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7372 東証グロース(サービス業)




(公開日 2023.03.03)


Decollte Holdings(7372 TSE Growth)

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Leading company in the photo wedding industry

1. Corporate Overview
Decollte Holdings Corporation is the leading company in the photo wedding industry that has established the market in Japan.

2. Financial Analysis
Revenue continued to increase until fiscal year ended September 2019 due to an increase in number of stores, and profit increase have been recorded except for fiscal year ended September 2018 when there were many store openings and closings. Sales and profit declined in fiscal year ended September 2020 due to the impact of the pandemic, but returned to the level of before the pandemic in fiscal year ended September 2021.
The company’s ROE is at a high level. The total asset turnover ratio is below those of other companies because operations are made in-house across the board, but the high profit margin compensates for the low asset turnover ratio and increases ROE.

3. Non-Financial Analysis
The two sources of intellectual capital of the company are the founder who established a photo wedding service and the in-house operations. A virtuous cycle was drawn where the founder’s experience was utilized in in-housing of operations, customers increased due to improved service quality and increased number of stores. As a result, the accumulated know-how was utilized for further improvements in operations.

4. Corporate Strategy Analysis
As for issues that should be addressed, the company needs to secure and develop professional human resources, and centralize store operations to increase its number of stores.
The company aims to become a “life photo company” over the medium to long term. As the first step in pioneering the life event field other than the wedding field, the company plans to accelerate the opening of stores to provide anniversary photo services.

5. Analyst Evaluation
We evaluate the foresight of being the first to start a photo wedding service, and operations focusing on in-housing.
We will closely monitor whether the anniversary photo service will become the second pillar of earnings over the medium to long term, and whether the pace of opening stores will accelerate as planned toward that goal.












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