YAMANO HOLDINGS CORPORATION
7571・Standard Market・Retail Trade
Business
Yamano Holdings Co., Ltd. is a Tokyo Stock Exchange Standard-listed holding company with a history dating back to its founding in 1909. It has built a stable revenue base through its "Core Value Segment," comprising Beauty Salon Operations and Nail Salon Operations (Beauty Business), a nationwide chain of specialty Kimono and jewelry stores (Kimono & Jewelry Business), and door-to-door and event-based sales (Life Plus Business). Meanwhile, it positions its tutoring school operations (Education Business), used clothing purchase and sales (Reuse Business), and photo studio operations (Photo Business) as growth areas under the "New Value Segment," continuously expanding its business domains through business succession-type M&A. Including 10 subsidiaries, the group as a whole forms a lifestyle-related services conglomerate with net sales of ¥14,724 million.
Business Model
The Core Value segment (net sales of ¥12,479 million) generates stable cash flow through the Kimono & Jewelry, Beauty, and Life Plus businesses, underpinning growth investment in the New Value segment (net sales of ¥2,244 million). The company executes friendly succession-type M&A targeting companies facing challenges such as a shortage of successors, and adopts a reproducible growth model that leverages the group's PMI support framework (management administration, finance, human resources, and sales operations) to drive earnings contribution.
Company Strengths
Since 2020, the company has executed multiple business-succession M&A deals, including Man-to-Man Academy, Tokyo Guidance, OLD FLIP, Toh Gakusha, Yakushi Studio, New York Joe Exchange, and Arknet. It has established a post-acquisition PMI framework (covering management administration, finance, human resources, and sales support), and for Yakushi Studio and New York Joe Exchange it has disclosed that integration is progressing "generally as planned," demonstrating a reproducible integration process.
As a result of structural reforms including the closure of unprofitable stores, reallocation of sales resources, price revisions, and the introduction of a new sales management system, Core Value segment profit in FY2026 (ending March 2026) reached ¥450 million (up 170.9% year on year). The company has a track record of simultaneous profitability improvement across multiple businesses, including a significant profit improvement in the Beauty Business and a return to profitability in the Life Plus Business.
Through more than 100 years of business operations since its founding in 1909, the company has built up a customer network, and it owns a nationwide chain of specialty kimono stores (including Suzunoki Co., Ltd.), a specialty jewelry store chain, beauty salons, and a door-to-door sales network. It also has mechanisms for maintaining long-term relationships with existing customers through kimono dressing school operations and exhibition sales events, which underpin the stable earnings base of the Core Value segment.
ENVALITH's Perspective
Performance Trend
Revenue trended on a moderate growth path, rising from ¥13,176 million in FY2022 to ¥14,724 million in FY2026. Operating profit declined to ¥101 million in FY2024, but then recovered sharply—driven by structural reform effects and M&A contributions—to ¥256 million in FY2025 and ¥412 million in FY2026, reaching the highest level in the five-year period. Net income attributable to owners of parent also stood at ¥207 million, exceeding the ¥174 million recorded in FY2023. However, the company forecasts operating profit will decline to ¥312 million in FY2027 (ending March 2027) due to the drop-off of one-time gains and an increase in goodwill amortization expenses. As for the external environment, expanding inbound demand and improving employment income are supporting consumption, while rising prices and geopolitical risk continue to leave the outlook uncertain.
Growth Strategy
Balancing expansion of Education, Reuse, and Photo Businesses through succession-type M&A with stabilization of Core Value segment earnings
The Group expanded its education infrastructure in the Tokyo metropolitan area through the acquisition of Arc Net Co., Ltd. (7 classrooms in Tokyo). Full-year contribution is expected from FY2027 (ending March 2027), and the Group aims to improve overall profitability in the Education Business through classroom operation know-how sharing and dominant-area expansion.
Yakushi Studio (Photo) and New York Joe Exchange (Reuse) made partial contributions in FY2026 (ending March 2026). In FY2027 (ending March 2027), in addition to full-year contributions from both companies, the Group aims to expand revenue contribution through diversification of sales channels via EC expansion, BtoB sales channel development, and SNS utilization.
In the Kimono & Jewelry Business, the Group is working to establish a stable profit base and enhance cash flow generation through the entrenchment of a new sales management system and strengthened gross margin management. In the Beauty Business, this is being pursued through price revisions, an increase in franchise stores, and strengthened procurement control, while in the Life Plus Business, it is being pursued through continued sales channel expansion measures following the recovery to profitability.
The Group carefully selects deals, primarily in the New Value segment, comprehensively assessing compatibility with existing businesses, profitability, and stability. By improving the precision of deal selection and the effectiveness of PMI (Post-Merger Integration), the Group aims to raise the probability of success and strengthen its overall business portfolio.
Last updated: July 19, 2026