airCloset,Inc.
9557・Growth Market・Services
Business
airCloset, Inc. operates the Personal Styling Business (Single Segment), centered on its monthly-subscription fashion rental service airCloset, which launched in February 2015. The company employs a sharing-economy-based FaaS (Fashion as a Service) model in which professional stylists select and ship clothing tailored to each customer's preferences, and returned items are cleaned, maintained, and recirculated. The primary customer base consists of working women in their late 30s to 40s (with an employed-person ratio of 92.8%), and as of the end of June 2025, the company had 40,000 paid monthly members and 1.4 million free members. The company listed on the Tokyo Stock Exchange Growth Market in July 2022. It has also established a system development subsidiary in Vietnam to strengthen its development capabilities.
Business Model
Main revenue comes from monthly membership fees under the Regular Plan (¥10,980/month), Light Plan (¥7,980/month), and Light Plus Plan (¥13,980/month). Upsell and cross-sell offerings such as the Double Rental option (¥9,680/month), Accessory option (¥1,100/use), and Stylist Designation option (¥550/use) are added on top to raise per-customer revenue. Monthly membership fees and sales revenue accounted for approximately 82% of revenue in FY2025 (ended June 2025), providing a stable revenue base. Buyback sales of rental items, eco-sales, and advertising income also serve as supplementary revenue sources.
Company Strengths
Since its founding, the company has established an in-house logistics specialist team, building a proprietary WMS utilizing RFID tags, a dedicated cleaning factory, and unique in-warehouse operations. It has realized a system enabling returned items to be re-rented in as little as one day, and has obtained a related patent (Patent No. 7105347). Being fully self-developed without reliance on external vendors, the design allows for continuous improvement and external deployment.
Marginal profit per person improved for five consecutive fiscal periods, from ¥59,934 in FY2021 (ended June 2021) to ¥70,237 in FY2025 (ended June 2025). The marginal profit margin reached 55.1% in FY2025 (ended June 2025). Operation cost per delivery (CPO) was kept roughly flat, from ¥2,516 in FY2021 (ended June 2021) to ¥2,543 in FY2025 (ended June 2025), while profitability improved through increases in customer unit price.
Royal members with a usage period exceeding 6 months account for more than 65% of all members (as of end of June 2025), and more than 15% of monthly new acquisitions in FY2025 (ended June 2025) were re-registrations by former members who had withdrawn. The company accumulates over 1.2 million experience data points and over 400,000 styling data points annually, utilizing them to improve AI personalization accuracy. The number of stylists, including both employed and outsourced staff, exceeds 300 (as of end of June 2025).
ENVALITH's Perspective
Performance Trend
Revenue grew for four consecutive fiscal periods: ¥3,390 million in FY2022 (ending June 2022) → ¥3,740 million in FY2023 (ending June 2023) → ¥4,216 million in FY2024 (ending June 2024) → ¥4,958 million in FY2025 (ending June 2025). The most recent year-on-year growth rate was 17.6%, showing an accelerating trend. Operating income turned positive, reaching ¥102 million in FY2025, up from ¥-52 million in FY2022, ¥-188 million in FY2023, and ¥-36 million in FY2024. Net income also achieved its first-ever positive figure of ¥24 million in FY2025. Adjusted EBITDA reached ¥1,029 million (up 34.8% year on year), clearly reflecting improved profitability.
Growth Strategy
Aiming for ¥10 billion in net sales through three pillars: subscription strengthening, spot-type expansion, and ToB (business-to-business) development
Moving away from the conventional advertising-centric acquisition approach, the company is diversifying new member acquisition channels through enhanced collaborations and alliances with other companies, strengthened friend-referral functions, reinforced offline customer touchpoints, strengthened owned media, and introduction of corporate services. Preparations for a men's service are also underway.
Expanding pay-per-use services such as airCloset Dress (launched November 2024) and Disney FASHION CLOSET (launched October 2023). The company is strengthening its approach to customer segments beyond subscription members through dress rentals for special occasions, outerwear rentals, and accessory sales, aiming to raise average customer spend and create more usage opportunities.
Providing the in-house developed Circular Logistics Platform (Provided to External Companies) to outside companies. Two rental service contracts and two recommerce (re-commercialization) service contracts have already been secured. The company is promoting this as a new business pillar targeting the fashion e-commerce logistics market, and aims for scale benefits from increased handling volume to also contribute to reducing variable costs in the core business.
Building an integrated warehouse-based logistics system that consolidates warehouse, cleaning, and maintenance functions—currently operated at separate locations—into a single site. Operations at the new warehouse have already begun, and the company aims for further improvements in operational efficiency through faster processing, higher quality, and lower costs.
The company intends to expand overseas, targeting Asian markets with a high affinity for Japanese fashion sensibilities. It established a system development subsidiary, airCloset Engineering Company Limited, in Hanoi, Vietnam, in August 2024, strengthening its development capabilities. The company also envisions deploying measures that leverage the strengths gained in the Personal Styling Business (Single Segment), such as cleaning-related ancillary services.
Last updated: May 1, 2026