ENVALITH
バリュエンスホールディングス株式会社 logo

Valuence Holdings Inc.

9270・Growth Market・Wholesale Trade

Official website
バリュエンスホールディングス株式会社 logo
Valuence Holdings Inc.9270

Business

Valuence Holdings operates the Brand-name Goods, Antiques & Art Reuse Business as a single segment, encompassing reuse (buying and selling) of brand-name goods, precious metals, jewelry, antiques, and art. It operates purchasing brands such as Nanboya, BRAND CONCIER, and Kobijutsu Hakkodo, alongside its retail brand ALLU (Retail Stores & E-commerce Site). The company maintains a purchasing network of 139 domestic stores and 49 overseas stores (as of the end of FY2025 (ending August 2025)), and has built a multi-tiered sales structure comprising wholesale to domestic and overseas reuse operators via its proprietary auction platform STAR BUYERS AUCTION (SBA), retail sales to general consumers through ALLU stores and e-commerce sites, and wholesale of bullion and other items. Its main customers are general consumers (on the purchasing side) and domestic and overseas reuse operators as well as general consumers (on the selling side), making it a global CtoBtoB-type reuse company operating in 14 countries, including Japan.

Business Model

Products purchased from general consumers via physical stores, home pickup, on-site visits, and online are sold through three channels: (1) wholesale to domestic and overseas operators via the company's own auction, STAR BUYERS AUCTION (SBA) (approximately 40% of net sales), (2) retail to general consumers via ALLU stores and e-commerce sites (¥17,514 million in FY2025 (ended August 2025)), and (3) wholesale of bullion and other items to specialized dealers (¥22,139 million in the same period). In addition, the company is promoting a shift to a platform business model that enhances profitability through fee income from SaaS-based auction functions, fulfillment services, and auction membership fees.

Company Strengths

SBA, which went online in 2020, has grown into a global platform in which reuse businesses in Japan and overseas participate. In the fiscal year ended August 2025, GMV reached ¥101,603 million (up 8.8% year on year), and auction consignment successful bid GMV reached ¥20,894 million (up 36.8% year on year), both renewing record highs. Profitability has also improved through the introduction of SaaS-type functions, fulfillment services, and membership fees.

As a result of continuing a procurement policy that emphasizes gross profit margin, the gross profit margin for the fiscal year ended August 2025 was 25.1% (up 1.2 percentage points year on year). The company has the ability to select optimal sales channels—auction, retail, or wholesale—according to product characteristics; retail sales grew 36.2% year on year to ¥17,514 million, and Wholesale (Bullion) grew 20.6% year on year to ¥22,139 million, with multiple sales channels growing simultaneously.

Through alliances with department stores and financial institutions in other industries, such as the "i'm green" collaboration with Isetan Mitsukoshi, the company has built a procurement network that does not depend on opening directly-operated stores. In the fiscal year ended August 2025, the proportion of purchases from sources other than Nanboya (including overseas) reached 18.4%, and total purchases expanded to ¥66,014 million (up 9.1% year on year). This functions as an efficient means of expanding procurement in an environment of rising customer acquisition costs.

ENVALITH's Perspective

Operating profit for the cumulative nine months of Q3 FY2026 (ending March 2026) came to ¥5,274 million, representing 95.9% of the full-year forecast of ¥5,500 million, achieved in just 9 months. For Q4, the company has kept its full-year forecast unchanged, citing a "policy of actively implementing strategic investments for growth from next fiscal year onward," but depending on the scale of investment, there remains room for the full-year forecast to be revised upward. On the other hand, if Q4 strategic investments are booked as expenses, the accumulation of profit could be limited, making disclosure of the investment details a key focus.

Cumulative Q3 FY2026 (ending March 2026) sales in Wholesale (Bullion) came to ¥24,380 million (up 49.5% year on year), showing the largest growth rate among all sales channels, with the external factor of elevated bullion prices significantly boosting performance. Continued inbound demand has also contributed to the expansion of retail and overseas sales. Should these external factors reverse, the impact on performance would be substantial, making the growth pace of the company's own inherent earning power (retail and auction commissions) key to assessing sustainability.

The equity ratio at the end of Q3 FY2026 (ending March 2026) improved to 27.0% (from 23.8% at the end of the previous fiscal year), and net assets increased to ¥10,780 million (from ¥7,676 million at the end of the previous fiscal year). On the other hand, the interest-bearing debt balance remains at a high level, with short-term borrowings of ¥7,700 million, current portion of long-term borrowings due within one year of ¥7,287 million, and long-term borrowings of ¥6,183 million. The structure in which working capital demand associated with merchandise procurement pushes up borrowings remains unchanged, and the risk of increased interest expense (¥203 million for cumulative Q3 FY2026, up 48.5% year on year) squeezing profits amid rising interest rates continues.

Growth Strategy

Aiming to become a 'Circular Design Company' by 2030, centered on retail expansion, overseas procurement, alliances, and cross-border e-commerce

Multi-pronged development combining inbound demand capture, LINE-based 1-to-1 initiatives, increased listing volume through seamless listing, and cross-border e-commerce launched in November 2025. Cumulative retail sales for the first nine months of FY2026 (ending March 2026) reached ¥19,784 million (up 47.2% year on year), continuing high growth.

Strengthening the non-store procurement network through collaboration with department stores, financial institutions, and other partners. Increased purchases via alliances contributed to growth in procurement volume, with cumulative procurement value for the first nine months of FY2026 (ending March 2026) reaching ¥63,514 million (up 31.1% year on year).

Continuing to open new directly-operated and partner stores, mainly in Southeast Asia. The number of overseas purchasing stores reached 58 (up from 46 at the end of the previous fiscal year). The overseas sales ratio rose steadily to 21.6% (up 1.6 percentage points year on year).

Increased recognition as an auction platform drove the consignment sales GMV to a record high. Cumulative consignment sales GMV for the first nine months of FY2026 (ending March 2026) reached ¥19,978 million (up 32.7% year on year), while auction commission revenue reached ¥2,972 million (up 20.9% year on year).

Continuing to carefully select store locations with an emphasis on per-store efficiency, alongside a procurement policy focused on gross profit margin. The growth rate of selling, general and administrative expenses (up 10.4%) was significantly outpaced by the growth rate of sales (up 26.7%), demonstrating clear operating leverage.

A long-term vision to promote the circulation of goods owned by customers and partners, creating new revenue opportunities. The foundation for this is being built through the medium-term management plan 'To the Next Stage: For 2030 Revival Vision' (final year FY2027, ending August 2027).

Last updated: July 17, 2026