# LOOK HOLDINGS INCORPORATED: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第64期(2025/01/01－2025/12/31) (S100Y64V)
> Page: https://vizora.meequs.com/en/company/look-holdings
> Retrieved: 2026-09-30T21:45:18.546Z

## Company

Look Holdings, founded in 1962, is a company in Apparel listed on TSE Standard. It has 884 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LOOK HOLDINGS INCORPORATED |
| Ticker | 8029 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8029.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂8丁目5番30号 |
| Representative (per filing) | 代表取締役社長 澁谷 治男 |
| Founded | Oct 1962 |
| Share capital | ¥6.48B |
| Employees (consolidated) | 884 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | December |
| Website | www.look-holdings.jp (https://www.look-holdings.jp/) |
| Corporate number | 5013201006462 |
| EDINET | E00604 |
| Industries (Vizora) | Apparel, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100Y64V, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Apparel (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.8 | 55 |
| Profitability | 53.3 | 61 |
| Cash conversion | 71.3 | 47 |
| Efficiency | 30.3 | 61 |
| Financial strength | 58.3 | 6 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 50% of Look Holdings's sales come from Apparel, with Korea and Japan making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -4.8% from the prior year, operating profit -30.5%.

## Company structure

- Segment revenue mix: Apparel 49.7%、Korea 24.8%、Japan 23.4%、Europe 1.0%、Producing and OEM 0.5%
- Revenue → net income: ¥52117000000 → ¥1474000000
- Net income → operating cash flow: ¥1474000000 → ¥2546000000（difference ¥1072000000）
- Main uses of operating cash flow: CapEx ¥963000000 / dividends ¥774000000 / buybacks ¥0
- Change in cash: ¥546000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥52.1B |  |
| Operating income | ¥1.76B | Margin 3.4% |
| Net income | ¥1.47B | Margin 2.8% |
| Free cash flow | ¥1.58B |  |
| Largest business | Apparel | of segment revenue 49.7% |
| Employees (consolidated) | 884 |  |
| EPS | ¥146.27 |  |
| Book value per share | ¥2434.16 |  |
| Equity ratio | 63.2% |  |
| Shares outstanding | 7,796,313 |  |
| Treasury shares | 12,100 |  |
| Shareholders | 14,246 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 13.6% | Net cash -¥660M · Cash ÷ revenue 16.7% |
| Vs. industry median margin | +0.3 pp | Apparel |
| ROE | 4.8% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥37014000000 | ¥52117000000 | +40.8% |
| Operating income | ¥636000000 | ¥1759000000 | +176.6% |
| Operating margin | 1.7% | 3.4% | +1.7 pp |
| Employees | 1,415 people | 884 people | -37.5% |
| Cash and equivalents | ¥6059000000 | ¥8690000000 | +43.4% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 23.4% |
| 日本 → 事業再編・廃止 | 3.9% |
| 韓国 → 韓国 | 20.4% |
| 欧州 → 欧州 | 1.0% |
| 欧州 → 事業再編・廃止 | 0.3% |
| その他海外 → その他海外 | 0.4% |
| その他海外 → 事業再編・廃止 | 0.1% |
| アパレル関連事業 → アパレル関連事業 | 49.6% |
| 生産及びOEM事業 → 生産及びOEM事業 | 0.5% |
| 生産及びOEM事業 → 事業再編・廃止 | 0.2% |
| 物流事業 → 物流事業 | 0.1% |
| 物流事業 → 事業再編・廃止 | 0.0% |
| 飲食事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 韓国 | 4.4% |
| 新設・再編 → アパレル関連事業 | 0.1% |

Segment revenue source references: 15 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Apparel | 5 years | +7.2% | ¥51504000000 | 4.7% | 2 |
| Korea | 5 years | +11.4% | ¥25740000000 | 3.5% | 2 |
| Japan | 5 years | +3.9% | ¥24295000000 | 7.2% | 2 |
| Europe | 5 years | +0.8% | ¥1008000000 | -18.2% | 2 |
| Producing and OEM | 5 years | +0.9% | ¥510000000 | 5.5% | 2 |
| Other abroad | 5 years | +3.1% | ¥459000000 | -5.7% | 2 |
| Distribution | 5 years | +2.5% | ¥102000000 | 36.3% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 52,117 | 100.0% | S100Y64V |
| Cost of revenue | 20,660 | 39.6% | S100Y64V |
| Gross profit | 31,456 | 60.4% | S100Y64V |
| SG&A | 29,697 | 57.0% | S100Y64V |
| Operating income | 1,759 | 3.4% | S100Y64V |
| Ordinary income | 2,086 | 4.0% | S100Y64V |
| Pretax income | 2,545 | 4.9% | S100Y64V |
| Income tax | 1,071 | 2.1% | S100Y64V |
| Net income | 1,474 | 2.8% | S100Y64V |
| Net income attributable to owners | 1,474 | 2.8% | S100Y64V |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 57 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 60.4% → Operating margin 3.4% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.8%; Core profit growth: -30.5%
Operating leverage (core profit growth ÷ revenue growth): 6.36×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 54,739 | 52,117 | -2,622 | -4.8% |
| Gross profit | 32,818 | 31,456 | -1,362 | -4.2% |
| Operating income | 2,530 | 1,759 | -771 | -30.5% |
| Net income attributable to owners | 1,925 | 1,474 | -451 | -23.4% |
| Operating cash flow | 2,452 | 2,546 | 94 | +3.8% |
| Free cash flow | 1,356 | 1,583 | 227 | +16.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 43,909 | 1,662 | 3.8% | 2,022 | 998 | 115 | S100L2YH |
| FY ending Dec 2020 | 37,014 | 636 | 1.7% | 431 | 1,950 | -185 | S100NS5E |
| FY ending Dec 2021 | 41,065 | 2,472 | 6.0% | 1,815 | 4,047 | 3,053 | S100QOJK |
| FY ending Dec 2022 | 54,687 | 3,703 | 6.8% | 2,665 | 2,840 | 2,003 | S100T5GZ |
| FY ending Dec 2023 | 55,475 | 3,069 | 5.5% | 2,458 | 1,142 | -294 | S100VI5M |
| FY ending Dec 2024 | 54,739 | 2,530 | 4.6% | 1,925 | 2,452 | 1,356 | S100Y64V |
| FY ending Dec 2025 | 52,117 | 1,759 | 3.4% | 1,474 | 2,546 | 1,583 | S100Y64V |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,184 | 1,078 | 999 | 939 | 884 |
| Average salary (parent company) | ¥6M | ¥6.2M | ¥6.5M | ¥6.4M | ¥6.4M |
| Average age (parent company) | 48.2 years | 48.5 years | 49.4 years | 49.5 years | 48.7 years |
| Average tenure (parent company) | 21.6 years | 22.1 years | 23.0 years | 22.8 years | 21.9 years |

Year over year: Employees (consolidated) -5.9% · Revenue (consolidated) -4.8%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 24,295 | 23.4% | 1,738 | 7.2% |
| Korea | 25,740 | 24.8% | 902 | 3.5% |
| Europe | 1,008 | 1.0% | -183 | -18.2% |
| Other abroad | 459 | 0.4% | -26 | -5.7% |
| Apparel | 51,504 | 49.7% | 2,431 | 4.7% |
| Producing and OEM | 510 | 0.5% | 28 | 5.5% |
| Distribution | 102 | 0.1% | 37 | 36.3% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 23.4% | 33.8% | 10.4 | 7.2% |
| Korea | 24.8% | 17.6% | -7.3 | 3.5% |
| Europe | 1.0% | — | — | -18.2% |
| Other abroad | 0.4% | — | — | -5.7% |
| Apparel | 49.7% | 47.3% | -2.4 | 4.7% |
| Producing and OEM | 0.5% | 0.5% | 0.1 | 5.5% |
| Distribution | 0.1% | 0.7% | 0.6 | 36.3% |

Loss-making segment (excluded from profit shares): Europe -183 JPY mn

Loss-making segment (excluded from profit shares): Other abroad -26 JPY mn

Segment → industry: Producing and OEM → Apparel / Apparel → Apparel / Other abroad → Apparel / Europe → Apparel / Korea → Apparel / Japan → Apparel / Distribution → Trucking & Parcel Delivery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,546 | 4.9% | S100Y64V |
| Capital expenditure | 963 | 1.8% | S100Y64V |
| Free cash flow | 1,583 | 3.0% | 算出 |
| Investing cash flow | -722 | -1.4% | S100Y64V |
| Financing cash flow | -1,360 | -2.6% | S100Y64V |
| Dividends paid | 774 | 1.5% | S100Y64V |
| Share buyback | 0 | 0.0% | S100Y64V |
| Change in cash | 546 | 1.0% | S100Y64V |
| Cash and equivalents | 8,690 | 16.7% | S100Y64V |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,365 | 9,243 | 7,323 | 8,144 | 8,690 | S100T5GZ, S100VI5M, S100Y64V |
| Total assets | 50,602 | 54,459 | 56,858 | 61,410 | 64,042 | S100QOJK, S100T5GZ, S100VI5M, S100Y64V |
| Net assets | 26,081 | 29,913 | 34,423 | 37,776 | 40,456 | S100T5GZ, S100VI5M, S100Y64V |
| Share capital | 6,389 | 6,406 | 6,422 | 6,447 | 6,476 | S100QOJK, S100T5GZ, S100VI5M, S100Y64V |
| Trade receivables | 5,303 | 5,811 | 6,150 | 5,961 | 5,697 | S100QOJK, S100T5GZ, S100VI5M, S100Y64V |
| Property, plant and equipment | 3,896 | 3,823 | 3,840 | 3,843 | 3,778 | S100QOJK, S100T5GZ, S100VI5M, S100Y64V |
| Intangible assets excluding goodwill | 14,398 | 14,955 | 16,216 | 16,133 | 17,240 | S100QOJK, S100T5GZ, S100VI5M, S100Y64V |
| Goodwill | 3,190 | 3,259 | 3,400 | 3,338 | 3,860 | S100QOJK, S100T5GZ, S100VI5M, S100Y64V |
| Investment securities | 2,244 | 3,140 | 3,976 | 6,186 | 6,119 | S100QOJK, S100T5GZ, S100VI5M, S100Y64V |
| Current assets | 25,413 | 28,035 | 27,932 | 29,826 | 30,740 | S100QOJK, S100T5GZ, S100VI5M, S100Y64V |
| Current liabilities | 11,489 | 12,219 | 11,165 | 8,521 | 8,185 | S100QOJK, S100T5GZ, S100VI5M, S100Y64V |
| Trade payables | 2,721 | 3,317 | 2,360 | 2,395 | 2,090 | S100QOJK, S100T5GZ, S100VI5M, S100Y64V |
| Short-term borrowings | 3,375 | 2,530 | 3,030 | 445 | 644 | S100QOJK, S100T5GZ, S100VI5M, S100Y64V |
| Long-term borrowings | 8,628 | 7,669 | 6,243 | 7,559 | 7,206 | S100QOJK, S100T5GZ, S100VI5M, S100Y64V |
| Bonds | — | — | — | 1,500 | 1,500 | S100Y64V |
| Interest-bearing debt | — | — | — | 9,504 | 9,350 | 算出 |
| Total liabilities | 24,520 | 24,545 | 22,434 | 23,633 | 23,586 | S100QOJK, S100T5GZ, S100VI5M, S100Y64V |
| Equity attributable to owners of parent | 24,834 | 26,741 | 28,798 | 30,187 | 30,985 | S100QOJK, S100T5GZ, S100VI5M, S100Y64V |
| Retained earnings | 17,005 | 19,337 | 21,332 | 22,638 | 23,336 | S100QOJK, S100T5GZ, S100VI5M, S100Y64V |
| Treasury stock | -218 | -677 | -647 | -614 | -573 | S100QOJK, S100T5GZ, S100VI5M, S100Y64V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100Y64V |
| Receivables | 9% | S100Y64V |
| Property, plant and equipment | 6% | S100Y64V |
| Intangibles and goodwill | 33% | S100Y64V |
| Investment securities | 9% | S100Y64V |
| Other assets | 29% | S100Y64V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100Y64V |
| Interest-bearing debt | 15% | 算出 |
| Other liabilities | 19% | S100Y64V |
| Equity | 63% | S100Y64V |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 50,602 | 54,459 | 56,858 | 61,410 | 64,042 |
| Equity | 26,081 | 29,913 | 34,423 | 37,776 | 40,456 |
| Interest-bearing debt | — | — | — | 9,504 | 9,350 |
| Cash | 9,365 | 9,243 | 7,323 | 8,144 | 8,690 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 7.2% | S100Y64V |
| Fixed assets ÷ total assets | 5.9% | S100Y64V |
| Goodwill ÷ parent equity | 12.5% | S100Y64V |

Goodwill over 4 years: 3,190 → 3,860 JPY; total investing cash flow: -5,464 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 13.6% |
| Cash ÷ revenue | 16.7% |
| Net cash (cash − interest-bearing debt) | -¥660M |
| Net debt ÷ operating cash flow | 0.26× |
| Cash conversion (operating CF ÷ operating income) | 144.7% |
| Cash vs. profit gap | 1,072 JPY mn (of net income 72.7%) |
| Shareholder returns / net income | 52.5% |
| Shareholder returns / FCF | 48.9% |
| Shareholder payments — dividends / net income | 52.5% |
| Shareholder payments — dividends / FCF | 48.9% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 28.4% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.4% | 0.81× | 3.6% | 2.04× | 7.3% | S100QOJK |
| 2022 | 4.9% | 1.04× | 5.1% | 2.04× | 10.3% | S100T5GZ |
| 2023 | 4.4% | 1.00× | 4.4% | 2.00× | 8.9% | S100VI5M |
| 2024 | 3.5% | 0.93× | 3.3% | 2.01× | 6.5% | S100Y64V |
| 2025 | 2.8% | 0.83× | 2.3% | 2.05× | 4.8% | S100Y64V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 八木通商株式会社 | Major shareholder | 10.0% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.7% | 2025-12-31 |
| 美津濃株式会社 | Major shareholder | 4.7% | 2025-12-31 |
| 三共生興株式会社 | Major shareholder | 3.2% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 3.2% | 2025-12-31 |
| ルックホールディングス従業員持株会 | Major shareholder | 2.4% | 2025-12-31 |
| ＵＡゼンセンルックユニオン | Major shareholder | 2.0% | 2025-12-31 |
| 住友生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.0% | 2025-12-31 |
| 株式会社ヤギ | Major shareholder | 1.9% | 2025-12-31 |
| 特定金外信託受託者 株式会社 ＳＭＢＣ信託銀行 | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第64期(2025/01/01－2025/12/31) | S100Y64V | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y64V,, |
| 有価証券報告書－第63期(2024/01/01－2024/12/31) | S100VI5M | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI5M,, |
| 有価証券報告書－第62期(2023/01/01－2023/12/31) | S100T5GZ | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5GZ,, |
| 訂正有価証券報告書－第61期(2022/01/01－2022/12/31) | S100QOJK | 2023-05-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QOJK,, |
| 有価証券報告書－第60期(令和3年1月1日－令和3年12月31日) | S100NS5E | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS5E,, |
| 有価証券報告書－第59期(令和2年1月1日－令和2年12月31日) | S100L2YH | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2YH,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).