LAPINE CO.,LTD.
8143・Standard Market・Textiles & Apparels
Business
Lapine Co., Ltd. was founded in 1950 and established the "Lapine" brand in 1967. It is a listed apparel company specializing in women's clothing. The group consists of three companies: the Company itself (wholesale), its subsidiary Belle Lapica (retail, 28 stores), and Lapine Dream Farm (welfare and vegetable production). Its core business is the planning, manufacturing, and sale of women's apparel and accessories, conducting wholesale to department stores and specialty stores nationwide from its Tokyo and Osaka sales offices, as well as retail operations through 32 directly operated stores. Its main customer base is general consumers, centered on the "Misses" demographic. The company owns its own factory (Fuji Fashion Research Institute) in Fujiyoshida City, Yamanashi Prefecture, and conducts manufacturing using this facility in combination with cooperating factories both in Japan and overseas. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The Company plans and designs women's apparel and fashion accessories in-house, manufacturing them at Fuji Fukushoku Research Institute (a directly operated factory) and at cooperating factories in Japan and overseas. Sales are structured around two axes: Wholesale of Women's Apparel to Department Stores and Specialty Stores (net sales of ¥884 million) and directly operated store retail sales run by subsidiary Bell Rapica (net sales of ¥1,144 million). The Company also operates EC Site Sales (its own site, department store EC platforms, and major malls). The Welfare Business is small in scale, but its structure offsets losses through non-operating income such as operating revenue from employment support services and subsidies.
Company Strengths
The brand was established in 1967, listed on the Osaka Securities Exchange in 1983 and the Tokyo Stock Exchange in 1990. The company has brand recognition and a customer base cultivated over more than 50 years in the women's apparel market, and has built a nationwide sales network centered on department stores and specialty stores.
The company owns the Fuji Apparel Research Institute in Fujiyoshida City, Yamanashi Prefecture, and maintains its own manufacturing capabilities. It works to reduce manufacturing costs through rationalization of pattern-making and sewing specifications, establishing a system to control the purchase cost ratio while maintaining quality.
Lapine Dream Farm secured non-operating income of ¥25 million from employment support business operation revenue and ¥7 million from employment development subsidies for specified job seekers, among other items. Despite recording an operating loss of ¥33 million, net loss for the period was limited to ¥1 million, demonstrating a financial buffering function through the utilization of subsidies.
ENVALITH's Perspective
Performance Trend
Revenue has continued to contract for five consecutive periods, shrinking more than 57% from ¥4,374 million in FY2022 to ¥1,874 million in FY2026. In Q1 of FY2027 (ending February 2027), revenue was ¥455 million (down 4.8% year on year), continuing the decline. Meanwhile, due to reductions in selling, general and administrative expenses (down ¥39 million year on year), the operating loss narrowed to ¥67 million from ¥71 million in the same period of the previous year. Quarterly net income of ¥14 million was attributable to a gain on sale of investment securities of ¥81 million (extraordinary income), not to an improvement in the core business. In terms of the external environment, consumers' persistent cost-conscious mindset amid rising prices remains entrenched, and the recovery in apparel demand remains limited. The full-year forecast remains unchanged at revenue of ¥1,890 million and an operating loss of ¥153 million.
Growth Strategy
Three pillars: cost structure reform, new customer acquisition, and financial stabilization through asset sales
Continuing to rationalize pattern-making and sewing specifications while curbing fixed and variable manufacturing costs. In the first quarter of FY2027 (ending March 2027), selling, general and administrative expenses were reduced by ¥39 million year on year, contributing to a narrowing of the operating loss (from ¥71 million to ¥67 million). The company will continue to promote thorough reduction of fixed expenses.
Strengthening in-store VP (visual presentation) and offering products at more accessible price points to appeal to younger consumers and non-purchasing consumers. However, in the first quarter, Wholesale Business sales decreased 9.8% year on year and Retail Business sales also decreased 1.6% year on year, indicating that sales have not yet recovered.
Promoting improved precision of in-store sell-through by shortening the lead time from order to actual demand (real-time seasonality), as well as developing new business relationships and new sales channels as an apparel wholesaler. The operating loss in the Wholesale Business narrowed from ¥58 million in the same period of the previous year to ¥49 million, showing signs of improvement in the earnings structure.
Explicitly identified the monetization of company-held assets, such as investment securities and land, as a countermeasure. In the first quarter of FY2027 (ending March 2027), the company recorded a gain on sale of investment securities of ¥81 million, securing quarterly net income of ¥14 million. Negotiations with financial institutions regarding the loan repayment schedule are also ongoing.
In addition to hydroponic cultivation, the company is also focusing on soil-based cultivation, promoting improved productivity of leafy vegetables and greater work efficiency for facility users. First-quarter sales in the Welfare Business were ¥3 million (up 3.0% year on year), a slight increase. Due to non-operating income of ¥5 million from employment support business operation revenue, the quarterly net loss was limited to ¥3 million.
Last updated: July 17, 2026