■Company Overview

1. Company Overview and History

Sanei Corporation (8119) was founded in Osaka for the purpose of exporting ornaments in 1946, shortly after the war, and has a history of 78 years. Currently, they handle daily necessities in general, and are involved in a wide range of supply chains from manufacturing, import/export, wholesale, and retail. It has grown into a multi-functional trading company with 17 locations overseas and 29 domestic directly managed retail stores. Individuality is clear in dealing with high-value-added daily necessities with the theme of “health and environment,” such as the introduction of differentiated European brands into Japan and OEM supply of discerning products represented by the Good Product Plan. “Good things for life.” It is a global enterprise that is involved in manufacturing domestically and internationally based on the concept, and sells not only in the Japanese market but also in overseas markets. Mr. Mizukoshi Masaki (Mizukoshi Masaki) was promoted to President and CEO from 2022/1, and the company transitioned to a new management system. Mr. Mizukoshi is from Sumitomo Corporation ＜8053＞, and is responsible for business development with an eye on the next 10 years, making use of his abundant experience and knowledge in wholesale, retail, e-commerce, mail order, etc. Due to the restructuring of the Tokyo Stock Exchange in April 2022, it transitioned to the standard market.

2. Business structure

The business segment is classified as “furniture and household goods business,” “fashion miscellaneous goods business,” “home appliance business,” and “others.” The furniture and household goods business is mainly a business that procures OEM products from major domestic and international companies, and our own e-commerce shop “MINT (Mint)” for furniture is also included in this segment. The fashion goods business imports and sells branded products with sales rights such as “BIRKENSTOCK (BIRKENSTOCK)” for sandals and shoes and “Kipling (Kipling)” bags, develops directly managed select shops “BENEXY (Benexy),” and conducts domestic and international OEM business. The home appliance business has both OEM product procurement and brand business, and the main brands are “Vitantonio (Vitantonio)” for cooking appliances and “mod's hair (mod's hair)” for hairdressing appliances. Other businesses include pet stores and animal hospitals. The sales structure for the mid-term fiscal year ending March 31, 2025 was 45.2% for the furniture and household goods business, 42.6% for the fashion and miscellaneous goods business, 7.9% for the home appliance business, and 4.3% for other businesses.

In terms of business models, it is classified as a brand business and an OEM business. The brand business mainly develops wholesale/retail of overseas brands and in-house brand products domestically. As for brands, in addition to handling mainly those that have a long history and have not been introduced in Japan, environmental brands that have just been born have also been actively introduced in recent years, and about 30% of total sales (fiscal year ending 2024/3) is the brand business. The goal is to expand the range of business in the household goods category and expand sales of the brand business. The OEM business's sales ratio is approximately 70%. This business carries out procurement operations such as product specification reviews, factory selection, price negotiations, production management, and import/export/logistics for products that meet the needs of client companies. Our strengths are our manufacturing network in Asia, which has been built over many years of overseas expansion, and production management by our own staff.

(Written by FISCO Visiting Analyst Hideo Kakuta)