KING Co., Ltd.
8118・Standard Market・Textiles & Apparels
Business
King Company Limited is a long-established fashion company founded in 1946, comprising the Company and three consolidated subsidiaries. In its core Apparel Business, the company plans, procures, and wholesales ladies' apparel and Fashion Goods specialized for the better-zone career and mature-women segment, and operates through diverse channels nationwide including specialty stores, shopping malls, and department stores. In the Textile Business, subsidiary Pawn Co., Ltd. serves as a planning-and-proposal-based converter handling the planning, procurement, and sale of fabrics, while the Real Estate Business operates leasing operations utilizing company-owned real estate in Tokyo, Kyoto, and Osaka. Consolidated net sales for FY2026 (ending March 2026) were ¥7,835 million.
Business Model
The Apparel Business generates net sales of ¥6,050 million through the planning, purchasing, and wholesale of high-quality, high-sensitivity products, but its profit margin is low. Meanwhile, the Real Estate Business achieves high profitability through the leasing of company-owned real estate—which entails zero acquisition cost—posting net sales of ¥1,015 million, operating income of ¥808 million, and an operating margin of 79.6%, thereby underpinning profits for the group as a whole. Working capital and capital expenditures are basically funded through internal funds, with the group making business investments while maintaining financial soundness.
Company Strengths
The company owns real estate at three locations—Tokyo, Kyoto, and Osaka—and in FY2026 (ending March 2026), the Real Estate Business achieved net sales of ¥1,015 million, operating income of ¥808 million, and an operating margin of 79.6%. With a cost structure involving zero procurement costs, it functions as a stable earnings source that absorbs fluctuations in the Apparel Business's profitability across the group as a whole.
Since entering the ladies' apparel business in 1968, the company has specialized in the better zone targeting career women and Misses, accumulating development capabilities for high-quality, high-sensitivity products and human networks within sales channels. In its securities report, the company explicitly identifies "brand strength," "product development capabilities," "production and supply systems backed by sewing technology," and "close personal relationships with sales channels" as sources of corporate value.
At the end of FY2026 (ending March 2026), total net assets stood at ¥23,122 million, with cash and cash equivalents of ¥9,827 million. The company maintains a financial policy of funding working capital and capital expenditures with internal funds rather than relying on interest-bearing debt, resulting in extremely low financial leverage, with total liabilities of ¥3,623 million against total assets of ¥26,746 million.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), net sales were ¥7,835 million (down 4.0% year on year), operating profit was ¥790 million (down 8.6%), and net income attributable to owners of parent was ¥625 million (down 14.8%), with declines across all key metrics. Net sales, which peaked at ¥8,548 million in FY2024 (ended March 2024), have decreased by ¥713 million over the two subsequent periods. In terms of the external environment, sluggish personal consumption due to continued price inflation and weak sales of seasonal merchandise driven by temperature fluctuations directly impacted the Apparel Business. On the other hand, the Real Estate Business remained solid, with net sales of ¥1,015 million (up 3.3% year on year) and operating profit of ¥808 million (up 5.5%). In non-operating income, dividends received increased from ¥65 million to ¥113 million, helping to support ordinary income. The company's forecast for FY2027 (ending March 2027) anticipates a recovery, with net sales of ¥8,000 million and operating profit of ¥900 million.
Growth Strategy
Rebranding and new brand rollout in the Apparel Business, and deepening asset utilization in the Real Estate Business
The Company is working on rebranding to rebuild brand value, strengthening product competitiveness, and reinforcing profitability through operational optimization. In FY2026 (ending March 2026), the Apparel Business fell into an operating loss of ¥41 million, making improvement of the profit structure the top priority.
The rollout of the new ladies' brand "Pierre Cardin" began in FY2026 (ending March 2026). While the aim is to acquire new customers and expand sales, overall Apparel Business revenue declined 5.0% year on year in FY2026 (ending March 2026), and continued monitoring is required to confirm the profit contribution.
The Company is promoting stronger customer communication and improved in-store operational capability through SNS, its website, LINE, and other channels. The policy is to continue new customer acquisition through digital marketing initiatives leveraging SNS and e-commerce toward FY2027 (ending March 2027).
The Company continues to improve profitability through thorough inventory control and strengthened full-price sales. In FY2026 (ending March 2026), inventory assets decreased from ¥1,227 million to ¥1,099 million, confirming a certain degree of effect from inventory reduction.
In addition to maintaining and improving occupancy rates of owned real estate in Tokyo, Kyoto, and Osaka, the Company is considering the acquisition and development of new properties. In FY2026 (ending March 2026), buildings and structures increased from ¥2,238 million to ¥2,408 million, indicating progress in maintenance and renewal investment of assets. The policy is also to promote planned maintenance and reduction of environmental impact.
Last updated: July 19, 2026