ENVALITH
エステールホールディングス株式会社 logo

ESTELLE HOLDINGS CO.,LTD.

7872・Standard Market・Other Products

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エステールホールディングス株式会社 logo
ESTELLE HOLDINGS CO.,LTD.7872

Business

Estelle Holdings Co., Ltd. is a holding company with three segments: Jewelry, Eyewear, and Food Sales & Restaurants. The core Jewelry business is operated by As-me Estelle Co., Ltd., which runs 316 stores across all 46 prefectures nationwide and accounts for approximately 81% of the group's sales. In the Eyewear business, Kimberley Co., Ltd. operates 70 domestic stores, while a subsidiary in Vietnam handles overseas wholesale. In the Food Sales & Restaurants business, the holding company directly operates 27 stores. The group has manufacturing bases in Vietnam and Cambodia, building an integrated system from manufacturing to sales in both the Jewelry and Eyewear businesses. Its main customers are domestic general consumers, and it caters to a wide range of customer segments through a diverse brand lineup.

Business Model

The company employs a vertically integrated model utilizing overseas manufacturing bases in Vietnam and Cambodia for both the Jewelry and Eyewear businesses, controlling manufacturing costs while managing quality control in-house. Sales are conducted through a nationwide network of directly-operated stores, with in-store customer service as the source of revenue through enhanced customer satisfaction. In the Eyewear segment, in addition to domestic retail, the company also engages in overseas wholesale, aiming to diversify its revenue sources.

Company Strengths

In the Jewelry business, the company maintains an extensive sales network of 316 stores across all 46 prefectures nationwide (as of the end of FY2026 (ending March 2026)). Despite closing 22 stores during FY2026 (ending March 2026), the company achieved net sales of ¥27,498 million (up 6.6% year on year), reflecting ongoing improvement in store efficiency.

In the Jewelry business, the company utilizes overseas manufacturing bases in Vietnam and Cambodia, while in the Eyewear business it utilizes Concept Eyewear Manufacture Vietnam Co., Ltd., building a system that manages everything from manufacturing through to sales in an integrated manner. Production results in the Eyewear segment reached ¥2,507 million in FY2026 (ending March 2026), up 207.1% year on year, achieved through expanded production capacity from the addition of a new factory.

In the Jewelry business, the company operates six brands—ESTELLE, Milluflora, BLOOM, GOODNESS, ACCESSORIES BLOSSOM, and FOR TSUNAGU—catering to a wide range of customers with differing price points and design preferences. Holding multiple brands is a structural strength that diversifies dependence on any particular customer segment.

ENVALITH's Perspective

In FY2026 (ending March 2026), net sales were ¥33,890 million (up 8.4% year on year), operating profit was ¥687 million (up ¥499 million year on year), and net income attributable to owners of parent was ¥46 million, achieving a turnaround to profitability after two consecutive years of losses. It is commendable that the company secured net profit despite recording an impairment loss of ¥437 million. Working capital improvements also progressed, including a decrease in inventories and an increase in trade payables, and operating cash flow (as restated) expanded significantly to ¥1,826 million from ¥118 million in the prior period.

The Food Sales & Restaurants segment recorded an operating loss of ¥318 million in FY2025 (ended March 2025), and structural challenges that hinder overall group profitability improvement persist. Although the company is advancing organizational restructuring and measures to strengthen product competitiveness, the outlook for a fundamental earnings recovery remains unclear. If the losses in this segment are resolved, there is room for further improvement in the group's overall profit level.

In the corrected financial results announcement dated June 8, 2026, an error due to misclassification between line items in the consolidated statement of cash flows was identified. Operating cash flow (pre-correction: ¥1,019 million → post-correction: ¥1,826 million) and investing cash flow (pre-correction: -¥378 million → post-correction: -¥1,184 million) were revised, but there was no change to the cash and cash equivalents balance at period-end of ¥5,111 million or to financing cash flow of -¥608 million, and there is no impact on profit/loss or financial position. Nevertheless, continued attention to the accuracy of the financial reporting process is warranted.

Growth Strategy

Concurrent advancement of talent development and customer engagement in Jewelry, expansion in Eyewear, and profitability improvement in Food Sales & Restaurants

Rolling out customer communication initiatives such as the 70th anniversary commemorative campaign to deepen relationships with existing customers. Personnel shortages have constrained growth in the core business, making it urgent to strengthen recruitment and training in order to enhance sales capability. The substantial increase in net sales in FY2026 (ending March 2026) reflects part of these results.

Expanded the domestic sales network with four new store openings during the fiscal year under review. Continued expansion of the overseas wholesale business through the Vietnamese subsidiary (Concept Eyewear Manufacture Vietnam). Operating profit of ¥205 million was recorded in FY2025 (ended March 2025), and the segment continues to grow as the Group's second-largest profit pillar.

Promoting the strengthening of the sales structure through original product development and an organizational restructuring implemented from the third quarter. In FY2025 (ended March 2025), an operating loss of ¥318 million was recorded, with chronic losses continuing, and a fundamental improvement has not yet been achieved. The focus going forward is on the emergence of results from measures to enhance product competitiveness.

Last updated: July 19, 2026