MRK HOLDINGS INC.
9980・Standard Market・Retail Trade
Business
MRK Holdings, Inc. is a holding company (transitioned to holding company structure in 2018) centered on Marcolle Co., Ltd., founded in 1978. It consists of three consolidated subsidiaries (Marcolle Co., Ltd., MISEL Co., Ltd., and ALTIQS Co., Ltd.) and one non-consolidated subsidiary. In its core women's underwear and related business, the company sells body-shaping women's underwear (foundation garments and lingerie), body care cosmetics, custom-made insoles, and supplements through directly operated stores nationwide and its e-commerce site. In addition, it operates maternity and baby-related apparel, wedding hall and restaurant operations (weddings and banquets), and beauty-related businesses such as hair salons, aiming to provide beauty and health solutions covering women's life stages as a whole. Its main customers are female consumers in Japan. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
In the women's undergarment and related business, which accounts for approximately 88% of net sales, the company combines face-to-face customer service at directly operated stores nationwide (including body-shaping aftercare services) with a subscription purchase service on its e-commerce site to promote repeat purchases among existing customers. It raises average customer spending through time-limited measures such as the launch of limited-quantity new colors and new series and preferential installment fees, while securing profit through optimization of advertising expenses and store consolidation to reduce costs. The company also utilizes its own installment sales, building long-term relationships with customers as the foundation of its earnings base.
Company Strengths
By launching limited-quantity new colors and new series in flagship series such as "Riverdinu," "Decollete Lumiere Idea," and "Curvicious," repeat purchases progressed smoothly in FY2026 (ending March 2026), increasing the purchase unit price of existing customers. EC sales achieved a 6.6% increase year-on-year. The company holds 100 trademark rights, legally protecting its brand assets.
By linking body-make aftercare services at directly-operated stores nationwide with the EC site's subscription purchase service, the company secures continuous touchpoints with customers. Combined with digital initiatives such as influencer utilization, email newsletters, and LINE, the number of EC subscription sales transactions increased in FY2026 (ending March 2026). In October 2025, a new store opened in Nagoya Sakae, and 4 stores were relocated.
In FY2026 (ending March 2026), the company optimized advertising expenses and consolidated 18 stores. Cost of sales ratio improved to 25.0% (25.4% in the previous period), and SG&A expense ratio improved to 72.2% (72.8% in the previous period). Operating profit was ¥580 million (up 46.8% year-on-year), and operating profit margin recovered to 2.7% (1.9% in the previous period). The maternity business also turned profitable (segment profit of ¥3 million).
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal years, rising from ¥18,739 million in FY2022 (ended March 2022) to ¥21,231 million in FY2026 (ending March 2026). Operating profit peaked at ¥804 million in FY2023 (ended March 2023), declined to ¥395 million in FY2025 (ended March 2025), but recovered to ¥580 million in FY2026 (up 46.8% year on year). The main drivers of the recovery were an improved cost structure through optimization of advertising expenses and store consolidation (18 stores), as well as an increase in average customer spending on the core corrective underwear business. Ordinary profit rose to ¥966 million (up 38.3% year on year), aided by an increase in interest income (¥406 million). Net income of ¥930 million includes a temporary effect from the recognition of deferred tax assets (¥234 million) associated with the absorption-type merger of a subsidiary. The equity ratio improved to 77.7% (from 72.4% in the previous period), indicating high financial soundness. As an external factor, heightened consumer frugality due to rising prices continues to be a headwind for the business environment.
Growth Strategy
The company is pursuing productivity improvements in its core business alongside efforts to achieve profitability in three non-core businesses in parallel, aiming for operating profit of ¥2,000 million in FY2027 (ending March 2027).
Driving increases in customer spending through the launch of new products and series (Curvyshous EterVery, etc.), expanding EC subscription sales, optimizing store network (consolidation/closures conducted in parallel with new store openings), and improving productivity through expanded human capital investment. In FY2026 (ended March 2026), the segment achieved sales of ¥18,597 million and profit of ¥679 million.
Through the rollout of targeted products such as the 'Josanin Kanshu Series' (midwife-supervised series) and thorough inventory control, the segment achieved a profit of ¥3 million and turned profitable in FY2026 (ended March 2026). The company aims to further improve profitability through gross margin improvement in the next fiscal period.
Through increased awareness of Grand Festa Hakata leading to higher usage volume and reductions in fixed costs, the segment loss in FY2026 (ended March 2026) was ¥63 million (significantly improved from a loss of ¥179 million in the prior period). The company will continue to strengthen customer acquisition and reduce the fixed cost burden, aiming for profitability in FY2027 (ending March 2027).
The company is promoting a review of its earnings structure, focusing on strengthening stylist training and improving utilization rates. In FY2026 (ended March 2026), the segment loss was ¥41 million (versus a loss of ¥37 million in the prior period), showing delayed improvement, with intensifying competition for talent in the beauty industry posing a challenge. The company aims to achieve profitability in FY2027 (ending March 2027).
With an effective date of August 31, 2026, the company plans to implement a capital reduction without compensation, transferring ¥6,391 million of its ¥6,491 million in capital stock to other capital surplus. The purpose is to reduce tax burden, ensure flexibility in capital policy, and strengthen the financial structure in preparation for future growth investments. There is no direct impact on business performance.
Last updated: July 19, 2026