LOOK HOLDINGS INCORPORATED (8029): FY2025 Results Summary — Lower Revenue and Profit as Korea Business Struggles

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Note: LOOK HOLDINGS INCORPORATED does not publish an English results presentation; this article is an English translation of the Japanese-language article on our sister site Investalk, which is based on the company’s Japanese-language IR materials, with figures transcribed as reported. LOOK HOLDINGS INCORPORATED announced its consolidated results for the fiscal year ended December 31, 2025 (FY2025). Revenue came to ¥52,117 million (95.2% of the previous year, down ¥2,622 million), operating profit was ¥1,759 million (69.5%, down ¥771 million), ordinary profit was ¥2,086 million (72.4%, down ¥794 million), and profit attributable to owners of parent was ¥1,474 million (76.6%, down ¥451 million), with all metrics below the prior year. While the domestic business performed steadily, results fell short of the initial plan and the prior-year results, affected by weakness in the overseas Korea business.

Consolidated Results (FY2025 Actual)

Gross profit was ¥31,456 million (95.9% of the previous year), and the gross profit margin was 60.4% (up 0.4pt year on year). SG&A expenses were ¥29,697 million (98.1%). On the profit side, results came in below plan, including the revised forecast, due in part to a decline in profit margin from an increase in sale-priced merchandise.

Item	FY2025 (Actual)	FY2024 (Actual)	YoY
Revenue	¥52,117 million	¥54,739 million	95.2% (-¥2,622 million)
Gross profit	¥31,456 million	¥32,818 million	95.9% (-¥1,362 million)
Gross profit margin	60.4%	60.0%	+0.4pt
SG&A expenses	¥29,697 million	¥30,287 million	98.1% (-¥590 million)
Operating profit	¥1,759 million	¥2,530 million	69.5% (-¥771 million)
Operating profit margin	3.4%	4.6%	-1.2pt
Ordinary profit	¥2,086 million	¥2,880 million	72.4% (-¥794 million)
Profit attributable to owners of parent	¥1,474 million	¥1,925 million	76.6% (-¥451 million)

Segment Results

In Japan, mainstay import brands performed steadily, but operating profit declined year on year due to weakness in domestic apparel brands and a decrease in orders from specialty stores. In Korea, weak autumn sales and negative foreign exchange effects led to declines in both revenue and operating profit. In Europe, the mainstay wholesale and retail businesses performed steadily, resulting in higher revenue and a narrower operating loss. In Other Overseas, IL BISONTE’s wholesale and retail businesses in the United States both performed steadily, resulting in higher revenue and a narrower operating loss. In Other Businesses, revenue declined in the production and OEM business, but operating profit increased as sales to outside the Group increased in the logistics business.

Segment	FY2025 Revenue	FY2024 Revenue	FY2025 Operating Profit	FY2024 Operating Profit
Japan	¥24,328 million	¥24,255 million	¥1,738 million	¥1,805 million
Korea	¥25,826 million	¥28,426 million	¥902 million	¥1,635 million
Europe	¥3,824 million	¥3,645 million	-¥183 million	-¥236 million
Other Overseas	¥459 million	¥410 million	-¥26 million	-¥57 million
Apparel-Related Business Total	¥54,438 million	¥56,738 million	¥2,431 million	¥3,147 million
Other Businesses	¥3,188 million	¥3,523 million	¥65 million	¥56 million

Channel Results

Group-wide e-commerce (EC) revenue, combining domestic and overseas operations, increased. For full-year FY2025, the Group’s overall EC ratio rose 1.1 percentage points year on year to 15.6%. Domestically, real-store revenue increased on new store openings, while overseas, EC revenue increased. For full-year FY2025, the domestic EC ratio was 18.5% and the overseas EC ratio was 13.2%.

Channel	FY2024	FY2025
Real stores	¥41,362 million	¥40,495 million
EC	¥8,248 million	¥8,467 million
Wholesale	¥6,318 million	¥4,628 million
Other	¥809 million	¥847 million
Total	¥56,738 million	¥54,438 million
EC ratio	14.5%	15.6%

FY2026 Forecast

For FY2026 (fiscal year ending December 31, 2026), the company plans to continue promoting new store openings for its mainstay import brands domestically. Overseas, I.D.LOOK’s Korea business revenue is expected to decrease by ¥8.0 billion year on year, due to the termination of its exclusive distribution agreement with SMCP Holding SAS. In light of this, the company plans full-year consolidated revenue of ¥46,000 million (88.3% of the previous year) and operating profit of ¥1,700 million (96.6%).

Item	FY2026 (Forecast)	FY2025 (Actual)	YoY
Revenue	¥46,000 million	¥52,117 million	88.3% (-¥6,117 million)
Gross profit	¥28,300 million	¥31,456 million	90.0% (-¥3,156 million)
Gross profit margin	61.5%	60.4%	+1.1pt
SG&A expenses	¥26,600 million	¥29,697 million	89.6% (-¥3,097 million)
Operating profit	¥1,700 million	¥1,759 million	96.6% (-¥59 million)
Operating profit margin	3.7%	3.4%	+0.3pt
Ordinary profit	¥2,000 million	¥2,086 million	95.9% (-¥86 million)
Profit attributable to owners of parent	¥1,600 million	¥1,474 million	108.5% (+¥126 million)

Shareholder Returns

For FY2026 (fiscal year ending December 31, 2026), the company plans a year-end dividend forecast of ¥100 per share (payout ratio 48.7%).

Medium-Term Plan / Topics

Based on its medium-term management plan (2024-2028), the company plans revenue of ¥70,000 million and operating profit of ¥5,000 million for the fiscal year ending December 31, 2028. As of the end of December 2025, the store count stood at 241 stores in Japan, 289 in Korea, 4 in Europe, and 1 in North America, for a total of 535 stores, with the domestic store count up 3 stores from the end of the previous fiscal year. As a new business initiative for FY2026, I.D.LOOK LTD. has agreed with APC France to begin wholesale distribution of A.P.C. GOLF in Asia and Oceania (China, Southeast Asia, Australia, and New Zealand) from 2026, and will also begin exclusive import and distribution of the French contemporary brand “SOEUR” from spring 2026. In addition, the leather goods brand “STRATHBERRY” held its first pop-up events in Japan in 2025 and plans to hold multiple pop-up events again in FY2026.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.