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6612 東証グロース(電気機器)




(公開日 2020.12.18)


BALMUDA(6612 TSE Growth)

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Selling high-grade home appliances

Fabless Manufacturer of Home Appliances
BALMUDA is a fabless manufacture that internally conducts planning, development, design and other operations of home appliances, and outsources manufacturing to manufacturers inside and outside of Japan. The company purchases most of its products from contract manufacturers in China and Taiwan. As for the sales composition by product category in fiscal year ended December 2019, kitchen-related items accounted for 48.5%, air conditioning-related items accounted for 43.2% and other items accounted for 8.3%. For net sales by region, Japan accounted for 67.2%, South Korea accounted for 22.8% and others accounted for 10.0%.

Consumers Favor Excellent Functions and Designs
The company’s products are accepted by consumers although their prices are double to ten times the prices of conventional products due to the new functions developed by the company and the products excellent designs.

The awareness of the company increased among consumers through “GreenFan,” an electric fan released in April 2010 that was equipped with a brushless DC motor. Even though the price was over 30,000 yen, the “GreenFan” series became the company’s signature product, selling a cumulative total of over 500,000 units. Since then, the company enriched its lineup of air conditioning-related products.

Furthermore, the company released its steam toaster, “BALMUDA The Toaster,” in 2015 as its first kitchen-related product. Its lineup was enriched since then with the release of electric kettles, rice cookers and other products. Inventory management of air conditioning-related products is difficult due to their seasonality, but since kitchen-related products are not affected by seasons, the inventory management is easy and led to its stable management.


バルミューダ(以下、同社)グループは、同社及び完全子会社で連結対象のBALMUDA Europe GmbHの2社で構成されている家電メーカーである。家電製品の企画や開発、デザイン等は内製化し、製造は国内外のメーカーに発注しているファブレスメーカーである。大半の製品は中国や台湾の製造委託先から仕入れている。19/12期の販売高の製品分野別構成比は、キッチン関連が48.5%、空調関連が43.2%、その他が8.3%となっている。


販売チャネルは、家電量販店、百貨店、自社のオンラインショップ、EC事業者、海外の代理店等である。19/12期の販売先のトップは、韓国での代理店であるLimotech Korea Co.,Ltd.で、総販売高の22.8%を占めた。次に販売依存度が高いのは主として輸入家電の卸や小売り、住設機器や空調機器の販売・工事を行うミツバ(東京都台東区)で総販売高の10.8%を占めた。






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