TSUTSUMI JEWELRY CO.,LTD
7937・Standard Market・Other Products
Business
TSUTSUMI JEWELRY CO.,LTD was founded in 1973 in Warabi City, Saitama Prefecture, as a specialized jewelry manufacturer. For jewelry products including Necklaces & Bracelets, Rings, and Accessories, the company operates a vertically integrated business spanning raw material procurement, product planning and development, manufacturing, retail sales through directly-operated stores, and wholesale distribution. As of the end of FY2026 (ending March 2026), the company operates 145 stores nationwide (centered on 88 stores in the Kanto region, with expansion into the Tohoku, Chubu, Kinki, Kyushu, and other regions), with its main customer base consisting of domestic general consumers and inbound foreign visitors to Japan. Its non-consolidated subsidiary, Oita Tsutsumi Precious Metals Co., Ltd., handles outsourced processing for the manufacturing division, supplementing the company's production capacity. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
By handling everything in-house from raw material procurement to product planning, development, manufacturing, and sales, the company eliminates intermediary margins and enhances profitability through a vertically integrated business model. In FY2026 (ending March 2026), the cost of sales ratio was approximately 56.6% (cost of sales of ¥19,930 million against net sales of ¥35,225 million), with directly-operated store sales serving as the core revenue driver. Capital expenditures and working capital are funded entirely through internal resources, maintaining a debt-free management policy.
Company Strengths
By handling everything in-house from raw material procurement to manufacturing and direct-store sales, the operating margin for FY2026 (ending March 2026) reached 14.9% (operating profit of ¥5,243 million on net sales of ¥35,225 million). In addition, working capital and capital expenditures are funded entirely from internal resources, and net assets at the end of FY2026 (ending March 2026) stood at ¥70,104 million, reflecting an extremely sound financial base.
The company owns its own house brands such as "Pure Planets" and "Blessed Rain," and continuously launches new series in response to changing consumer needs. In research and development, the company is working on improving metallurgy and casting technology, advancing stone-setting techniques, and establishing rapid new-product manufacturing technology utilizing CAD/CAM, with R&D expenses of ¥46 million recorded for FY2026 (ending March 2026).
As of the end of FY2026 (ending March 2026), the company operated a directly-managed sales network of 145 stores nationwide, centered on 88 stores in the Kanto region and spanning 7 regions across Japan. During the period, 16 stores were renovated, strengthening sales and customer-drawing capabilities. Of the ¥831 million in capital expenditures, ¥404 million was allocated to store interior costs, reflecting continuous investment in maintaining and improving store quality.
ENVALITH's Perspective
Performance Trend
Revenue expanded more than 2.1x over five periods, from ¥16,477 million in FY2022 (ended March 2022) to ¥35,225 million in FY2026 (ending March 2026). In particular, growth accelerated in FY2026, with revenue up 41.8% year on year. Operating profit grew approximately 4.9x over the same period, from ¥1,071 million to ¥5,243 million, and the operating profit margin improved substantially from 6.5% to 14.9%. External tailwinds included the boost to product unit prices from soaring bullion prices, expanding inbound demand, and improving employment and income conditions. The mainstay Necklaces & Bracelets category led growth, rising 59.7% year on year to ¥21,905 million. That said, the company forecasts a decline in both revenue and profit for FY2027 (ending March 2027), projecting revenue of ¥31,300 million (down 11.1% year on year) and operating profit of ¥4,000 million (down 23.7% year on year), so attention should be paid to the sustainability of this growth.
Growth Strategy
Pursuing sustainable growth through enhanced customer traffic and higher spend per customer via existing store renewals and new product development
In FY2026 (ending March 2026), a total of 16 stores underwent renewal, driving store revitalization and stronger customer traffic. This contributed to achieving a 41.8% year-on-year increase in net sales. The policy is to continue investing in store renovations in FY2027 (ending March 2026) to improve customer satisfaction and encourage store visits.
Even amid an environment of rising raw material prices, including surging bullion prices, the company planned and developed new products with an emphasis on quality, design, and concept, enriching its product lineup. This raised the average customer spend through increased added value and achieved differentiation from competitors, resulting in a 59.7% year-on-year increase in Necklaces & Bracelets.
As a management policy for FY2027 (ending March 2026), the company has stated its intention to further promote improvements in customer satisfaction and to devote full effort to creating stores that please more customers. Even amid forecasts of lower revenue and profit, the priority is to maintain and expand the customer base, aiming to strengthen the medium- to long-term profit base.
Last updated: July 19, 2026