NOVARESE,Inc.
9160・Standard Market・Services
Business
Novarese Inc. operates the Bridal Business (92.9% of sales composition), centered on the planning and management of wedding ceremonies and receptions, rental and sale of wedding attire, and provision of wedding catering, as well as the Restaurant-Focused Business (7.1% of sales composition) specializing in banquets and general dining. In the Bridal Business, the company operates five brands—"Monolith," "Amandan," "Saisei Kaijo," "Frerage," and "Kirana Resort"—with its core offering being "guest house weddings," a fully exclusive-use format of one venue per one banquet. Its primary target demographic is people in their late 20s to early 30s. The company operates 36 guest house venues and 25 dress shops domestically, and its parent company is TKP Corporation (holding 59.6% of voting rights). In April 2026, a business integration with Escrit Inc. is planned, which is expected to give rise to one of the largest bridal groups in Japan.
Business Model
By handling the three divisions of wedding production, attire, and food & beverage entirely in-house, the company provides high-value-added services and builds up sales through both the number of weddings held and the per-event unit price. For capital investment, it utilizes fixed-term land leases and other arrangements to keep initial costs down, while pursuing scale merit through multi-store expansion by opening approximately three new stores per year. It also has a structure that supplements profitability by utilizing wedding facilities for restaurant and banquet operations on weekdays, thereby raising the utilization rate.
Company Strengths
In FY2025 (ending December 2025), the backlog of orders in the Wedding Production Division reached 3,344 couples (up 9.6% year on year), while the backlog in the Wedding Attire Division reached 2,816 couples (up 15.3% year on year), both showing substantial increases. Improvement in the order-taking rate contributed to this growth, and the backlog functions as a leading indicator supporting future ceremony execution revenue.
Segment profit in the Bridal Business for FY2025 (ending December 2025) was ¥3,801 million (up 46.5% year on year). Against revenue of ¥20,464 million, the segment profit margin reached approximately 18.6%, with the synergy between the number of ceremonies executed—4,668 couples (up 4.6% year on year)—and rising average unit prices per ceremony boosting profitability.
The company operates five brands: the urban-type "Monolith," the resort-type "Amandan," historical building restoration properties, the M&A-driven "Flairage," and the stay-type "Kirana Resort." Combined with measures to limit initial investment through the use of fixed-term land leasehold rights and similar arrangements, the company has achieved continuous store openings of approximately three per year, primarily centered on regional core cities with populations of 250,000 or more.
ENVALITH's Perspective
Performance Trend
Past performance shows a recovering trend in both revenue and profit: FY2023 revenue of ¥18,265 million and operating profit of ¥1,540 million, FY2024 revenue of ¥19,300 million and operating profit of ¥1,338 million, and FY2025 revenue of ¥22,040 million and operating profit of ¥2,248 million. In Q1 of FY2026 (ending December 2026), revenue was ¥4,738 million (up 13.9% year on year), and the operating loss was ¥35 million (an improvement from a loss of ¥155 million in the same period of the prior year). This was driven by an increase in the number of ceremonies conducted and per-ceremony unit prices, as well as strong existing-store performance in the Restaurant-Focused Business. On the other hand, an increase in consumable expenses associated with new store openings and merger-related costs pushed up SG&A expenses. The full-year forecast calls for revenue of ¥42,789 million and operating profit of ¥3,000 million, anticipating substantial increases in both revenue and profit on a combined basis following the integration with Escrit. As external factors, the gradual recovery in bridal demand and the expansion of inbound demand are providing tailwinds.
Growth Strategy
Overcoming the shrinking market through three pillars: Escrit integration, new regional store openings, and overseas resort weddings
Escrit was absorbed via merger effective April 1, 2026, launching a new organizational structure as On The Page Corporation. The company is pursuing integration of urban and regional wedding venue networks, expanded in-house production of attire, catering, and construction, and scale benefits from integrating advertising, procurement, and administrative functions. Full-year targets are revenue of ¥42,789 million and operating profit of ¥3,000 million.
"HOMAM Former Mackenzie Residence" (Shizuoka) opened in March 2026. "Amanda Peak" (Toyama) opened in April 2026. The company is pursuing ongoing openings including Nagoya in January 2027, Karuizawa in May 2027, and Sendai (former Governor's Residence) in September 2027. It aims to raise per-contract unit prices through high-value-added locations and facility design.
The company has begun accepting wedding operation contracts in Hawaii (Halekulani and The Kahala). "Southern Chapel Kirana Resort Okinawa" in Okinawa is performing well. A partnership with "Hotel Shigira Mirage" in Miyako Island was concluded in February 2026. Set plans combined with photo weddings are also offered, capturing demand for domestic and overseas resort weddings.
A franchise agreement for the "Mitaki" brand was concluded with Holonic, promoting a risk-reduced store opening approach amid rising construction material costs, rent increases, and labor shortages. A new restaurant opening is also planned for Osaka City (directly connected to the west exit of JR Osaka Station) in 2027. The company aims to capture inbound tourism and corporate banquet demand to achieve profitability in the currently loss-making segment.
Last updated: July 17, 2026