BuySell Technologies Co.,Ltd.
7685・Growth Market・Wholesale Trade
Business
BuySell Technologies Co., Ltd. operates under the mission "To become a bridge that connects precious things beyond people and time," providing comprehensive reuse services centered on kimono, brand-name goods, antiques, and other items. In addition to its core On-Site Home Buying Service "BuySell," the company has "Kaitori Fukuchan (FUKU CHAN)" and "Nikkodo" under its umbrella, establishing one of the largest positions in Japan's domestic on-site home buying business. In its Store-Based Buying Business, the company operates 490 stores nationwide (as of the end of December 2025), selling purchased items through multiple channels including toB Sales Channels (Inter-Dealer Auctions, Used-Goods Markets) and toC Sales Channels (Proprietary EC, EC Malls, Department Store Events). The company serves both general consumers (sellers) and corporate and individual consumers (buyers), building a business model that contributes to the realization of a circular society.
Business Model
The source of revenue lies in the margin (gross profit) between the purchase price and the selling price. Inventory is sourced through two channels—on-site home buying and store-based buying—and sold through multiple channels including used-goods markets and inter-dealer auctions (toB) as well as the company's proprietary EC sites "BuySell Online" and "BUYSELL brandchée," EC malls, and department store events (toC). By selecting the optimal sales channel for each item, the structure is designed to maximize profitability, and the gross profit margin for FY2025 (ending December 2025) reached 52.9%.
Company Strengths
The company operates three brands, "BuySell," "Fukuchan (FUKU CHAN)," and "Nikkodo," and the number of on-site home visits in FY2025 (ending December 2025) reached 445,199 (up 64.3% year-on-year). Improved revisit rates driven by PMI initiatives and higher appointment rates from strengthening the inside sales department have contributed to variable profit per visit of ¥51,269 (up 8.3% year-on-year).
Since 2020, the company has continuously executed M&A involving Timeless, Fournine, Nissou, Musubi, and Rext Holdings. Through PMI centered on clearly defined target areas and data-driven management, it has built a system for leveraging the capabilities of acquired companies across the group. Revenue for FY2025 (ending December 2025) reached ¥100,614 million, expanding approximately fourfold over four years.
The company operates two buying channels—On-Site Home Buying and Store-Based Buying—alongside diverse sales channels, including toB Sales Channels (Inter-Dealer Auctions, Used-Goods Markets) and toC Sales Channels (two proprietary EC sites, EC malls, department store events, and overseas channels). In FY2025 (ending December 2025), gross profit reached ¥53,290 million (up 68.3% year-on-year), and the operating margin reached 9.0%, achieving both scale expansion and improved profitability simultaneously.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years has expanded consistently, from ¥24,789 million → ¥33,725 million → ¥42,575 million → ¥59,974 million → ¥100,615 million. In Q1 FY2026 (January–March), the company achieved substantial growth across all metrics: revenue of ¥32,057 million (up 37.0% year on year), operating profit before amortization of goodwill and other items of ¥5,472 million (up 97.3%), operating profit of ¥5,123 million (up 111.4%), and quarterly net profit attributable to owners of the parent of ¥3,339 million (up 167.0%). The main drivers were robust demand for buying and selling in both the on-site home-visit and store-based segments, the success of strategic unit-price improvement measures, and steady sales of carried-over inventory from the end of the previous fiscal year. As an external factor, expanding demand in the reuse market provided a tailwind. Based on the Q1 results, the company revised its full-year forecast upward (revenue of ¥140,000 million, up 39.1% year on year; operating profit of ¥15,600 million, up 72.5%), and also raised its forecast for the year-end dividend to ¥22.0 per share (post-split).
Growth Strategy
Growth acceleration across four axes: deepening the On-Site Home Buying Services, expanding to over 600 stores, M&A roll-up strategy, and maximizing group synergies
Continued improvement in gross profit per visit through enhanced repeat-visit initiatives that raise revisit rates and increased antique buying driven by group synergies. In 1Q FY2026 (ending March 2026), segment profit for the On-Site Home Buying Services segment reached ¥3,701 million (up 137.6% year on year), maintaining a high growth rate.
Gross profit per appraisal improved through store network expansion via new store openings (502 stores as of end of March 2026) and strengthened repeat-customer acquisition initiatives. The three brands—BuySell, Timeless, and WAKABA—secured diverse customer touchpoints, and segment profit for the Store-Based Buying Business grew 56.6% year on year.
DelightZ Co., Ltd. ('Kaitori Senmonten Yukichi'), based in the Kyushu area, became a subsidiary (87.5% stake) in March 2026 and a wholly owned subsidiary in April 2026 (total acquisition cost of ¥2,492 million, total goodwill of ¥2,382 million). Intra-group absorption-type mergers (Rexit HD, Musubi, etc.) have also been completed to improve management resource efficiency, driving synergy expansion through brand integration.
The paid stock options scheduled for issuance in June 2026 (to 4 directors and 26 employees, exercise price ¥3,325) set high performance targets as exercise conditions: operating profit exceeding ¥20.0 billion in FY2027 (ending December 2027) and exceeding ¥27.0 billion in FY2028–FY2029 (ending December 2028–2029). This strengthens incentives for management and employees to achieve performance targets.
Last updated: July 17, 2026