Gyet Co., Ltd.
7603・Standard Market・Retail Trade
Business
Gyet Co., Ltd. (formerly Mac House) is a casual apparel retailer established in 1990 as a wholly owned subsidiary of Chiyoda Co., Ltd. Its core products are apparel for men, women, and kids, sold through a nationwide chain store network as well as an online store. As of the end of FY2025 (ending February 2025), the company operated 250 stores (down 28 stores year on year), spanning eight regions nationwide centered on Kanto, Kyushu, Chubu, and Kinki. In November 2024, G Future Fund No. 1 Investment Limited Partnership became the largest shareholder through a tender offer, and the company is now in a turnaround phase through a business alliance with GF Holdings Co., Ltd.
Business Model
A retail model in which merchandising planning and procurement are managed centrally at headquarters, with direct sales to consumers through nationwide chain stores and an e-commerce site. Gross profit margin remains high at 47.5% (FY2025, ending February 2025), but the company continues to face structural losses as selling, general and administrative expenses exceed sales. Differentiation through the development and growth of core items (private brand products) and fixed cost reduction through the closure of unprofitable stores form the main pillars of profitability improvement.
Company Strengths
Operates 250 stores across 8 regions nationwide, from Hokkaido to Kyushu (as of the end of FY2025, ending February 2025). Key locations include 47 stores in Kanto, 46 in Kyushu, 48 in Chubu, and 38 in Kinki. The company achieved store openings in all 47 prefectures nationwide in 1996, and its broad coverage provides brand recognition and purchasing scale advantages.
The gross profit margin for FY2025 (ending February 2025) was 47.5% (gross profit of ¥6,225 million). Although this declined by 0.9 percentage points year-on-year due to the impact of closing sales and discount sales, the company maintains a relatively high gross margin owing to its product mix centered on private brand products.
The kids' stretch pants series "Nobirumon" has achieved cumulative sales of 1.27 million units. The company has a track record of developing and nurturing private brand products that meet customer needs, including the cool-touch material "SA, RA, RI" series and the functional outerwear "Shut Outer".
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal periods declined for four consecutive periods, from ¥18,155 million in FY2022 to ¥11,590 million in FY2026. Operating profit worsened from ¥-1,078 million in FY2022 to ¥-2,383 million in FY2026, with the loss expanding, and net loss for FY2026 reached ¥-3,076 million. In the first quarter of FY2027 (ending February 2027) (the first year of consolidation), revenue was ¥4,023 million, operating loss was ¥483 million, and ordinary loss was ¥387 million. While the consolidation of Cohen expanded the scale of revenue, the underlying structure in which SG&A expenses exceed gross profit remains unchanged. On the external environment side, sluggish personal consumption and continued price increases persist, hindering a recovery in demand for casual apparel. The full-year forecast projects a return to profitability with revenue of ¥20,300 million, operating profit of ¥350 million, and net profit of ¥900 million; however, the first-quarter progress rate stood at only 19.8% of revenue, indicating a high degree of dependence on the second half of the year.
Growth Strategy
Diversifying through the consolidation of Coen, entry into the Buyback Business, AI utilization, and crypto asset management, aiming to transform the profitability structure
Consolidated Coen (74 stores), expanding the group's total store count to 243. Promoting enhanced merchandise offerings centered on women's apparel and sales of collaboration products. Cost efficiencies are expected through the sharing of purchasing and operational know-how.
Launched the Buyback Business against the backdrop of an expanding reuse market and growing interest in circular consumption. Aims to create new revenue opportunities and expand the business domain by leveraging existing merchandise knowledge, store operation know-how, and customer touchpoints.
Operating a mobile sales service that allows elderly individuals and users of welfare facilities who have difficulty visiting stores to select apparel and general merchandise on-site at their facilities. Creates revenue opportunities as a low-cost new sales channel by leveraging the existing store network.
Conducted AI reskilling training for all employees. Advancing operational efficiency, faster decision-making, and greater utilization of internal knowledge through the use of generative AI, leading to more sophisticated merchandising proposals and customer service. AI Operations Co., Ltd. was also consolidated.
Transitioning from simple holding of BTC to investment in a fund managed by a specialized operator employing a systematic investment strategy. Recorded a crypto asset valuation gain of ¥93 million in the first quarter. Aims to make effective use of held assets and expand revenue opportunities.
In the first quarter, Gyet Co., Ltd. (unconsolidated) closed 11 stores, reducing the total to 169 stores. Continuing to reduce fixed costs and eliminate low-profitability stores. Lease and guarantee deposits of ¥1,918 million and asset retirement obligations of ¥940 million (non-current) remain as financial challenges.
Exercise of the 12th series of stock acquisition rights (with exercise price adjustment provisions) is ongoing. During the first quarter, common stock and capital reserves each increased by ¥501 million. As a subsequent event, common stock and capital reserves are to each increase by a further ¥28 million by the end of June 2026. Maintaining cash flow remains the top priority.
Last updated: July 17, 2026