SHOBIDO Corporation
7819・Standard Market・Other Products
Business
SHOBIDO Corporation is a fabless manufacturer founded in 1948, originating as a cosmetic sundries wholesaler in Osaka. It currently handles a broad range of products including cosmetics, cosmetic sundries, fashion accessories, character goods, and Contact Lens Related items, selling to retailers, wholesalers, and general consumers. The company has an integrated system covering everything from marketing to planning, design, development, and sales, and handles a wide variety of transaction formats including its own planned products (NB), custom-order products, and OEM products. Its major customers are large retailers such as Seria Co., Ltd. (13.5% of sales) and Don Quijote Co., Ltd. (11.6% of sales), and it offers products targeted primarily at young female consumers. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
In in-house planned products (NB), the company plans and develops high-value-added products leveraging popular character IP licenses such as Disney and Sanrio, as well as collaborations with food brands, and sells them through EC and mass retailers. In the PB/OEM business, dedicated teams are assigned to major retailers, securing stable earnings through made-to-order production and bulk purchase arrangements. The fabless structure suppresses inventory risk while the expansion of EC sales (approximately 40% growth) increases the proportion of high-margin channels. Gross profit margin for FY2025 (ending September 2025) reached 31.9% (+5.6 percentage points year-on-year).
Company Strengths
From FY2021 to FY2025, revenue expanded from ¥14,215 million to ¥22,122 million, and operating profit expanded from ¥355 million to ¥1,469 million. In FY2025 (ending September 2025), operating profit increased 45.5% year-on-year, and the operating margin reached 6.6% (up from 4.8% in the prior period), marking the highest profit in 14 years.
The company has an in-house structure that enables it to complete everything from marketing to planning, design, development, and sales independently, continuously creating collaboration products with popular character IP such as Disney, Sanrio, and Chiikawa, as well as major food companies. The NB business has expanded to a scale of ¥72,000 million, generating hit products such as heat curlers and the Sokkan series.
Due to strong performance of in-house planned products, increased unit selling prices, and expansion of high-margin EC sales, the gross profit margin in FY2025 (ending September 2025) improved significantly to 31.9% (up 5.6 points year-on-year). The EC business achieved a growth rate of approximately 40%, and by transferring the EC team to the Product Planning Department, the company has built a structure for rapid response to consumer needs.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive periods, from ¥14,215 million in FY2021 to ¥22,122 million in FY2025. In the first half of FY2026 (ending September 2026) (October 2025–March 2026), revenue was ¥11,466 million (up 6.8% year on year), operating profit was ¥1,131 million (up 53.8%), ordinary profit was ¥1,088 million (up 56.9%), and profit attributable to owners of parent for the interim period was ¥647 million (up 40.9%), representing substantial profit growth at every stage. Gross profit margin improved to 34.3% (up 3.8 percentage points year on year). Despite external headwinds such as yen depreciation and rising raw material prices, an increase in the proportion of NB products and a shift toward higher value-added products drove up average selling prices, which absorbed these pressures. The full-year forecast has already been revised upward to revenue of ¥23,000 million (up 4.0% year on year) and operating profit of ¥1,800 million (up 22.5%).
Growth Strategy
Aiming for sustainable profit growth through four pillars: strengthening NB brands, expanding OEM/ODM capabilities, growing PB market share, and advancing DX initiatives
Focus on product categories synonymous with SHOBIDO—such as makeup tools, character cosmetics, and kids' cosmetics—to strengthen the overall product competitiveness of in-house planned merchandise. A gross profit margin of 34.3% (up 3.8 points year on year) was achieved in the interim period, confirming the numerical improvement in profitability.
In January 2026, the voting rights ratio was raised to 70% (additional acquisition consideration of ¥300 million). The aim is to strengthen cosmetics planning and procurement capabilities and to extend the know-how gained to other categories, with the cosmetics category's interim net sales up 14.5% year on year, making the contribution clearly visible.
Promoting cost reduction, quality improvement, and product category expansion by expanding new overseas partner production bases. Strengthening its position as a manufacturing partner that meets the needs of nationwide major key accounts, with makeup-related Cosmetic Sundries (NB/PB) items performing well in the interim period.
The company-wide cross-functional DX Promotion Office is leading the introduction of BI tools to analyze and visualize various internal data, including shipment data. This supports swift and accurate decision-making at both the management and sales frontline levels, continuously driving stronger product development capabilities and improved productivity.
Last updated: July 17, 2026