Industry map/Retail, Trading & Restaurants
Secondhand Retail industry map
Who earns the money in Secondhand Retail, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 33 companies · ¥1.47T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥1.47T
- Companies
- 33
- Avg. salary（parent only）
- ¥5.3M
- Industry weather
- Sunny
YoY +16.3%
Avg. age 40.0
Operating income +29.6%
GEO Holdings[2681]
- Revenue
- ¥481.2B▲12.5%
- Operating income
- ¥14.2B▲26.6%
Margin 3.0%
Avg. salary ¥5.8M · 42.7（parent only）
Komehyo Holdings[2780]
brand fashion business
- Revenue
- ¥215.1B▲40.5%
- Operating income
- ¥8.73B▲52.7%
Margin 4.1%
Whole company: Revenue ¥221.7B · Net income ¥5.49B
Bookoff Group Holdings[9278]
Domestic bookoff business + 2 more
- Revenue
- ¥117.7B▲6.5%
- Operating income
- ¥6.08B▲7.8%
Margin 5.2%
Whole company: Revenue ¥119.2B · Net income ¥2.1B
Avg. salary ¥7.1M · 47.9（parent only）
- Hard OFF owns 8.2%
BuySell Technologies[7685]
- Revenue
- ¥100.6B▲67.8%
- Operating income
- ¥9.04B▲91.1%
Margin 9.0%
Avg. salary ¥5.4M · 28.8（parent only）
Valuence Holdings[9270]
- Revenue
- ¥84.8B▲4.1%
- Operating income
- ¥1.45BBack to profit
Margin 1.7%
Avg. salary ¥5.7M · 38.8（parent only）
Rizap Group[2928]
Lifestyle
- Revenue
- ¥72.7B▼4.3%
- Operating income
- ¥715M▼63.7%
Margin 1.0%
Whole company: Revenue ¥167.3B · Net income ¥1.44B
Avg. salary ¥6.3M · 38.0（parent only）
HS Holdings[8699]
Reuse business
- Revenue
- ¥55.2B▲58.6%
- Operating income
- ¥617M▲1442.5%
Margin 1.1%
Whole company: Revenue ¥55.3B · Net income ¥14.7B
Avg. salary ¥7.7M · 49.0（parent only）
Syuppin[3179]
CAMERA + 1 more
- Revenue
- ¥51.1B▼0.5%
- Operating income
- ¥4.48B▼10.5%
Margin 8.8%
Whole company: Revenue ¥51.9B · Net income ¥1.69B
Avg. salary ¥5.9M · 36.0（parent only）
Treasure Factory[3093]
Element
- Revenue
- ¥47.4B▲15.2%
- Operating income
- ¥6.79B▲12.2%
Margin 14.3%
Whole company: Revenue ¥48.6B · Net income ¥3.17B
Avg. salary ¥5.1M · 30.3（parent only）
Aucnet[3964]
Lifestyle Product
- Revenue
- ¥45.2B▲17.5%
- Operating income
- ¥8.39B▲56.5%
Margin 18.6%
Whole company: Revenue ¥64.1B · Net income ¥5.92B
Avg. salary ¥8.7M · 41.6（parent only）
TAY TWO[7610]
- Revenue
- ¥42.2B▲15.8%
- Operating income
- ¥1.38B▲51.1%
Margin 3.3%
Avg. salary ¥4.8M · 38.3（parent only）
Hard OFF[2674]
reuse business + 1 more
- Revenue
- ¥39.2B▲17.0%
- Operating income
- ¥6.99B▲10.1%
Margin 17.8%
Whole company: Revenue ¥39.3B · Net income ¥2.52B
Avg. salary ¥5.4M · 36.6（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: UP Garage Group · Mandarake · MarketEnterprise · Daikokuya Holdings · Kaitoriokoku · Arigatou Services · RenetJapanGroup · Sakai Moving Service · ArkCore · ReYuu Japan · Golf DO · Benefit Japan · Scala · Yamano Holdings · Pacific Net · Shinwa Wise Holdings · Hotman · Tear · TOP Culture · Environment Friendly Holdings · Apple Internationalco.
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | GEO Holdings | ¥481.2B | 32.7% | 3.0% | +9.5% | ¥3.6B |
| 2 | Komehyo Holdingsbrand fashion business | ¥215.1B | 14.6% | 4.1% | +34.0% | -¥5B |
| 3 | Bookoff Group HoldingsDomestic bookoff business + 2 more | ¥117.7B | 8.0% | 5.2% | — | ¥577M |
| 4▲2 | BuySell Technologies | ¥100.6B | 6.8% | 9.0% | +41.9% | ¥6.7B |
| 5▼1 | Valuence Holdings | ¥84.8B | 5.8% | 1.7% | +12.7% | -¥3.38B |
| 6▼1 | Rizap GroupLifestyle | ¥72.7B | 4.9% | 1.0% | -4.5% | ¥27.1B |
| 7▲4 | HS HoldingsReuse business | ¥55.2B | 3.7% | 1.1% | +58.6% | ¥1.61B |
| 8▼1 | SyuppinCAMERA + 1 more | ¥51.1B | 3.5% | 8.8% | +4.9% | ¥1.77B |
| 9▼1 | Treasure FactoryElement | ¥47.4B | 3.2% | 14.3% | +20.2% | ¥1.9B |
| 10▼1 | AucnetLifestyle Product | ¥45.2B | 3.1% | 18.6% | — | ¥11B |
| 11▼1 | TAY TWO | ¥42.2B | 2.9% | 3.3% | +12.0% | ¥1.09B |
| 12 | Hard OFFreuse business + 1 more | ¥39.2B | 2.7% | 17.8% | +12.5% | ¥958.1M |
| 13▲2 | UP Garage Group | ¥15.4B | 1.0% | 7.2% | +9.9% | ¥702.2M |
| 14 | Mandarake | ¥15.2B | 1.0% | 11.8% | +12.1% | -¥126.9M |
| 15▲1 | MarketEnterpriseWeb-based reuse business | ¥12.5B | 0.8% | 7.5% | +17.3% | ¥417.4M |
| 16▲1 | Daikokuya HoldingsPawnbroker and Second-hand shop | ¥11.1B | 0.8% | -2.7% | -9.9% | -¥3.18B |
| 17▲3 | Kaitoriokoku | ¥9.33B | 0.6% | 5.4% | +17.2% | ¥9.3M |
| 18▲1 | Arigatou ServicesReuse | ¥8.55B | 0.6% | 16.0% | +8.2% | ¥664.3M |
| 19▲2 | RenetJapanGroupReuse and Recycle | ¥8.45B | 0.6% | 12.8% | — | -¥253.9M |
| 20▲2 | Sakai Moving ServiceReuse Business | ¥7.8B | 0.5% | 3.0% | +21.8% | ¥6.33B |
| 21▲2 | ArkCoreMotorcycle | ¥6.75B | 0.5% | 5.4% | +23.2% | ¥228.5M |
| 22▲3 | ReYuu Japan | ¥6.26B | 0.4% | -2.6% | +4.7% | -¥132.3M |
| 23▲1 | Golf DOdirect management + 1 more | ¥5.31B | 0.4% | 10.2% | +3.6% | -¥102.7M |
| 24new | Benefit Japanreusebusiness | ¥2.45B | 0.2% | 3.9% | — | -¥481.3M |
| 25new | ScalaEC | ¥2.28B | 0.2% | 11.6% | — | ¥495.3M |
| 26▲2 | Yamano HoldingsNew Value | ¥2.24B | 0.2% | 5.4% | — | ¥292.9M |
| 27 | Pacific NetIT Asset Disposition | ¥2.06B | 0.1% | 35.9% | -1.2% | -¥1.07B |
| 28▼2 | Shinwa Wise HoldingsAuction-related business | ¥2.04B | 0.1% | 9.5% | +2.2% | -¥227.6M |
| 29 | HotmanUPGARAGE,Reportable segments | ¥1.19B | 0.1% | 13.3% | +5.1% | ¥643.4M |
| 30 | TearOther | ¥1.14B | 0.1% | 11.3% | — | ¥1.01B |
| 31 | TOP CultureGame Trading Card business | ¥513.5M | 0.0% | 9.4% | — | ¥776.8M |
| 32▼19 | Environment Friendly HoldingsReuse business | ¥329.9M | 0.0% | 36.4% | — | ¥259.6M |
| 33▼1 | Apple Internationalco.Other | ¥92.9M | 0.0% | -17.5% | — | -¥110.5M |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- SG&A
- Other
- Operating profit
- Aucnet582715
- Mandarake454312
- Treasure Factory414910
- Sakai Moving Service622810
- BuySell Technologies47449
- Hard OFF32599
- Scala52429
- Arigatou Services34588
- Benefit Japan43498
- Rizap Group54427
- UP Garage Group60337
- ArkCore6133
- Syuppin8114
- Kaitoriokoku4847
- Komehyo Holdings7917
- GEO Holdings6136
- Bookoff Group Holdings4354
- TAY TWO6730
- RenetJapanGroup2572
- Valuence Holdings7523
- MarketEnterprise6632
- Golf DO6137
- HS Holdings8122loss ¥1
- ReYuu Japan949loss ¥3
- Daikokuya Holdings7432loss ¥6
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- 株式会社イエローハットOutside
- StakeHotman15.6%
- 松井証券株式会社Outside
- StakeShinwa Wise Holdings13.3%
- StakeHS Holdings6.4%
- Hard OFFIn industry
- StakeBookoff Group Holdings8.2%
- 伊藤忠商事株式会社Outside
- StakeBookoff Group Holdings5.0%
- ＳＯＭＰＯホールディングス株式会社Outside
- StakeRizap Group4.9%
- 日本証券金融株式会社Outside
- StakeHS Holdings4.3%
- ㈱クエストOutside
- StakeScala3.5%
- ㈱山陰合同銀行(常任代理人 ㈱日本カストディ銀行)Outside
- StakeTAY TWO3.3%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
- GEO Holdings vs Komehyo Holdings
- GEO Holdings vs Bookoff Group Holdings
- GEO Holdings vs BuySell Technologies
- Komehyo Holdings vs Bookoff Group Holdings
- Komehyo Holdings vs BuySell Technologies
- Bookoff Group Holdings vs BuySell Technologies
- GEO Holdings vs Komehyo Holdings vs Bookoff Group Holdings vs BuySell Technologies
All companies in Secondhand Retail (by revenue)
All 34 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- GEO Holdings¥481.2B · 3.0%
- Komehyo Holdings¥215.1B · 4.1%
- Bookoff Group Holdings¥128.3B · 5.6%
- BuySell Technologies¥100.6B · 9.0%
- Valuence Holdings¥84.8B · 1.7%
- Rizap Group¥72.7B · 1.0%
- HS Holdings¥55.2B · 1.1%
- Syuppin¥51.1B · 8.8%
- Treasure Factory¥47.4B · 14.3%
- Aucnet¥45.2B · 18.6%
- TAY TWO¥42.2B · 3.3%
- Hard OFF¥39.2B · 17.8%
- UP Garage Group¥15.4B · 7.2%
- Mandarake¥15.2B · 11.8%
- MarketEnterprise¥12.5B · 7.5%
- Daikokuya Holdings¥11.1B · -2.7%
- Showcase¥9.38B
- Kaitoriokoku¥9.33B · 5.4%
- Arigatou Services¥8.55B · 16.0%
- RenetJapanGroup¥8.45B · 12.8%
- Sakai Moving Service¥7.8B · 3.0%
- ArkCore¥6.75B · 5.4%
- ReYuu Japan¥6.26B · -2.6%
- Golf DO¥5.31B · 10.2%
- Pacific Net¥3.3B · 41.3%
- Benefit Japan¥2.45B · 3.9%
- Scala¥2.28B · 11.6%
- Yamano Holdings¥2.24B · 5.4%
- Shinwa Wise Holdings¥1.55B · 1.9%
- Hotman¥1.19B · 13.3%
- Tear¥1.14B · 11.3%
- TOP Culture¥513.5M · 9.4%
- Environment Friendly Holdings¥329.9M · 36.4%
- Apple Internationalco.¥92.9M · -17.5%
Revenue · Op. margin
Related industries
- General Trading Companies
- Specialty Trading & Wholesale
- Convenience Stores
- Supermarkets
- Department Stores
- Drugstores & Pharmacies
- Electronics Retailers
- Home Centers
- Furniture, Interior & Lifestyle Goods
- Apparel
- Baby & Kids Goods
- Outdoor & Sporting Goods Stores
- Catalog & TV Shopping
- Restaurants & Pubs
- Fast Food & Quick Service
- Cafés
- Takeout & Delivery Meals
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