June 2026
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Largest Vertical E-commerce Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
Zozo, Oisix ra daichi, istyle, Giftee and Autoserver Co.
 | 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. | $6 | -34% | $6B | $5B | 4.0x | 12.4x | ||
| 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. | $9 | -16% | $317M | $449M | 0.3x | 5.4x | ||
| 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. | $2 | -30% | $235M | $208M | 0.4x | 6.2x | ||
| 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 | -33% | $216M | $201M | 2.2x | 8.3x | ||
| 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. | $17 | +8% | $121M | $50M | 1.2x | 2.8x | ||
| Daiichi Co Ltd is engaged in the business of food supermarket, real estate and rental business. | $11 | -- | $119M | $66M | 0.2x | 4.4x | ||
| 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. | $10 | +14% | $104M | $88M | 0.7x | 4.4x | ||
| 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. | $12 | +28% | $92M | $63M | 1.1x | 8.0x | ||
| 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. | $9 | -22% | $91M | $80M | 0.8x | 11.2x | ||
| 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. | $2 | +19% | $73M | $97M | 1.0x | 7.6x | ||
| 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 | -68% | $39M | $38M | 0.2x | 2.2x | ||
| 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 | -4% | $37M | ($26M) | (0.1x) | (3.8x) | ||
| Koukandekirukun Inc is developing an e-commerce business that sells sets of housing equipment and installation work. The Group operates in a single segment, the e-commerce business for home appliances. | $5 | -3% | $36M | $33M | 0.5x | 23.6x | ||
| 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. | $10 | +60% | $35M | $30M | 2.4x | 16.1x | ||
| 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". | $1 | -38% | $26M | $34M | 0.3x | (12.7x) | ||
| Laxus Technologies Inc is engaged in Subscription based sharing business for luxury bags. | $1 | -51% | $16M | $15M | 0.9x | 2.6x | ||
| Median | $7 | -16% | $91M | $64M | 0.8x | 5.8x |
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