LAPINE CO.,LTD.
8143・Standard Market・Textiles & Apparels
Wholesale Business
Core business wholesaling women's apparel and fashion accessories to department stores and specialty stores
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (Q1 cumulative, FY2027 (ending February 2027)) | ¥169 million | ¥187 million (Q1 cumulative, FY2026 (ending February 2026)) | ↓ |
| Operating loss (Q1 cumulative, FY2027 (ending February 2027)) | -¥49 million | -¥58 million (Q1 cumulative, FY2026 (ending February 2026)) | ↑ |
| Net sales year-on-year change | -9.8% | — | ↓ |
Business Details
The Wholesale Business, directly operated by Lapine Co., Ltd., plans and manufactures women's apparel and fashion accessories, and wholesales them to department stores and specialty stores nationwide. The business consists of two channels—department store sales and specialty store sales—with the core customer base centered on the mature women's (Mrs.) segment. Although it is a core segment accounting for approximately 37% of consolidated net sales, it has continuously recorded operating losses since the fiscal year ended February 2019.
Recent Overview
Net sales declined 9.8% year on year, but the operating loss narrowed from ¥58 million to ¥49 million
In the first quarter of FY2027 (ending February 2027) (March to May 2026), Wholesale Business net sales continued to decline, coming in at ¥169 million (compared to ¥187 million in the same period of the previous year). On the other hand, restraint of selling, general and administrative expenses and the elimination of unprofitable transactions contributed to an improvement in the operating loss, which narrowed from ¥58 million in the same period of the previous year to ¥49 million. Consumers' thrift-oriented mindset remains firmly entrenched at both department stores and specialty stores, and the demand environment continues to be challenging.
Key Products
Growth Drivers
- Improvement in the earnings structure through the elimination of unprofitable transactions and revision of trading terms (operating loss narrowed from ¥58 million to ¥49 million year on year)
- Improved accuracy of in-store sell-through through shortened order lead times (aligning production more closely with the actual season)
- Strengthened in-store VP to acquire younger and new customers at department store sales floors
- Reduced manufacturing costs and secured appropriate gross margins through rationalization of patterns and sewing specifications
- Continued pursuit of new business relationships and new sales channel development for specialty stores
Risks
- Material uncertainty regarding the going concern assumption due to continuing operating losses since the fiscal year ended February 2019
- Structural decline in demand due to the shift away from department stores and the continued aging of the existing customer base
- Persistent thrift-oriented consumer sentiment among Mrs. segment consumers amid elevated prices
- Risk of continued decline in net sales resulting from the discontinuation of unprofitable transactions
- Upward pressure on manufacturing costs due to sustained high raw material and energy prices
Last updated: May 29, 2026