October 2026
Largest Consumer E-commerce Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
LY Corporation, Rakuten, Zozo, DeNA and ASKUL.
 | LY is a leading Japanese internet services conglomerate. Its main services are Yahoo Japan, the oldest portal site in Japan that offers a wide variety of services, such as news, e-commerce, financial information, and Line, a national messenger application. In 2019, the company acquired Zozo, a leading online apparel retailer, to grow its e-commerce business. In 2022, LY consolidated with its wholly owned subsidiary PayPay, the most popular QR code payment service in Japan. | $3 | +9% | $22B | $34B | 2.6x | 11.3x | ||
| Rakuten is a Japanese internet services and technology group headquartered in the Tamagawa district of Setagaya, Tokyo, and listed on the Tokyo Stock Exchange. Its core business is Rakuten Ichiba, an online shopping marketplace launched in May 1997 that charges merchants a combination of monthly fixed fees and commissions on sales, alongside Rakuten Travel. Its fintech arm grew from the 2004 purchase of the company that became Rakuten Card, whose cards were held by over 13 million people by 2016, and in 2016 the group also ran Japan's largest internet bank, with services tied together by the Rakuten Super Point loyalty program. It also runs mobile operator Rakuten Mobile, messaging app Viber, e-book distributor Kobo, video service Viki and the Rakuten Rewards cash-back business, formerly Ebates, bought for $1 billion in 2014. The group reported revenue of ¥2.279 trillion and an operating loss of ¥194.7 billion in 2024, and employed 29,334 people in more than 30 countries. It was founded as MDM, Inc. by former banker Hiroshi Mikitani in 1997 and renamed Rakuten in 1999; Mikitani remains chairman, president and chief executive. In sport it formed the Tohoku Rakuten Golden Eagles baseball team in 2004 and bought J1 League football club Vissel Kobe in 2015, and it has sponsored FC Barcelona and the Golden State Warriors. | $4 | -36% | $9.1B | $14B | 0.9x | 6.6x | ||
| Zozo was established in 1998 by Yusaku Maezawa (founder and former CEO), and its main business is Zozotown, the largest fashion e-commerce platform in Japan. Zozotown’s business consists mainly of consignment sales, where each brand’s products are stocked in Zozotown’s logistics bases, and brands open their shops on Zozotown as tenants. As of 2025, Zozotown sold clothing from over 9,000 brands and boasted about 12.8 million annual active users. Zozo acquired LYST, a UK-based fashion e-commerce platform operator, in 2025. | $7 | -16% | $6.3B | $6.2B | 4.3x | 12.9x | ||
| DeNA is a Japanese internet, games and sports company headquartered in Shibuya, Tokyo. Founded in 1999 by Tomoko Namba, it started with the online auction site Bidders, listed on the Tokyo Stock Exchange in 2005 and built the Mobage mobile gaming platform, which had 20.5 million users and ¥48 billion of digital goods sales by 2010. It later developed mobile games with partners such as Nintendo, including Super Mario Run and Pokémon Masters, and in 2022 formed the joint venture Nintendo Systems with Nintendo. It also runs e-commerce services such as DeNA Shopping. In sport it bought the Yokohama BayStars baseball club from TBS Holdings, renaming it the Yokohama DeNA BayStars in 2012, and acquired the B.League basketball team Kawasaki Brave Thunders in 2018. DeNA earns revenue from game and in-app item sales, e-commerce, advertising, and ticketing, sponsorship and merchandise at its sports teams. Through corporate venture investments it also backs Japanese startups such as ALGO ARTIS, Justincase and the AI character startup Shizuku AI. | $16 | -10% | $1.5B | $960M | 1.0x | 5.5x | ||
| ASKUL Corp is a Japanese company mainly offering office products and accessories. The business has two main segments: the office-related products and other delivery. The office-related product segment consists of personal computer and accessories, office supplies, and furniture. The other delivery segment provides cargo transportation services for corporations. | $8 | -17% | $678M | $834M | 0.3x | (8.5x) | ||
| Oisix ra daichi Inc is engaged in online and catalog sales of organic vegetables, specially cultivated agricultural products, additive-free processed foods, and other food products and ingredients. | $11 | -2% | $366M | $488M | 0.3x | 5.7x | ||
| Scroll Corp offers online shopping services through its site and printed catalogs. It provides travel business, solution business, e-commerce business, and Ken Cosmetics business, among others. The group operates in four segments, which include Solutions Business, Mail Order Business, E-commerce Business, and Group-controlled businesses. | $11 | +54% | $359M | $295M | 0.5x | 8.5x | ||
| istyle Inc is engaged in the operation of cosmetics portal Website under the name @cosme. The company operates its business through Media, Electronic Commerce and Store segment. The Media segment involves in the provision of various services including Internet advertising services, such as response advertisings, branding advertisings and affiliate advertisings. The Electronic Commerce segment is engaged in the purchase and sale of cosmetics, quasi drugs, health foods through operating cosmetics online shopping site and the Store segment is involves in the plan and development of cosmetics retail business categories, and the operation of cosmetics retail stores. | $3 | -1% | $282M | $257M | 0.5x | 5.9x | ||
| Giftee Inc is a Japanese based company involved in the internet service business. Its operates as a online service provider which enables users to easily send eGift via e-mail or LINE along with the feelings of thank you, congratulations and good work. | $7 | -2% | $197M | $183M | 2.0x | 9.5x | ||
| Autoserver Co Ltd is engaged in used car auction agency service and brokerage service for used car dealers on the website. The used car distribution platform ASNET operated by the company is a used car distribution web service that can be used by used car dealers and automobile-related businesses with no membership fee or monthly membership fee. | $19 | +14% | $138M | $61M | 1.5x | 3.4x | ||
| Jade Group Inc is a Japan-based company mainly engaged in the electronic commerce (EC) business. It operates a mail-order site for selling shoes and fashion products. It offers women's and men's shoes, bags, and apparel. It also manages platforms for information technology and logistics infrastructure. | $12 | +10% | $120M | $115M | 0.9x | 5.7x | ||
| Vega Corp Co Ltd operates EC platform focused on lifestyle furniture, interior products, and sundries. The company sells furniture and interior products. It is engaged in the provision of Internet mail-order businesses of furniture and interior, and operation of a international e-commerce (EC) site targeted for cross-border market. The E-commerce platform is engaged in purchasing and sale of sofas, chairs and beds. | $10 | -5% | $102M | $87M | 0.8x | 8.8x | ||
| Raccoon Holdings Inc operates as an online discount wholesaler. It primarily offers apparel goods. | $4 | +1% | $85M | $70M | 1.7x | 7.9x | ||
| Kurashicom Inc provides various content, such as products, articles, and videos, to its users through the Hokuo Kurashi no Doguten platform. The platform offers services in different areas, such as D2C (direct-to-customer) services allowing users to buy apparel, kitchenware, interior goods, and other products; Brand Solutions services providing marketing solutions to businesses, mainly those of domestic national brands; and Content publishing services. Maximum revenue for the company is generated from its D2C business. The company, along with its subsidiaries, operates in two segments: Hokuo Kurashi no Doguten and the foufou segment. | $11 | -16% | $85M | $51M | 0.9x | 6.8x | ||
| Mandarake Inc is a Japan-based company engaged in the purchase and sale of Japanese cartoon-related secondhand books, goods, and animation-related products. It provides mail-order sale of comics, magazines, DVDs, games, and costume along with an auction of books, toys, celluloid pictures, animations, and acting scripts. | $3 | +5% | $84M | $112M | 1.2x | 8.7x | ||
| Waqoo Inc is engaged in planning and developing its brand-name goods, like cosmetics, and selling them on the company's website and others, by using digital marketing strategies. It has two segments the D2C business involves planning and developing original brands (cosmetics, etc.) using digital marketing, and the Medical Support Business is an initiative in the field of regenerative medicine, and is expanding into the areas of orthopedics and AGA. | $15 | +64% | $53M | $47M | ||||
| Miratap Inc is an online retailer that offers housing equipment and building materials. It offers products related to kitchen, bathroom, flooring, interior building materials, exterior building materials, maintenance construction materials, and others. The Company has two reportable segments: the "Housing Equipment and Building Materials E-Commerce Business" and the "Housing Business". | $2 | +21% | $41M | $46M | ||||
| Felissimo Corp is a direct marketing company that sells domestic and overseas products and services. The products of the company include fashion goods, household goods, handmade kits, beauty related products and foods. | $5 | -3% | $38M | - | ||||
| Hamee Corp engages in the planning and sale of mobile accessories. It operates through the following segments: Commerce and Platform business. The Commerce Business purchases and sells mobile phones and smartphone accessories. The Platform Business offers the sale of internet shopping operating companies and support services of inventory management. It engages in the development and provision of Next Engine, a cloud-type business management platform for Internet mail-order business operators. | $2 | -44% | $30M | $50M | ||||
| Senshukai Co Ltd is a Japan-based company operates in the catalog business. It provides customers with lifestyle ideas in a wide variety of genres through a range of catalogs and the online shop "Belle Maison Net. The segments in which the group operates includes Mail-order, Bridal, Corporate, and Others business. It offers accessories, living sundries, and furniture and interior goods for a specialty store-type product lineup. SENSHUKAI also provides travel and credit cards, and insurance services. | $1 | -58% | $29M | - | ||||
| Laxus Technologies Inc is engaged in Subscription based sharing business for luxury bags. | $1 | -42% | $15M | $14M | ||||
| Median | $7 | -2% | $120M | $115M | 0.9x | 6.6x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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