ESTELLE HOLDINGS CO.,LTD.
7872・Standard Market・Other Products
Jewelry
Core segment accounting for approximately 83% of group sales. Jewelry business with an integrated system from manufacturing to sales.
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (full year, FY2025 ended March 2025) | ¥25,806 million | ¥26,554 million | ↓ |
| Operating profit (full year, FY2025 ended March 2025) | ¥297 million | ¥417 million | ↓ |
| Segment assets (as of end of FY2025, ended March 2025) | ¥27,391 million | ¥29,787 million | ↓ |
| Depreciation (full year, FY2025 ended March 2025) | ¥239 million | ¥282 million | ↓ |
| Capital expenditure (increase in tangible and intangible fixed assets, full year, FY2025 ended March 2025) | ¥341 million | ¥346 million | ↓ |
Business Details
This segment comprises the Company, As-me Estelle Co., Ltd., Estelle Vietnam CO., LTD., Saigon Pearl CO., LTD., Harry & CO., LTD., and Estelle Cambodia CO., LTD., which manufacture and sell rings, necklaces, bracelets, piercings, earrings, accessories, and other items. The segment's strengths lie in its integrated system from manufacturing to sales and its extensive sales network of 336 stores across all 46 prefectures nationwide (as of the end of FY2025, ending March 2025), through which it operates a diverse range of brands including ESTELLE, Milluflora, BLOOM, GOODNESS, ACCESSORIES BLOSSOM, and FOR TSUNAGU.
Recent Overview
Cumulative Q3 net sales increased 0.9% year on year, but the segment fell into an operating loss due to recruitment difficulties and staff shortages.
In the cumulative nine months of the third quarter of FY2026 (ending March 2026) (April to December 2025), net sales to external customers were ¥19,164 million (up 0.9% year on year). Meanwhile, segment profit/loss turned from a profit to a loss, recording a loss of ¥102 million (compared to a profit of ¥19 million in the same period of the previous year). This was due to delays in rebuilding the sales structure caused by recruitment difficulties and staff shortages, as well as the impact of the closure of 15 stores. In addition, an impairment loss of ¥185 million was recorded as an extraordinary loss in the Jewelry segment. For the full year (FY2025, ended March 2025), net sales were ¥25,806 million (down 2.8% year on year) and operating profit was ¥297 million (down 28.8% year on year).
Key Products
Growth Drivers
- Rollout of measures to strengthen communication with customers, such as the 70th anniversary commemorative campaign
- Quality control and cost competitiveness through an integrated system from manufacturing to sales
- Extensive store sales network spanning all 46 prefectures nationwide
- Production system utilizing overseas manufacturing bases in Vietnam and Cambodia
- Diversification of customer base through a varied brand lineup
Risks
- Delays in securing a sales structure and lost sales opportunities due to recruitment difficulties and staff shortages
- Continued frugal consumer spending due to rising prices and declining real wages
- Ongoing risk of recording impairment losses associated with store closures (¥195 million in FY2025 ended March 2025; cumulative ¥185 million through Q3 of FY2026 ending March 2026)
- Rising manufacturing costs due to yen depreciation and soaring raw material prices
- Rising labor costs due to minimum wage increases and other factors
Last updated: June 29, 2026