TSUKAMOTO CORPORATION CO., LTD.
8025・Standard Market・Wholesale Trade
Business
Tsukamoto Corporation is a diversified business group originating from a long-established textile trading company founded in 1812 and incorporated in 1920. The Group comprises the Company and two consolidated subsidiaries (Tsukamoto Ichida Co., Ltd. and Tsukamoto Wellness Co., Ltd.), and operates five businesses: processing and sales of Wasou (Japanese Clothing)-related products (Wasou (Japanese Clothing) Business), planning and sales of uniforms and apparel (Yousou (Western Clothing) Business), planning and sales of home furnishing products (Home Furnishing Business), planning and sales of living-related equipment in the health and environment fields (Health & Living Business), and leasing of self-owned real estate (Real Estate Leasing Business). Its main customers include corporate uniform purchasers, Wasou (Japanese Clothing)-related retail and processing customers, and corporations for health equipment and sauna facilities. The company moved to the Standard Market in 2022.
Business Model
In the core Yousou (Western Clothing) Business (net sales of ¥5,139 million), the company handles planning, procurement, and sales on an integrated basis, centered on corporate orders for uniforms. The Real Estate Leasing Business (net sales of ¥991 million, segment profit of ¥601 million) achieves a high profit margin through a low-cost structure utilizing company-owned land and buildings (land book value of ¥10,562 million), serving as a stable cash flow source that offsets losses in other businesses. In the Health & Living Business, the company offers sauna equipment sales and installation services, aiming to shift toward stock-type (recurring) revenue.
Company Strengths
The Real Estate Leasing Business, which utilizes company-owned land (book value ¥10,562 million), recorded net sales of ¥991 million and segment profit of ¥601 million (margin of approximately 60.6%) in FY2026 (ending March 2026). With no major fluctuation in tenant occupancy, the business offers high predictability and functions as a core profit pillar for the group as a whole, offsetting losses in other segments.
The Uniform division of the Yousou (Western Clothing) Business achieved net sales of ¥4,615 million in FY2026 (ending March 2026), up 10.0% year on year, driven by growth in new project orders and increased orders for continuing projects. Through rigorous cost control, segment profit rose sharply to ¥194 million, up 185.1% year on year, demonstrating both an expanding corporate client base and proven cost management capability.
Founded in 1812 and incorporated in 1920, the company has a track record of business continuity spanning more than 200 years, and operates five segments: Wasou (Japanese Clothing), Yousou (Western Clothing), Home Furnishing, Health & Living, and Real Estate Leasing. It maintains a diversified business foundation that combines its procurement and sales network as a textile trading company with its own real estate assets (total assets of ¥31,385 million).
ENVALITH's Perspective
Performance Trend
Revenue contracted for four consecutive fiscal years, from ¥15,659 million in FY2022 (ended March 2022) to ¥9,681 million in FY2025 (ended March 2025), but in FY2026 (ending March 2026) it turned to growth for the first time, reaching ¥10,106 million (up 4.4% year on year). This was driven by expanded orders in the Uniform Business and sauna equipment orders in the Health & Living Business. Operating profit/loss turned from two consecutive fiscal years of losses (a loss of ¥332 million in FY2025 (ended March 2025)) to a profit of ¥17 million. However, external conditions such as rising procurement costs due to exchange rate fluctuations and price increases continue, and for FY2027 (ending March 2027), the company forecasts revenue of ¥10,000 million (down 1.1% year on year) and operating profit of ¥70 million, representing only a modest improvement. A structural recovery in profitability will require fundamental improvement in the three loss-making segments.
Growth Strategy
Toward the 220th anniversary of founding: three-year reform focused on selection and concentration, value-added enhancement, EC strengthening, and AI utilization
Businesses are classified into four areas—Growth (Tsukamoto Wellness within Health & Living, and Home Furnishing), Stability (Uniform, Real Estate Leasing), Improvement (Wasou [Japanese Clothing], Apparel), and Turnaround (the Aim business within Health & Living)—driving structural reform of unprofitable businesses and shifting resources toward growth areas. In FY2026 (ending March 2026), results of loss reduction are beginning to appear, including withdrawal from unprofitable event sales in the Wasou (Japanese Clothing) Business.
Through expansion of new order acquisition and deeper engagement with ongoing projects, segment profit of ¥194 million (up 185.1% year on year) was achieved in FY2026 (ending March 2026). The company will continue thorough cost management and value enhancement through high-functionality and environmentally responsive products, with this business serving as a stable area for sustained cash generation.
In the Home Furnishing Business and the Health & Living Business, the company aims to strengthen EC channels and shift toward stock-type business models such as subscriptions, building a stable earnings model that moves away from dependence on one-off orders. As of FY2026 (ending March 2026), both businesses remain in the red, and concrete results are yet to come.
To address the internal challenge of overreliance on individual expertise, the company is working to enhance decision-making through AI and data utilization. Improving inventory management accuracy and capital efficiency are also key themes, and given the increase in inventories (up ¥285 million) in FY2026 (ending March 2026), early demonstration of effectiveness is required.
Last updated: July 19, 2026