ONWARD HOLDINGS CO., LTD.
8016・Prime Market・Textiles & Apparels
Business
Onward Holdings Co., Ltd. is a major domestic apparel holding company founded in 1927 and established in 1947. The group consists of 57 companies in total—46 subsidiaries and 10 affiliates—with its core business in the planning, manufacturing, and sale of textile products such as men's and women's apparel. In its Domestic Business, in addition to apparel brands such as "23ku", "Jiyuku", and "KASHIYAMA", the company has diversified into wellness areas including cosmetics (Chacott), ballet and dance goods, pet-related products, and resort facility operations. In its Overseas Business, the company plans, manufactures, and sells apparel in Europe (JOSEPH), the United States (J.PRESS), and Asia (including its Dalian factory). The company is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
Group companies own a diverse range of brands and sell to consumers through multiple channels, including department stores, specialty stores, OMO-type stores, and e-commerce. The structure aims to strengthen customer touchpoints through the OMO service "Click & Try," expand the multi-brand store format "Onward Closet Select" to improve store operation efficiency, and optimize supply chain costs and improve profit margins through DX initiatives such as PLM.
Company Strengths
With 97 years of history since its founding in 1927, the company holds a diverse range of brands including '23区', '自由区', 'KASHIYAMA', 'アンフィーロ', and 'WEGO'. It has a solid Domestic foundation with Domestic Business sales of ¥217,876 million (approximately 92% of total group sales), covering a wide range of customer segments and price ranges.
The company has rolled out OMO-style stores incorporating the 'Click & Try' service nationwide, with usage continuing to expand. The expansion of the multi-brand complex store format 'Onward Closet Select' has improved store operating efficiency, contributing to a decline in the SG&A-to-sales ratio. Providing a customer experience that integrates digital and physical stores has become a differentiating factor.
Beyond apparel, the company operates in wellness domains including Chacott Cosmetics (driven by the new product 'Complexion Creator'), ballet and dance goods, pet-related products (Creative Yoko), and resort facility operations. By capturing growth areas outside of fashion, the company has achieved diversification of its revenue sources.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years trended as follows: ¥168,453 million (FY2022) → ¥176,072 million (FY2023) → ¥189,629 million (FY2024) → ¥208,393 million (FY2025) → ¥236,804 million (FY2026), marking five consecutive years of growth. Operating profit recovered from a loss of ¥1,079 million in FY2022, peaked at ¥11,260 million in FY2024, then temporarily declined to ¥10,153 million in FY2025 due to inventory adjustments and wage increase impacts, before recovering to ¥11,604 million in FY2026. In Q1 of FY2027 (ending February 2027), revenue was ¥63,466 million (+5.5% year-on-year), operating profit was ¥5,647 million (+5.5% year-on-year), and net profit was ¥5,043 million (+18.1% year-on-year), with profit increasing at all levels. The recording of a ¥1,389 million gain on sale of investment securities as extraordinary income contributed to the substantial increase in net profit. As external factors, while improvements in employment and income conditions are supporting Domestic consumption, uncertainty stemming from US trade policy and Middle East affairs continues. The full-year forecast remains unchanged, with revenue of ¥247,000 million (+4.3% year-on-year) and operating profit of ¥12,800 million (+10.3% year-on-year).
Growth Strategy
Under ONWARD VISION 2030, growth is being accelerated along three axes: OMO/DX, Wellness, and Overseas.
AMPHI, Kashiyama, Chacott Cosmetics, and WEGO have been positioned as strategic focus brands, with concentrated investment in digital marketing and promotional measures. In Q1 FY2027 (ending February 2027), each brand performed well, and it has been confirmed that this contributed to increased revenue and profit in the Domestic Business.
OMO-type stores that integrate online and offline channels are being rolled out nationwide to strengthen customer touchpoints and improve the purchasing experience. Combined with thorough efficiency improvements in store operations, this strategy aims to simultaneously reduce the SG&A ratio and improve profit margins; in Q1 FY2027 (ending February 2027), results have already appeared in the form of a lower SG&A ratio.
The company is pursuing accelerated growth through the creation of new businesses and the strengthening and expansion of its business foundation via M&A. In Q1 FY2027 (ending February 2027), it acquired all shares of Cosme De Beaute Co., Ltd., making it a consolidated subsidiary (goodwill of ¥2,848 million provisionally recorded). EBITDA is used as a key management indicator to enable company comparisons unaffected by differences in accounting standards.
The company is promoting e-commerce growth for JOSEPH in Europe, expansion of both stores and e-commerce for J.PRESS in the United States, and improved utilization rates at the Dalian factory in Asia. The segment loss for Q1 FY2027 (ending February 2027) was ¥-315 million, an improvement from ¥-353 million in the same period of the previous year. Efforts continue in line with the policy of strengthening the growth foundation of the Overseas Business under ONWARD VISION 2030.
Through diversified expansion into the wellness domain, including cosmetics, dance, pets, and resorts, the company is hedging against the risk of a maturing apparel market while cultivating new revenue sources. Chacott Cosmetics, as a strategic focus brand, is performing well, and the consolidation of Cosme De Beaute is also an initiative in line with this direction.
Last updated: July 17, 2026