YONEX CO., LTD.
7906・Standard Market・Other Products
Business
YONEX Co., Ltd. is a sporting goods specialist founded in 1958, manufacturing and selling rackets, shoes, apparel, shuttlecocks, and other products for badminton, tennis, golf, and other sports. In addition to domestic factories (Niigata, Tokyo, Saitama), the company has overseas manufacturing bases in Taiwan, India, and Thailand, and has built a global structure with sales subsidiaries in China, Taiwan, North America, and Europe. Its main customers are competitive athletes and sports enthusiasts primarily in Asia, and it has established a world-leading brand position in Badminton Equipment. The Sporting Goods Business accounts for over 99% of net sales, and the company also operates a complementary Sports Facility Business (golf course and tennis club operations).
Business Model
The core model is a manufacture-and-sell approach, producing products at company-owned factories in Japan and overseas and selling them globally through consolidated subsidiaries and a network of distributors. In recent years, the company has strengthened its DTC (Direct to Consumer) strategy, expanding direct sales channels through EC sites, pop-up stores, and showrooms. It leverages the performance of sponsored athletes in international competitions for marketing purposes, creating a structure that links brand awareness with sales growth. The company also seeks to raise average spending per customer through its "Head to Toe" proposal, combining rackets, shoes, and apparel.
Company Strengths
Badminton Equipment sales in FY2026 (ending March 2026) reached ¥101,707 million (up 19.6% year on year), accounting for 62% of total company sales. Grassroots promotional activities in the Asia region (China and Taiwan) and the "Head to Toe" proposal proved successful, with Asia segment sales reaching ¥85,562 million (up 25.8% year on year). The company maintains a sustainable demand base linked to the expansion of the competitive population.
The company has maintained a domestic manufacturing system centered on the Niigata Plant and Tokyo Plant for over 60 years, underpinning the quality of "Made by Yonex" products. In July 2024, it opened the "Yonex Performance Innovation Center" R&D facility, investing ¥2,692 million in R&D expenses to continuously develop proprietary products such as synthetic material shuttlecocks and newly designed tennis rackets. The company has accumulated material and design technologies that are difficult for competitors to imitate in the short term.
By directly linking the performance of sponsored athletes in international tournaments to marketing, the company has achieved sales growth for Tennis Equipment in Europe and North America. Tennis Equipment sales in FY2026 (ending March 2026) reached ¥21,983 million (up 17.1% year on year), and Europe segment operating profit reached ¥506 million (up 6.2% year on year), achieving increased profit. The company has built up a track record of converting improved brand recognition into expanded sales.
ENVALITH's Perspective
Performance Trend
Consolidated net sales for FY2026 (ending March 2026) reached ¥163,643 million (up 18.3% year on year), operating profit was ¥16,546 million (up 16.7%), and profit attributable to owners of parent was ¥12,092 million (up 14.2%), with all metrics setting new record highs. The Asia segment led overall performance, with net sales of ¥85,562 million (up 25.8%) and operating profit of ¥11,864 million (up 22.2%). As external factors, rising raw material prices and foreign exchange losses (¥140 million) partially weighed on profit, but the effect of higher sales absorbed these pressures. The forecast for FY2027 (ending March 2027) calls for net sales of ¥178,000 million (up 8.8% year on year), indicating a deceleration in growth, with exchange rate assumptions (US dollar at ¥155, Chinese yuan at ¥22.5, euro at ¥180) set on the assumption of yen depreciation.
Growth Strategy
Pursuing sustainable growth through GGS (Global Growth Strategy) via strengthened DTC, marketing, and manufacturing capabilities
Continuing grassroots promotional activities and reinforcing the "Head to Toe" proposal centered on China and Taiwan. China sales in FY2026 (ending March 2026) reached ¥77,756 million, an increase of approximately 27% year on year. The company is also leveraging its adoption as the official ball for international tournaments to market Tennis Equipment, pursuing both expansion of the playing population and sales growth simultaneously.
Strengthening direct customer touchpoints through EC site and pop-up store development in the United States. In FY2026 (ending March 2026), the North America segment achieved sales growth to ¥7,358 million (up 15.8% year on year), but operating profit declined to ¥256 million (down 54.2% year on year) due to increased expenses associated with DTC investment. The segment remains in an investment phase, with profitability improvement as a future challenge.
Actively increasing capital investment in global manufacturing sites, including subsidiaries in India and Thailand. Acquisition of property, plant and equipment in FY2026 (ending March 2026) rose sharply to ¥9,383 million (from ¥5,801 million in the prior year), expanding total property, plant and equipment to ¥37,423 million (from ¥30,607 million in the prior year). The company is working to improve supply capacity to meet growing demand.
In addition to Badminton Equipment and Tennis Equipment, the company is expanding global sales of Other Products (Apparel, Bags, etc.), supporting overall business growth. Through enhanced comprehensive proposals under the "Head to Toe" concept, the company is driving increases in per-customer spending and diversification of product categories. In FY2026 (ending March 2026), sales of Other Products grew across all regions.
Last updated: July 19, 2026