Industry map/Healthcare & Consumer Goods
Watches, Jewelry & Eyewear industry map
Who earns the money in Watches, Jewelry & Eyewear, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 28 companies · ¥2.1T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥2.1T
- Companies
- 28
- Avg. salary（parent only）
- ¥5.2M
- Industry weather
- Sunny
YoY +17.7%
Avg. age 42.9
Operating income +55.5%
Hoya[7741]
Life Care
- Revenue
- ¥590.7B▲7.2%
- Operating income
- —
Whole company: Revenue ¥947.7B · Net income ¥253.1B
Avg. salary ¥9.7M · 47.6（parent only）
Chugai Mining[1491]
Precious metal business
- Revenue
- ¥278.2B▲76.5%
- Operating income
- ¥2.81B▲169.2%
Margin 1.0%
Whole company: Revenue ¥281.7B · Net income ¥1.51B
Avg. salary ¥6.1M · 36.0（parent only）
Seiko Group[8050]
Emotional Value Solutions Business
- Revenue
- ¥218B▲11.1%
- Operating income
- ¥28.6B▲28.7%
Margin 13.1%
Whole company: Revenue ¥335.7B · Net income ¥22B
Avg. salary ¥9.4M · 44.2（parent only）
Seiko Epson[6724]
Manufacturing-related and Wearables
- Revenue
- ¥196.9B▲14.3%
- Operating income
- ¥10.8BBack to profit
Margin 5.5%
Whole company: Revenue ¥1.41T · Net income ¥18.2B
Avg. salary ¥8.1M · 42.9（parent only）
- Seiko Group owns 3.4%
Citizen Watch[7762]
Watches and Clocks
- Revenue
- ¥197.1B▲10.0%
- Operating income
- ¥25.1B▲38.1%
Margin 12.7%
Whole company: Revenue ¥346.8B · Net income ¥31.1B
Avg. salary ¥7.9M · 43.9（parent only）
Casio Computer[6952]
Watch
- Revenue
- ¥185B▲11.3%
- Operating income
- ¥27.1B▲33.8%
Margin 14.7%
Whole company: Revenue ¥276.3B · Net income ¥18.2B
Avg. salary ¥8.4M · 44.6（parent only）
Jins Holdings[3046]
Domestic eyewear business + 1 more
- Revenue
- ¥97.2B▲17.1%
- Operating income
- ¥12.1B▲54.3%
Margin 12.4%
Whole company: Revenue ¥97.2B · Net income ¥8.33B
Avg. salary ¥10.1M · 42.4（parent only）
Intermestic[262A]
Domestic business + 1 more
- Revenue
- ¥50.2B▲11.8%
- Operating income
- ¥5.99B▲19.8%
Margin 11.9%
Whole company: Revenue ¥50.2B · Net income ¥4.12B
Avg. salary ¥7.1M · 39.5（parent only）
Yondoshi Holdings[8008]
Brand Business
- Revenue
- ¥45.3B▲109.2%
- Operating income
- ¥2.86B▲89.5%
Margin 6.3%
Whole company: Revenue ¥70B · Net income ¥1.79B
Avg. salary ¥4.9M · 38.1（parent only）
Tsutsumi Jewelry[7937]
- Revenue
- ¥35.2B▲41.8%
- Operating income
- ¥5.24B▲117.6%
Margin 14.9%
Avg. salary ¥4.4M · 39.0（parent only）
Estelle Holdings[7872]
JEWELRY + 1 more
- Revenue
- ¥31.8B▲9.4%
- Operating income
- ¥961M▲91.4%
Margin 3.0%
Whole company: Revenue ¥33.9B · Net income ¥46M
Avg. salary ¥4.2M · 44.7（parent only）
- Nagahori owns 1.3%
Nagahori[8139]
Jewellery division
- Revenue
- ¥29.2B▲28.4%
- Operating income
- ¥1.65B▲150.4%
Margin 5.6%
Whole company: Revenue ¥29.4B · Net income ¥1.1B
Avg. salary ¥4.6M · 47.0（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Primo Global Holdings · NEW ART Holdings · Japan Eyewear Holdings · Aigan · Verite · Festaria Holdings · happiness and d · Rhythm · K-uno · Nihon Seimitsu · Kohsai · Sekido · Crossfor · Tokyo Soir · Asahipen · Dream Vision
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 | HoyaLife Care | ¥590.7B | 28.1% | — | +9.7% | ¥221.9B |
| 2▲4 | Chugai MiningPrecious metal business | ¥278.2B | 13.2% | 1.0% | +55.8% | ¥1.92B |
| 3▼1 | Seiko GroupEmotional Value Solutions Business | ¥218B | 10.4% | 13.1% | +10.2% | ¥22.8B |
| 4▼1 | Citizen WatchWatches and Clocks | ¥197.1B | 9.4% | 12.7% | +10.7% | ¥15B |
| 5▼1 | Seiko EpsonManufacturing-related and Wearables | ¥196.9B | 9.4% | 5.5% | +1.9% | ¥51.5B |
| 6▼1 | Casio ComputerWatch | ¥185B | 8.8% | 14.7% | +5.0% | ¥13.6B |
| 7 | Jins HoldingsDomestic eyewear business + 1 more | ¥97.2B | 4.6% | 12.4% | +11.1% | ¥5.1B |
| 8 | IntermesticDomestic business + 1 more | ¥50.2B | 2.4% | 11.9% | +12.2% | ¥2.95B |
| 9▲4 | Yondoshi HoldingsBrand Business | ¥45.3B | 2.2% | 6.3% | — | ¥393M |
| 10▲1 | Tsutsumi Jewelry | ¥35.2B | 1.7% | 14.9% | +20.9% | -¥188M |
| 11▼2 | Estelle HoldingsJEWELRY + 1 more | ¥31.8B | 1.5% | 3.0% | +3.2% | ¥686M |
| 12 | NagahoriJewellery division | ¥29.2B | 1.4% | 5.6% | +14.8% | -¥1.82B |
| 13▼3 | Primo Global HoldingsDomestic business + 1 more | ¥28B | 1.3% | 11.2% | — | ¥4.27B |
| 14 | NEW ART HoldingsJewelry, Art and Auction Business | ¥23.1B | 1.1% | 24.9% | — | ¥3.12B |
| 15 | Japan Eyewear HoldingsKANEKO + 1 more | ¥18.6B | 0.9% | 35.1% | — | ¥4.64B |
| 16 | Aiganretail sales of glasses001 + 1 more | ¥15.3B | 0.7% | 1.5% | +2.9% | ¥96M |
| 17▲2 | Verite | ¥9.44B | 0.4% | 7.4% | +6.8% | ¥961M |
| 18 | Festaria Holdings | ¥9.4B | 0.4% | 3.1% | +1.9% | ¥151M |
| 19▼2 | happiness and d | ¥8.84B | 0.4% | -4.6% | — | ¥105.7M |
| 20 | RhythmDaily commodities | ¥7.58B | 0.4% | -1.0% | +0.5% | ¥1.82B |
| 21 | K-uno | ¥7B | 0.3% | 1.5% | +6.5% | -¥178.3M |
| 22 | Nihon SeimitsuWatch segment, Reportable segments + 1 more | ¥6.73B | 0.3% | 2.8% | +8.3% | ¥137M |
| 23▲1 | Kohsai | ¥4.24B | 0.2% | 4.2% | +9.1% | -¥214.4M |
| 24▼1 | SekidoFashion retail sales division | ¥3.93B | 0.2% | -1.6% | — | -¥213.6M |
| 25 | Crossfor | ¥3.76B | 0.2% | 1.5% | +7.5% | -¥144.2M |
| 26▲1 | Tokyo SoirLifestyle segment | ¥1.63B | 0.1% | 5.0% | — | ¥342.2M |
| 27new | AsahipenWatch | ¥1.05B | 0.1% | -6.7% | — | ¥400.8M |
| 28▼2 | Dream VisionJewelry segment | ¥718.3M | 0.0% | -12.9% | -6.9% | ¥139.4M |
* 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
- Japan Eyewear Holdings214732
- Tsutsumi Jewelry572815
- NEW ART Holdings404515
- Jins Holdings226612
- Intermestic236512
- Primo Global Holdings355311
- Seiko Group54379
- Citizen Watch57349
- Casio Computer56368
- Verite34597
- Nagahori7519
- Rhythm7718
- Nihon Seimitsu7916
- Seiko Epson6529
- Yondoshi Holdings6729
- Kohsai8214
- Festaria Holdings3859
- Estelle Holdings4652
- Crossfor6830
- Chugai Mining98
- Aigan3168
- K-uno4257
- Tokyo Soir4851
- happiness and d6045loss ¥5
- Sekido7537loss ¥12
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- センコーグループホールディングス株式会社Outside
- SubsidiaryVerite50.2%
- ＲＩＺＡＰグループ株式会社Outside
- AffiliateDream Vision45.4%
- フリージア・マクロス株式会社Outside
- StakeTokyo Soir18.9%
- Citizen WatchIn industry
- StakeRhythm7.4%
- 東京産業株式会社Outside
- StakeChugai Mining3.5%
- Seiko GroupIn industry
- StakeSeiko Epson3.4%
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
All companies in Watches, Jewelry & Eyewear (by revenue)
All 28 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.
- Hoya¥590.7B
- Chugai Mining¥278.2B · 1.0%
- Seiko Group¥218B · 13.1%
- Citizen Watch¥197.1B · 12.7%
- Seiko Epson¥196.9B · 5.5%
- Casio Computer¥185B · 14.7%
- Jins Holdings¥97.2B · 12.4%
- Intermestic¥50.2B · 11.9%
- Yondoshi Holdings¥45.3B · 6.3%
- Tsutsumi Jewelry¥35.2B · 14.9%
- Estelle Holdings¥31.8B · 3.0%
- Nagahori¥29.2B · 5.6%
- Primo Global Holdings¥28B · 11.2%
- NEW ART Holdings¥23.1B · 24.9%
- Japan Eyewear Holdings¥18.6B · 35.1%
- Aigan¥15.3B · 1.5%
- Verite¥9.44B · 7.4%
- Festaria Holdings¥9.4B · 3.1%
- happiness and d¥8.84B · -4.6%
- Rhythm¥7.58B · -1.0%
- K-uno¥7B · 1.5%
- Nihon Seimitsu¥6.73B · 2.8%
- Kohsai¥4.24B · 4.2%
- Sekido¥3.93B · -1.6%
- Crossfor¥3.76B · 1.5%
- Tokyo Soir¥1.63B · 5.0%
- Asahipen¥1.05B · -6.7%
- Dream Vision¥718.3M · -12.9%
Revenue · Op. margin
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