative expenses were reduced by ¥161 million year-on-year for the same quarter, with the effects of functional integration beginning to show in the figures.
A paid membership system was launched in December 2025, aiming to enhance customer loyalty and promote continued usage. The company seeks to build a stable revenue base for the EC business and diversify revenue away from reliance on physical stores.
Capturing the "sticker exchange" trend among elementary school students, sales of stickers to bookstores and general merchandise stores have been performing well. The company aims to cultivate the BtoB Business as a new revenue pillar for the Retail Business, reducing reliance on consumer sales.
Last updated: July 17, 2026