Overview
Retail Trade

BAROQUE JAPAN LIMITED

Baroque Japan Limited is a Japanese SPA (Specialty store retailer of Private label Apparel) focused on women's apparel and fashion accessories, operating multiple brands across distinct retail channels including fashion buildings, shopping centers, department stores, and footwear. Key brands include MOUSSY, SLY, rienda (fashion building/station building segment), AZUL BY MOUSSY and RODEO CROWNS WIDE BOWL (shopping center segment), ENFÖLD, någonstans and RIM.ARK (department store contemporary women's segment), and STACCATO (footwear). As of February 2025, the company operates 340 domestic stores (255 directly managed, 85 franchise) and conducts online retail through its proprietary 'SHEL'TTER' EC platform, with international operations primarily in China.

Market Cap
¥22.5B
US$143M
EV
¥17.7B
US$113M
Stock¥621▲+1.47%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
41.1
x
LTM EV/EBIT
NM
LTM PER
NM
LTM PBR
1.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-39.5%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
22.5BUS$143MMarket Cap7.00BUS$44.6M+ Debt7.85BUS$50.1M− Cash3.94BUS$25.1M− Inv. Sec.17.7BUS$113MEV
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Performance & Balance
Revenue 5Y (¥B)
59.1US$377M'22/258.8US$375M'23/260.3US$385M'24/258.2US$371M'25/251.5US$328M'26/2
EBITDA 5Y (¥B)
3.56US$22.7M'22/22.87US$18.3M'23/22.82US$18.0M'24/21.75US$11.2M'25/21.23US$7.82M'26/2
Net Income 5Y (¥B)
1.47US$9.38M'22/20.24US$1.55M'23/20.95US$6.03M'24/2-2.58-US$16.4M'25/20.37US$2.33M'26/2
Capital Structure
63%
37%
EquityD/E 0.58xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
16.6US$106M8.00US$51.0M'22/215.5US$99.0M8.00US$51.0M'23/212.7US$81.1M8.00US$51.0M'24/211.3US$72.1M8.00US$51.0M'25/215.3US$97.3M8.00US$51.0M'26/2
Shareholders
Top 10 hold 51.0%
1
MUTUAL CROWN LIMITED (Standing Proxy: Daiwa Securities Co. Ltd.)
20.08%
2
ORIX CORPORATION
12.71%
3
Murai Capital Co., Ltd.
7.16%
4
The Master Trust Bank of Japan, Ltd. (Trust Account)
4.29%
5
Hiroyuki MURAI
2.88%
6
SMBC Nikko Securities Inc.
2.23%
7
Seiki NARA
0.45%
8
Mizuki FUKASAWA
0.44%
9
Tetsuto FUKASAWA
0.43%
10
Custody Bank of Japan, Ltd. (Trust Account)
0.32%
Management
8 officers
Hiroyuki MURAI
Representative Director, President and Chief Executive Officer
Aug 1985: Joined Canon Inc. Apr 1994: President, KAI LUNG CONSULTANTS LIMITED Apr 1995: President, CENTURY GROW LIMITED Jul 1997: President, Hong Kong subsidiary, Japan Air System Co., Ltd. (now Japan Airlines Co., Ltd.) Jul 1997: President, Hong Kong subsidiary, JAS Trading Co., Ltd. (now JALUX Inc.) Oct 2006: Representative Director and Chairman, Fake Delic Holdings Co., Ltd. Jan 2007: Director and Managing Director, BAROQUE HK LIMITED Apr 2007: Representative Director, Chairman and President, Fake Delic Holdings Co., Ltd.; Representative Director and Chairman, Baroque Japan Limited (formerly BJL) Feb 2008: President and Chief Executive Officer, the Company May 2009: Representative Director, Baroque (Shanghai) Trading Co., Ltd. (current) May 2013: President, Chief Executive Officer and Chief Operating Officer, the Company Sep 2013: Director and Managing Director, BAROQUE CHINA LIMITED; Director, BAROQUE CHINA APPARELS LIMITED; Director, Baroque (Shanghai) Fashion Co., Ltd. Nov 2013: Representative Director, Baroque (Shanghai) Enterprise Development Co., Ltd. Feb 2014: President and Chief Executive Officer, the Company (current); Director and Managing Director, FRAME LIMITED Feb 2015: Director and Chairman, BAROQUE HK LIMITED (current) Apr 2016: Director, BAROQUE USA LIMITED (current) Dec 2025: Director and Chairman, DB Capital Limited (current)
1961-07-26
Shan ZHAO
Director, Managing Executive Officer, in charge of China and Asia Region
Oct 2006: Overseas Management Department, Fake Delic Holdings Co., Ltd. Sep 2009: General Manager, Beijing Branch, Baroque (Shanghai) Trading Co., Ltd. Sep 2010: General Manager, Baroque (Shanghai) Trading Co., Ltd. Sep 2013: Director, Baroque (Shanghai) Trading Co., Ltd. (current) Sep 2013: Director, BAROQUE CHINA LIMITED Nov 2013: Director, Baroque (Shanghai) Enterprise Development Co., Ltd. Feb 2014: Director, FRAME LIMITED Feb 2015: Director and Managing Director, BAROQUE HK LIMITED (current) May 2017: Executive Officer, the Company May 2018: Managing Executive Officer, the Company (current) Feb 2019: In charge of China and Asia Region, the Company (current) Mar 2020: Global Business Promotion Task Force, the Company May 2025: Director, the Company (current)
1973-06-21
Akira MATSUZAKI
Director
Apr 1978: Joined Seiyu Co., Ltd. (now Seiyu Co., Ltd.) Jul 2005: Joined Ryohin Keikaku Co., Ltd.; General Manager, Asia Region, Overseas Business Division Feb 2008: Executive Officer; General Manager, China, Overseas Business Division, Ryohin Keikaku Co., Ltd. May 2011: Director and Executive Officer; General Manager, Overseas Business Division, Ryohin Keikaku Co., Ltd. May 2012: Managing Director and Executive Officer; General Manager, Overseas Business Division, Ryohin Keikaku Co., Ltd. May 2013: Senior Managing Director and Executive Officer; General Manager, Overseas Business Division, Ryohin Keikaku Co., Ltd. May 2015: Representative Director, President and Executive Officer, Ryohin Keikaku Co., Ltd.; Representative Director, President, MUJI HOUSE Co., Ltd. Sep 2020: Representative Director, President and Executive Officer, Ryohin Keikaku Co., Ltd.; General Manager, Overseas Business Division Sep 2021: Director, Vice Chairman and Executive Officer, Ryohin Keikaku Co., Ltd. May 2023: Outside Director, the Company (current)
1954-03-10
Masuo OKUMURA
Director
Jul 1971: Joined National Police Agency May 2001: Chief, Osaka Prefectural Police Headquarters Aug 2002: Director-General, Security Bureau, National Police Agency Jan 2004: Superintendent General, Metropolitan Police Department Mar 2006: President, Japan Traffic Safety Association (now General Incorporated Foundation Japan Traffic Safety Association) Jun 2013: President, Public Interest Incorporated Foundation Japan Road Traffic Information Center Jun 2013: Audit & Supervisory Board Member, Maruichi Steel Tube Ltd. (current) May 2023: Outside Director, the Company (current)
1947-11-08
Fang SHENG
Director
Nov 1993: Gulf Semiconductor Ltd., Shanghai Office Nov 2005: Regional Manager, Belle International Holdings Ltd. May 2007: Group Senior Vice President and Head of Eastern China Region, Belle International Holdings Ltd. May 2011: Executive Director, Belle International Holdings Ltd. (current) Dec 2011: Deputy Chairman, Smile Charity Foundation (current) Apr 2013: Adjunct Professor of Innovation and Entrepreneurship, Tongji University Aug 2013: Outside Director, the Company (current) Sep 2013: Director, BAROQUE CHINA APPARELS LIMITED (current); Representative Director, Baroque (Shanghai) Fashion Co., Ltd. Nov 2013: Director, Baroque (Shanghai) Enterprise Development Co., Ltd. Jun 2019: Non-executive Director, Topsports International Holdings Limited (current) Feb 2022: Executive Director and Chief Executive Officer, Belle Fashion Group Oct 2023: Chairman and Chief Executive Officer, Belle Fashion Group (current)
1972-11-11
Shinichi MATSUDA
Audit & Supervisory Board Member
Apr 1988: Joined San-A International Co., Ltd. Sep 2001: Executive Officer; General Manager, Sales Division, San-A International Co., Ltd. Nov 2003: Director, Executive Officer; General Manager, 1st Company, San-A International Co., Ltd. Nov 2007: Managing Director; General Manager, Sales Division, San-A International Co., Ltd. Jan 2009: Managing Director; Deputy General Manager, Business Division, San-A International Co., Ltd. Sep 2009: Director; General Manager, Business Promotion Division and General Manager, Area Sales Division, San-A International Co., Ltd. Oct 2010: Executive Officer; General Manager, 2nd Business Division, the Company Apr 2011: Director and Executive Officer; General Manager, 2nd Business Division, the Company Apr 2012: Director and Senior Executive Officer; General Manager, 2nd Business Division, the Company Jun 2012: Director and Senior Executive Officer; General Manager, Corporate Planning Division, the Company Sep 2012: Director and Senior Executive Officer; General Manager, Corporate Planning Division and General Manager, BLACK BY MOUSSY Business Division, the Company May 2013: Director and Senior Executive Officer; General Manager, Sales Division and General Manager, BLACK BY MOUSSY Business Division, the Company May 2015: Senior Managing Executive Officer; General Manager, Production Division and Deputy General Manager, Sales Division, the Company Dec 2016: Senior Managing Executive Officer; General Manager, Production Division and General Manager, STACCATO Business Division, the Company May 2017: Senior Managing Executive Officer; General Manager, Sales & Distribution Division and General Manager, STACCATO Business Division, the Company May 2018: CEO Advisor, the Company May 2020: Full-time Audit & Supervisory Board Member, the Company (current)
1960-09-25
Yoshiki YOSHIDA
Audit & Supervisory Board Member
Apr 1972: Joined Mitsui & Co., Ltd. Mar 2002: General Manager, Chemicals Department, Kyushu Branch, Mitsui & Co., Ltd. May 2004: General Manager, Chubu Synthetic Resins & Inorganic Chemicals Department, Synthetic Resins & Inorganic Chemicals Division, Mitsui & Co., Ltd. Jun 2005: Inspector, Internal Audit Department, Mitsui & Co., Ltd. Jun 2009: Full-time Audit & Supervisory Board Member, Mitsui Foods Co., Ltd. (now Mitsui Bussan Ryutsu Group Co., Ltd.) Apr 2013: Outside Audit & Supervisory Board Member, the Company Jul 2013: Full-time Audit & Supervisory Board Member, the Company May 2024: Outside Audit & Supervisory Board Member, the Company (current)
1950-03-03
Akira TSUJISHIMA
Audit & Supervisory Board Member
Apr 1981: Appointed Public Prosecutor Apr 1988: Registered as Attorney-at-Law Aug 1989: Opened Tsujishima Law Office Apr 2004: Opened Tsujishima & Ishibe Law Office; Managing Attorney (current) May 2024: Outside Audit & Supervisory Board Member, the Company (current)
1953-08-04
Large Shareholding Reports
ORIX Corporation
2026-10-07
10.93%→9.90%
Annual report (as of 2026-08-31): 12.71%
ORIX Corporation
2026-09-24
11.96%→10.93%
Annual report (as of 2026-08-31): 12.71%
ORIX Corporation
2026-09-08
13.11%→11.96%
Annual report (as of 2026-08-31): 12.71%
ORIX Corporation
2026-08-20
14.15%→13.11%
Annual report (as of 2026-08-31): 12.71%
ORIX Corporation
2026-06-23
15.17%→14.15%
Annual report (as of 2026-08-31): 12.71%
ORIX Corporation
2026-03-23
16.17%→15.17%
Annual report (as of 2026-08-31): 12.71%
ORIX Corporation
2026-01-20
17.19%→16.17%
Annual report (as of 2026-08-31): 12.71%
ORIX Corporation
2025-10-21
18.19%→17.19%
Annual report (as of 2026-08-31): 12.71%
ORIX Corporation
2025-08-21
19.20%→18.19%
Annual report (as of 2026-08-31): 12.71%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-15
Q2 Earnings Flash
FY ending Feb 2027
EDINET
2026-10-15
Semi-Annual Securities Report
Period: Mar 2026 – Feb 2027
EDINET
2026-10-07
Large Shareholding Report
EDINET
2026-09-24
Large Shareholding Report
EDINET
2026-09-08
Large Shareholding Report
EDINET
2026-08-20
Large Shareholding Report
TDnet
2026-07-15
Q1 Earnings Flash
FY ending Feb 2027
EDINET
2026-06-23
Large Shareholding Report
EDINET
2026-05-28
Annual Securities Report
Period: Mar 2025 – Feb 2026
TDnet
2026-05-01
株主総会招集通知
EDINET
2026-03-23
Large Shareholding Report
EDINET
2026-01-20
Large Shareholding Report
TDnet
2026-01-14
Q3 Earnings Flash
FY ending Feb 2026
EDINET
2025-10-21
Large Shareholding Report
EDINET
2025-10-15
Semi-Annual Securities Report
Period: Mar 2025 – Feb 2026
EDINET
2025-08-21
Large Shareholding Report
TDnet
2025-07-15
Q1 Earnings Flash
FY ending Feb 2026
EDINET
2025-05-28
Annual Securities Report
Period: Mar 2024 – Feb 2025
TDnet
2025-01-14
Q3 Earnings Flash
FY ending Feb 2025
EDINET
2024-10-15
Semi-Annual Securities Report
Period: Mar 2024 – Feb 2025
EDINET
2024-07-16
Quarterly Securities Report
Period: Mar 2024 – May 2024
TDnet
2024-07-16
Q1 Earnings Flash
FY ending Feb 2025
EDINET
2024-05-31
Annual Securities Report
Period: Mar 2023 – Feb 2024
EDINETAmended
2024-04-15
Amended Annual Securities Report
Period: Mar 2022 – Feb 2023
EDINET
2024-01-15
Quarterly Securities Report
Period: Sep 2023 – Nov 2023
EDINET
2023-10-16
Quarterly Securities Report
Period: Jun 2023 – Aug 2023
EDINET
2023-07-18
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINET
2023-05-29
Annual Securities Report
Period: Mar 2022 – Feb 2023
EDINET
2023-01-16
Quarterly Securities Report
Period: Sep 2022 – Nov 2022
EDINET
2022-10-17
Quarterly Securities Report
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