Decollte Holdings Corporation
7372・Growth Market・Services
Business
Decollte Holdings Co., Ltd. is a holding company operating the Studio Business, whose mainstay is photo wedding services (pre-wedding and separate photo shoots for wedding photography). It provides photo wedding services through 24 stores nationwide under six brands, including "Studio AQUA" in the greater Tokyo area and "Studio TVB" in the Kansai region, and also operates the Anniversary Photo Service (HAPISTA/Ashery), which handles children's and family photography, at 8 stores nationwide. Its main customers are couples preparing for marriage and families wishing to commemorate life events. In FY2025 (ended September 2025), revenue was ¥6,046 million, with the Studio Business accounting for 99.5% of the total. The fitness gym "40minutes (Personal Training Gym)" (Hyogo Prefecture) is a small, non-core segment.
Business Model
The company internally trains 172 full-time photographers and 189 makeup artists (361 in total), ensuring consistent shoot quality without relying on outsourcing. Customer acquisition is driven primarily by SEO and SNS marketing on the company's own website, supplemented by referral partnerships such as with the IBJ Group. Costume design is handled in-house and procured directly, allowing the company to manage both quality and cost internally. In FY2025 (ending September 2025), the number of photo shoots grew +5.0% and the average price per shoot rose +2.8%, driving both together to achieve revenue of ¥6,046 million. Adjusted operating profit is managed as the key KPI, and in FY2025 (ending September 2025) this stood at ¥928 million (+32.7% year on year).
Company Strengths
The company employs 172 photographers and 189 makeup artists as full-time employees, developing them through a proprietary grade-based training system. By eliminating reliance on outsourcing, the company minimizes individual variation in quality, ensuring reliable capture of demand during peak seasons and leveling utilization on weekdays. Headcount has continued to expand, from 280 in September 2021 to 361 in September 2025.
The company holds top SEO rankings by region for keyword searches such as "photo wedding" and "pre-wedding photos." It has internalized its production team to enable timely updates and SEO measures. According to a Zexy survey, customers' primary media for selection are SNS (54.6%) and other websites (28.5%), indicating that the company's own web customer acquisition capability functions as a key channel for acquiring new customers.
According to the Zexy Wedding Trend Survey, the rate of separate photo shoots among wedding ceremonies rose continuously from 56.7% in 2014 to 73.8% in 2024. While the number of marriages turned to a slight increase to 485 thousand couples in 2024, the photo wedding market continued to grow, reaching approximately ¥52.9 billion annually as of 2023 (company estimate), maintaining the market structure that supports the company's core business.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal years, revenue peaked at ¥5,322 million in FY2022, declined to a low of ¥5,590 million in FY2024, then turned upward to ¥6,046 million in FY2025, with the full-year forecast for FY2026 at ¥6,481 million (up 7.2% year on year). Operating profit plunged from ¥1,378 million in FY2022 to ¥220 million in FY2024, then recovered to ¥295 million in FY2025, with the full-year FY2026 forecast at ¥453 million, indicating a recovery trajectory. In the first half of FY2026 (ending September 2026) (October 2025 to March 2026), revenue reached ¥3,169 million (up 6.4% year on year) and operating profit reached ¥384 million (up 88.4% year on year), achieving a substantial increase in profit. In addition to improvements in both the number of photo shoots (+4.2%) and the average price per shoot (+3.9%), the absence of repair costs incurred in the same period of the previous year contributed to the profit expansion. Cash flow from operating activities secured income of ¥667 million. The equity attributable to owners of the parent ratio improved to 42.7% (from 40.4% at the end of the previous fiscal year).
Growth Strategy
Aiming to become a Life Photo Company through existing-store growth in Photo Wedding and strengthening of Anniversary Photo through M&A utilization
Continuing to strengthen customer acquisition through expanded referral partnerships and optimization of advertising expenses, while raising customer unit price through costume upgrades and album sales promotion. In the first half of FY2026 (ending March 2026), shoot volume increased 4.2% and shoot unit price increased 3.9%, confirming the effectiveness of these measures.
Brought Emu, which has strong brand power in Hyogo Prefecture and strong customer acquisition capability in the children's photo segment, into the group (acquisition cost ¥1,000 million). Plans to deploy Emu's know-how to HAPISTA and Ashery to improve existing-store sales, while promoting operational efficiency across the group through Emu Lab's retouching and design functions.
Under the policy of strengthening store expansion in the Tokyo metropolitan area, which has a strong customer base, studio Ashery TOKYO opened in January 2026. Will continue to expand its business foundation through a combination of new store openings and M&A, aiming to improve profitability through economies of scale.
By deploying multiple brands at existing stores, such as introducing the studio Ashery brand at the "HAPISTA Hankyu Nishinomiya Gardens" store, the company aims to capture diverse customer needs and improve existing-store sales. Revenue from the Anniversary Photo Service (HAPISTA/Ashery) grew to ¥196 million (up 15.3% year on year) in the first half of FY2026 (ending March 2026).
Last updated: July 17, 2026