# Baby & Kids Goods industry map (FY2025)

> Scope: 5 businesses (segment level)
> Unit: JPY millions. Each company's period is in the Period column
> Fiscal year: FY2025 = periods ending Apr 2025 to Mar 2026
> Page: https://vizora.meequs.com/en/industry/kids-goods
> Retrieved: 2026-09-30T19:50:18.251Z

## Size and profitability

| # | Company (business) | Revenue | Share | Op. income | Op. margin | CAGR | Period |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| 1 | Nishimatsuya Chain | 193,365 | 63.6% | 9,941 | 5.1% | — | FY ending Feb 2026 |
| 2 | Pigeon（China + 3 more） | 109,168 | 35.9% | 16,733 | 15.3% | +4.1%（4y） | FY ending Dec 2025 |
| 3 | MRK Holdings（Maternity and baby related business） | 1,075 | 0.4% | 3 | 0.3% | -5.5%（4y） | FY ending Mar 2026 |
| 4 | Kimuratan（Apparel） | 294 | 0.1% | -123 | -42.0% | -48.2%（4y） | FY ending Mar 2026 |
| 5 | Studio Alice（Clothes Manufacture） | 133 | 0.0% | -53 | -39.4% | +17.2%（4y） | FY ending Feb 2026 |

## Company-wide structure (¥100 model, FCF)

| Company | COGS | SG&A etc. | Op. income | Net income | FCF (JPY mn) | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Nishimatsuya Chain | 67円 | 28円 | 5円 | 4円 | 8,067 | — |
| Pigeon | 50円 | 38円 | 12円 | 8円 | 9,916 | — |
| MRK Holdings | 25円 | 72円 | 3円 | 4円 | 1,015 | — |
| Kimuratan | 70円 | 26円 | 4円 | -4円 | 698 | — |
| Studio Alice | 78円 | 16円 | 6円 | 4円 | 2,456 | — |

## Ownership links

| Company | Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: | ---: |
| Kimuratan | 清川 浩志 | Major shareholder | 27.4% | 2026-03-31 |
| Kimuratan | 澤田 秀雄 | Major shareholder | 19.7% | 2026-03-31 |
| Kimuratan | 株式会社レゾンディレクション | Major shareholder | 5.3% | 2026-03-31 |
| Kimuratan | 吉丸 昌宏 | Major shareholder | 4.3% | 2026-03-31 |
| Kimuratan | 西川 勝彦 | Major shareholder | 0.8% | 2026-03-31 |
| Kimuratan | 株式会社木村海苔 | Major shareholder | 0.5% | 2026-03-31 |
| Kimuratan | 横尾 嘉信 | Major shareholder | 0.4% | 2026-03-31 |
| Kimuratan | 佐山 智紀 | Major shareholder | 0.4% | 2026-03-31 |
| Kimuratan | 西田 博行 | Major shareholder | 0.4% | 2026-03-31 |
| Kimuratan | 三堀 裕美子 | Major shareholder | 0.3% | 2026-03-31 |
| Pigeon | 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 14.6% | 2025-12-31 |
| Pigeon | 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.6% | 2025-12-31 |
| Pigeon | ＪＡＰＡＮ ＡＣＴＩＶＡＴＩＯＮ ＣＡＰＩＴＡＬ Ｉ Ｌ．Ｐ． （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.6% | 2025-12-31 |
| Pigeon | ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＩＥＤＵ ＵＣＩＴＳ ＣＬＩＥＮＴＳ ＮＯＮ ＬＥＮＤＩＮＧ １５ ＰＣＴ ＴＲＥＡＴＹ ＡＣＣＯＵＮＴ （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.3% | 2025-12-31 |
| Pigeon | ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.6% | 2025-12-31 |
| Pigeon | 野村信託銀行株式会社（信託口） | Major shareholder | 2.2% | 2025-12-31 |
| Pigeon | 株式会社日本カストディ銀行（信託口４） | Major shareholder | 1.7% | 2025-12-31 |
| Pigeon | ＪＰモルガン証券株式会社 | Major shareholder | 1.7% | 2025-12-31 |
| Pigeon | 仲田 洋一 | Major shareholder | 1.6% | 2025-12-31 |
| Pigeon | ワイ．エヌ株式会社 | Major shareholder | 1.4% | 2025-12-31 |
| MRK Holdings | RIZAPグループ株式会社 | Major shareholder | 57.0% | 2026-03-31 |
| MRK Holdings | 伊藤忠商事株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| MRK Holdings | MRKホールディングス社員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| MRK Holdings | 中島 和信 | Major shareholder | 1.5% | 2026-03-31 |
| MRK Holdings | 楽天証券株式会社共有口 | Major shareholder | 0.7% | 2026-03-31 |
| MRK Holdings | 大和証券株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| MRK Holdings | 野村證券株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| MRK Holdings | 日本証券金融株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| MRK Holdings | 正岡 昌子 | Major shareholder | 0.4% | 2026-03-31 |
| MRK Holdings | 柳谷 和夫 | Major shareholder | 0.3% | 2026-03-31 |
| Studio Alice | 株式会社トーランス・ジャパン | Major shareholder | 23.3% | 2026-02-28 |
| Studio Alice | 富士フイルム株式会社 | Major shareholder | 20.3% | 2026-02-28 |
| Studio Alice | 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.7% | 2026-02-28 |
| Studio Alice | 本村 初江 | Major shareholder | 3.0% | 2026-02-28 |
| Studio Alice | SMBC日興証券株式会社 | Major shareholder | 2.8% | 2026-02-28 |
| Studio Alice | スタジオアリス従業員持株会 | Major shareholder | 2.1% | 2026-02-28 |
| Studio Alice | ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-02-28 |
| Studio Alice | 山本 浤 | Major shareholder | 1.2% | 2026-02-28 |
| Studio Alice | 株式会社三菱UFJ銀行 | Major shareholder | 1.1% | 2026-02-28 |
| Studio Alice | BNP PARIBAS NEW YORK BRANCH - PRIME BROKERAGE CLEARANCE ACCOUNT (常任代理人 香港上海銀行東京支店)） | Major shareholder | 0.8% | 2026-02-28 |
| Nishimatsuya Chain | 友好エステート株式会社 | Major shareholder | 16.1% | 2026-02-20 |
| Nishimatsuya Chain | 大 村 禎 史 | Major shareholder | 8.2% | 2026-02-20 |
| Nishimatsuya Chain | GOLDMAN SACHS INTERNATIONAL(常任代理人：ゴールドマン・サックス証券株式会社） | Major shareholder | 7.3% | 2026-02-20 |
| Nishimatsuya Chain | 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.8% | 2026-02-20 |
| Nishimatsuya Chain | 大 村 浩 一 | Major shareholder | 6.3% | 2026-02-20 |
| Nishimatsuya Chain | みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 3.1% | 2026-02-20 |
| Nishimatsuya Chain | 住友不動産株式会社 | Major shareholder | 2.4% | 2026-02-20 |
| Nishimatsuya Chain | ハリマ共和物産株式会社 | Major shareholder | 2.0% | 2026-02-20 |
| Nishimatsuya Chain | 大 村 泰 子 | Major shareholder | 1.8% | 2026-02-20 |
| Nishimatsuya Chain | 赤 鹿 い づ み | Major shareholder | 1.7% | 2026-02-20 |
| Nishimatsuya Chain | 茂 理 充 代 | Major shareholder | 1.7% | 2026-02-20 |

## Company details

- https://vizora.meequs.com/en/company/nishimatsuya-chain/md
- https://vizora.meequs.com/en/company/pigeon/md
- https://vizora.meequs.com/en/company/mrk-holdings/md
- https://vizora.meequs.com/en/company/kimuratan/md
- https://vizora.meequs.com/en/company/studio-alice/md

## 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).