W TOKYO Inc.
9159・Growth Market・Services
Business
W TOKYO Inc. has adopted the vision of "creating a world where every person, product, matter, and region shines," and develops its business around the TOKYO GIRLS COLLECTION (TGC) brand, which has continued since 2005. Its main businesses consist of three areas: the TGC Produce area (TOKYO GIRLS COLLECTION (Tokyo Event), TGC Regional Events & City Promotion), the Content Production & Branding area (casting, creative production, royalties), and the Digital Advertising area (affiliate walker, girlswalker). Its main customers are sponsor companies, local governments, and apparel brands, and it listed on the Tokyo Stock Exchange Growth Market in June 2023.
Business Model
In the TGC Produce segment, which accounts for 76.4% of sales, the company earns sponsorship revenue from sponsor companies, ticket revenue from individual customers, and brand exhibition fee revenue from apparel brands at the Tokyo Event (held twice a year) and Regional Events (5 cities in FY2025 (ending June 2025)). In the Content Production & Branding segment, in addition to orders for casting and creative production, the company also builds up asset-light revenue such as royalties from collaboration products with Daiso Industries and others, as well as TGC CARD royalties.
Company Strengths
TOKYO GIRLS COLLECTION has been held every spring and autumn since 2005 at arena-class venues in and around Tokyo, with a cumulative total of 41 events as of the end of FY2025 (ended June 2025). At the 40th event held in March 2025, both sponsorship slots and visitor tickets sold out, demonstrating the brand's sustained strength. The company has established a level of brand recognition and network that is difficult for other companies to replicate immediately.
Since first holding an event in Kitakyushu in 2015, the company has conducted TGC Regional Events & City Promotion in more than 20 cities cumulatively by the end of FY2025 (ended June 2025), including Shizuoka, Wakayama, Kumamoto, Matsuyama, and Kagawa. Through cross-sector collaboration with regional banks, chambers of commerce, and local businesses, the company has built a highly reproducible business model capable of planning programs tailored to each municipality's issues based on past track record.
Against FY2025 (ended June 2025) operating profit of ¥351 million, adjusted operating profit reaches ¥515 million after adding back goodwill amortization of ¥72 million and trademark right amortization of ¥90 million. These amortization charges stem from company-specific circumstances—namely the 2016 subsidiary merger and the 2018 acquisition of trademark rights—and the company's normalized earnings power significantly exceeds its reported operating profit.
ENVALITH's Perspective
Performance Trend
Net sales trend: ¥3,616 million (FY2023) → ¥3,958 million (FY2024) → ¥3,926 million (FY2025, flat) → ¥4,027 million (FY2026 3Q cumulative; full-year forecast ¥4,051 million). Operating profit trend: ¥645 million (FY2023) → ¥508 million (FY2024) → ¥352 million (FY2025, three consecutive years of decline) → ¥573 million (FY2026 3Q cumulative, up 106.4% year-on-year), a sharp recovery. The main drivers were continued sold-out sponsorship slots and tickets in the TGC Produce area and appropriate price pass-through against rising costs. Adjusted operating profit also improved markedly on an actual profit basis, reaching ¥696 million (up 73.7% year-on-year). In terms of financial position, total assets stood at ¥3,686 million (up ¥1,100 million from the previous fiscal year-end), and the equity ratio was 52.5% (down from 60.8% at the previous fiscal year-end), mainly due to an increase in period-end accounts receivable and payable balances associated with TGC 2026 S/S held in March.
Growth Strategy
Deepening the TGC brand's domestic penetration (regional cities and local governments) while advancing overseas expansion and diversifying branding-related revenue streams
Both the 41st edition (2025 A/W) and 42nd edition (2026 S/S) achieved full sell-outs of sponsorship slots and attendee tickets. Appropriate pricing in response to rising costs has established a structure in which revenue growth absorbs cost increases. Revenue from the TGC Produce segment grew substantially to ¥3,301 million (up 54.4% year on year).
During the cumulative nine months of the current fiscal year, TGC was held in four cities—Kitakyushu, Hiroshima, Shizuoka, and Nagoya. City promotion projects (Sabae City, Edogawa Ward, Gamagori City, etc.) were also carried out, continuing to secure projects through a highly reproducible business model targeted at local governments nationwide.
TGC was held in Jakarta, Indonesia in July 2025, and in Ho Chi Minh City, Vietnam in March 2026, promoting Japanese culture and building an overseas revenue base. At present, this remains at the stage of accumulating a track record, and the scale of revenue contribution has not been disclosed.
Revenue streams have been diversified through TGC CARD royalties (with AEON Financial Service), royalties from collaborative products with Daiso Industries, and large-scale branding projects combining artist/talent casting with creative production. During the cumulative nine months of the current fiscal year, the commencement of service provision under relatively large-scale contracts contributed to steady progress.
Last updated: July 17, 2026