TOHO LAMAC CO., LTD.
7422・Standard Market・Wholesale Trade
Business
Toho Remac Co., Ltd. was established in 1958 as a company specializing in footwear wholesaling, and is listed on the Standard Market of the Tokyo Stock Exchange. In its Shoes Business, the company plans, wholesales, and sells via EC channels women's shoes, men's shoes, rubber shoes, sneakers, and other products, operating both original brands (MAGICAL STEPS, LEON, etc.) and licensed brands (a.v.v, la farfa, etc.). Its major customers are Chiyoda (24.9% of net sales) and Shimamura (23.5% of net sales), with the two companies together accounting for approximately 48% of net sales. The company established a Real Estate Department in December 2024, and from FY2025 (ending December 2025), it began operating the Real Estate Business (purchase, sale, holding, and leasing of properties) as an independent segment.
Business Model
In the Shoes Business, the company generates revenue by wholesaling its own planned products (original brands/ODM) manufactured overseas to mass retailers and specialty store chains. The structure relies on the top two clients (Chiyoda, Shimamura) for approximately 48% of sales. In the Real Estate Business, the company holds a real estate brokerage license and engages in property acquisition, leasing, and resale. In FY2025 (ending December 2025), the Real Estate Business posted sales of ¥94 million and operating profit of ¥12 million, securing profitability despite its small scale.
Company Strengths
The company maintains long-term trading relationships with Chiyoda (24.9% of net sales, ¥1,130 million) and Shimamura (23.5% of net sales, ¥1,068 million), with the two companies together accounting for approximately 48% of net sales. This secures a stable sales channel and forms the foundation of the wholesale business.
In FY2025 (ending December 2025), unit sales of Men's Shoes increased 17.3% year on year. Business shoe ODM products grew, and net sales reached ¥1,156 million (up 14.0% year on year), the only product category to achieve an increase in sales among all categories.
The equity ratio at the end of FY2025 (ending December 2025) stood at 67.4%, maintaining a level above the medium- to long-term target of 55.0%. Cash and cash equivalents totaled ¥1,775 million, reflecting relatively high financial soundness.
ENVALITH's Perspective
Performance Trend
Revenue declined for five consecutive fiscal years, from ¥6,339 million in FY2021 to ¥4,548 million in FY2025. In the cumulative first quarter of FY2026 (ending December 2026), revenue was ¥1,143 million (down 0.7% year on year), a marginal decline. The operating loss improved to ¥20 million from ¥30 million in the same period of the prior year, reflecting the effects of restructuring unprofitable businesses. However, the ordinary loss deteriorated sharply to ¥56 million (versus ¥18 million in the same period of the prior year) due to the recording of one-off expenses including a ¥19 million valuation loss on crypto assets and ¥14 million in special investigation costs, and the quarterly net loss also widened to ¥57 million (versus ¥19 million). As an external factor, continued yen depreciation pushed up procurement costs, and consumers' frugal spending mindset squeezed the gross profit margin (gross profit of ¥309 million, down 7.7% year on year). Achieving the full-year forecast (revenue of ¥5,104 million and operating profit of ¥88 million) will require a substantial recovery in performance in the second half.
Growth Strategy
Shift toward emphasis on product value, and diversification of the earnings structure through strengthening of PB brands and full-scale expansion of the real estate business
Through the restructuring of unprofitable businesses conducted in the previous fiscal year, SG&A expenses were reduced by ¥35 million year on year. In the first quarter of FY2026 (ending March 2026), the effect of this reduction continued, improving the operating loss by ¥10 million year on year.
PB brands such as B.C.COMPANY (Women's Shoes) and LEON/CORE CUSHION (Men's Shoes), as well as ODM products, have performed steadily. The company is working to reduce its dependence on licensed brands and has achieved increases in average selling prices (up 8.5% for Women's Shoes and up 5.6% for Men's Shoes), although a decline in unit sales volume remains a challenge.
Due to an increase in leased properties, net sales in the Real Estate Business expanded to ¥37 million (up 81.0% year on year). The company has been building up its balance of real estate for sale (¥827 million) and land (¥1,449 million), promoting monetization through both leasing and resale. However, in the first quarter, the segment posted an operating loss of ¥1 million, and its earnings contribution remained limited.
Amid expanding market demand for sneakers and hands-free shoes, an increase in sneaker orders drove the Rubber Shoes, Sneakers & Others category to ¥360 million, up 32.6% year on year. The company continues to expand its product lineup of trend items.
Last updated: July 17, 2026