ENVALITH
株式会社ヨンドシーホールディング logo

YONDOSHI HOLDINGS INC.

8008・Prime Market・Retail Trade

Official website
株式会社ヨンドシーホールディング logo
YONDOSHI HOLDINGS INC.8008

Business

YONDOSHI HOLDINGS Inc. is a holding company group (8 subsidiaries) built on two core pillars: the Brand Business, centered on the Jewelry SPA operations of the "4°C" and "Canal 4°C" brands, and the Apparel Business, which handles apparel ODM and daily fashion retail. In December 2024, the company made RASIN Co., Ltd., a Luxury Brand Watch Resale (RASIN) operator, a subsidiary, newly entering the resale market targeting affluent consumers. Within the Apparel Business, Asty Co., Ltd., which has overseas production bases in China, Bangladesh, Vietnam, and elsewhere, and Age Co., Ltd., which operates the "Palette" chain mainly in western Japan, drive operations. Founded in 1950, the company is listed on the Prime Market of the Tokyo Stock Exchange. Its main customer base is broad, spanning female consumers and gift-demand shoppers for jewelry, affluent individuals for resale watches, and B2B clients such as major specialty stores and general merchandise stores (GMS) as well as general consumers for apparel.

Business Model

In the Brand Business, the company achieves high added value through an SPA (specialty store retailer of private label apparel) model that integrates planning, manufacturing, and sales of "4°C" jewelry. Age Co., Ltd., which became a subsidiary in December 2024, conducts purchasing and resale of luxury brand watches, capturing affluent-customer demand by leveraging its appraisal and maintenance capabilities. In the Apparel Business, the company aims to expand scale through OEM/ODM contract manufacturing leveraging overseas production bases, and through the retail chain expansion of the daily fashion brand "Palette." Centralized cash management (CMS) by the holding company supports financial efficiency.

Company Strengths

「4°C」「Canal 4°C」ブランドはジュエリー市場において高い認知度を誇り、企画・製造・販売の一貫したSPA体制により、デザイン・品質・接客・店舗空間・広告の統一感でブランド世界観を維持。Brand Businessは2025年2月期に3期連続増益を達成し、売上高21,676百万円を記録した。

Asty Group (OEM/ODM Apparel Manufacturer)は中国・バングラデシュ・ベトナム等の海外生産背景を強みに、大手アパレル・専門店・GMSを主要顧客とするOEM/ODM事業を展開。コスト優位性の高い素材・機能性素材・サステナブル素材の開発提案力により主力取引先との取り組みが拡大し、2025年2月期に売上高・利益ともに伸長した。

㈱羅針の子会社化に伴う借入増加後も自己資本比率は58.5%（2025年2月期末）を維持。子会社化前の2024年2月期末は76.2%と極めて高水準であり、CMSによる資金一元管理と営業キャッシュ・フロー（2025年2月期3,023百万円）の安定創出が財務健全性を支えている。

ENVALITH's Perspective

Operating profit of ¥1,283 million for the first quarter of FY2027 (ending February 2027) corresponds to approximately 29.8% of the full-year forecast of ¥4,300 million, representing a favorable progress rate even accounting for seasonality. Operating profit of ¥1,157 million (up 192.6% year on year) in the Brand Business is driving overall performance, with a notable synergy emerging between the growth in tax-exempt sales (an external factor driven by inbound demand) and the expansion of product lineup (an internal initiative) in the Luxury Brand Watch Resale (RASIN) business of Rashin Co., Ltd. The full-year earnings forecast has already been revised, making the evaluation of further upside potential the key focus going forward.

While the Apparel Business secured revenue growth of 5.1% year on year, operating profit declined to ¥354 million (down 16.3% year on year) due to an increase in selling, general and administrative expenses. This appears to be mainly attributable to upfront costs associated with new store openings by Age Co., Ltd., and the payback period for these store investment costs as well as the sustainability of existing-store growth will be key to improving profitability. Note that a reduction in retirement benefit expenses resulting from Asty Co., Ltd.'s transition to a defined contribution pension plan (effective June 1, 2026) is expected to make a positive contribution from the second quarter onward.

Quarterly comprehensive income for the first quarter of FY2027 (ending February 2027) turned negative at ¥-34 million (compared with ¥261 million in the same period of the previous year). Valuation difference on available-for-sale securities deteriorated significantly to ¥-806 million, and the balance of investment securities also declined from ¥22,612 million at the end of the previous fiscal year to ¥21,378 million. Fluctuations in the stock market environment have affected the valuation of held securities, and net assets decreased by ¥910 million, from ¥41,067 million at the end of the previous fiscal year to ¥40,157 million. This movement stands in contrast to the growth trend in quarterly net profit, and close attention should be paid to trends in the held securities portfolio going forward.

Growth Strategy

Aiming for a leap forward in the final year of the 7th Medium-Term Management Plan through enhanced brand value, expanded resale business, and continued store openings in apparel

Existing store sales expanded through deepening of MD reform aimed at broadening female customer support and promotion of channel strategy. In Q1 of FY2027 (ending February 2027), Brand Business sales showed remarkable results with a 43.1% year-on-year increase, confirming the effectiveness of these measures.

Both sales and profit continued to expand significantly through expanded product assortment and growth in tax-free sales. The company captured the external tailwind of inbound demand by strengthening its own product lineup, substantially boosting Brand Business profit in Q1 of FY2027 (ending February 2027).

Sales expanded through new store openings and growth at existing stores. However, due to upfront store opening costs, Apparel Business operating profit in Q1 of FY2027 (ending February 2027) declined 16.3% year on year. Recovering the investment in new store openings will be key to improving profitability going forward.

On June 1, 2026, a portion of the defined benefit corporate pension plan was transitioned to a corporate-type defined contribution pension plan. A reduction in retirement benefit expenses is scheduled to be processed in Q2 of FY2027 (ending February 2027), which is expected to contribute to improved profitability in the Apparel Business.

As the final year of the 7th Medium-Term Management Plan, the company is promoting sustainable management practices, strengthening internal control functions, returning profits to shareholders (forecast annual dividend of ¥85.00 for FY2027 (ending February 2027), an increase from ¥83.00 in the previous fiscal year), and executing investments that contribute to medium- to long-term profit growth.

Last updated: July 17, 2026