LOOK HOLDINGS INCORPORATED
8029・Standard Market・Textiles & Apparels
Business
Look Holdings Incorporated traces its roots to a women's apparel manufacturer founded in 1962 and transitioned to a pure holding company structure in 2018; it is listed on the TSE Standard Market. The group comprises 11 domestic and overseas subsidiaries, and plans, manufactures, and sells women's apparel and leather products through directly-operated stores, department stores, and e-commerce, centered on European import brands such as Il Bisonte (Italy), Marimekko (Finland), and A.P.C. (France). The company operates a four-region structure spanning Japan, Korea, Europe, and the United States, with group net sales of ¥52,117 million (fiscal year ending December 2025). The Apparel-related Business accounts for the majority of sales, and the company has a vertically integrated business structure with in-house production and logistics functions.
Business Model
The company acquires exclusive distribution agreements and sub-license agreements for its core brands, selling through a combination of directly-operated stores, department stores, and e-commerce channels. Domestic subsidiary Look Mode Co., Ltd. handles production and OEM in-house, while El Logistics Co., Ltd. internalizes logistics and inspection, vertically integrating the supply chain. Korean subsidiary I.D.LOOK Co., Ltd. offers in-house planned products and imported brands through department stores and its proprietary e-commerce site, while European subsidiary Il Bisonte S.p.A. handles everything from leather product manufacturing at its own factory to wholesale and direct sales.
Company Strengths
Holds exclusive Japan distribution rights for European high-sensitivity brands such as Il Bisonte, Marimekko, and A.P.C. A.P.C. Japan Co., Ltd. has already concluded an exclusive contract with A.P.C. S.A.S. covering 2025 to 2029. Under the medium-term plan, the company is opening stores at a pace exceeding the plan of 25 stores in Japan and 15 stores overseas, steadily expanding its brand foundation.
As of the end of FY2025 (ending December 2025), the equity ratio was 63.2%, with net assets of ¥40,456 million. The period-end balance of cash and cash equivalents was ¥8,690 million, an increase of ¥5,460 million year on year. The company secured operating cash flow of ¥2,546 million and maintained financial soundness by paying dividends of ¥7,740 million while reducing borrowings on a net basis.
Look Mode Co., Ltd. handles production and OEM for domestic and overseas group companies, while L Logistics Co., Ltd. has internalized inspection and logistics operations. Sales to external customers in the Logistics Business are expanding, up 161.8% year on year. The company has improved profitability (operating profit up 140.4% year on year) while keeping capital expenditure limited to ¥7 million, demonstrating excellent fixed cost management.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥54,687 million in FY2022 and declined for three consecutive fiscal years to ¥52,117 million in FY2025. Operating profit also continued its downward trend, falling from ¥3,703 million in FY2022 to ¥1,759 million in FY2025. However, in Q1 of FY2026 (ending December 2026) (January–March 2026), performance improved significantly, with revenue of ¥13,566 million (up 7.1% year-on-year), operating profit of ¥1,112 million (up 122.0% year-on-year), ordinary profit of ¥1,160 million (up 96.9% year-on-year), and quarterly net income attributable to owners of the parent of ¥669 million (up 85.5% year-on-year). This was driven by a combination of factors, including the final sale effect and increased inbound tourism to Korea in the Korea segment, strong performance of core import brands in the Japan segment, and a turnaround to profitability in the Europe segment. On the other hand, the full-year revenue forecast stands at ¥46,000 million (down 11.7% from the previous fiscal year), as the impact of the termination of the SMCP contract is expected to materialize over the full year, meaning the sustainability of the earnings recovery depends on trends in the second half.
Growth Strategy
Expanding the revenue base through aggressive new store openings, new brand introductions, and overseas expansion based on the medium-term management plan (final year 2028)
Aggressively promoting new store openings for core brands such as Il Bisonte, Marimekko, and A.P.C. In the first quarter of FY2026 (ending December 2026), Il Bisonte's store opening policy contributed to sales expansion, and Marimekko's new store openings also contributed to steady growth in net sales.
With the aim of diversifying revenue sources in the Korea segment following the termination of the SMCP contract, sales of the French contemporary brand "SOEUR" began at I.D. Look Corporation in Korea from January 2026. The company aims to establish a new revenue source in the Korean market.
Continuing to implement initiatives aimed at enhancing brand value, including A.P.C.'s Japan-limited collaboration initiatives, Marimekko's Japan-limited products commemorating the brand's 75th anniversary, and Il Bisonte's new Valentine's Day product releases. These initiatives are contributing to boosting sales of core import brands.
Implemented sales promotion measures such as advance reservations on Marimekko's e-commerce site, contributing to steady growth in net sales. In Korea, the company is expanding E-commerce Sales through its proprietary e-commerce site, I.D.LOOK Mall (Proprietary E-commerce Site), aiming to strengthen customer touchpoints through the integration of online and offline channels.
At the Board of Directors meeting on May 13, 2026, a resolution was passed to relocate the head office (from Akasaka, Minato-ku to Harmony Tower, Nakano-ku) targeted for April 2027. Look Inc. and A.P.C.Japan Co., Ltd. are also planning to relocate to the same building, aiming to improve operational efficiency through the consolidation of group functions. Costs related to the relocation are currently being assessed.
Last updated: July 17, 2026