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Japan’s fashion item rental startup AirCloset files for IPO

Sekiko Suzuki Sekiko Suzuki
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See the original story in Japanese. Tokyo-based fashion item rental startup AirCloset announced on Friday that its IPO application to list on the Tokyo Stock Exchange had been approved. The company will be listed on the TSE Growth Market on July 29 with plans to offer 733,000 shares for public subscription and to sell 130,000 shares in over-allotment options for a total of 136,700 shares. The underwriting will be led by Mizuho Securities while AirCloset’s ticker code will be 9557. Its share price range will be released on July 11 with bookbuilding scheduled to start on July 12 and pricing on July 19. The final public offering price will be determined on July 20. Based on the company’s estimated issue price is 870 yen (about $6.5) per share, its market cap is approximately 6.4 billion yen (about $47.5 million). According to its consolidated statement as of June of 2021, the company posted revenue of 2.89 billion yen ($21.4 million) with an ordinary profit of 29.35 million yen ($217,000). Since its launch back in July of 2014, AirCloset has been offering a variety of fashion item rental services. Starting with a monthly subscription-based service delivering outfits coordinated by professional stylists, the…

Image credit: AirCloset

See the original story in Japanese.

Tokyo-based fashion item rental startup AirCloset announced on Friday that its IPO application to list on the Tokyo Stock Exchange had been approved.

The company will be listed on the TSE Growth Market on July 29 with plans to offer 733,000 shares for public subscription and to sell 130,000 shares in over-allotment options for a total of 136,700 shares. The underwriting will be led by Mizuho Securities while AirCloset’s ticker code will be 9557.

Its share price range will be released on July 11 with bookbuilding scheduled to start on July 12 and pricing on July 19. The final public offering price will be determined on July 20.

Based on the company’s estimated issue price is 870 yen (about $6.5) per share, its market cap is approximately 6.4 billion yen (about $47.5 million). According to its consolidated statement as of June of 2021, the company posted revenue of 2.89 billion yen ($21.4 million) with an ordinary profit of 29.35 million yen ($217,000).

Since its launch back in July of 2014, AirCloset has been offering a variety of fashion item rental services. Starting with a monthly subscription-based service delivering outfits coordinated by professional stylists, the company launched a physcal store in October of 2016 followed by a monthly subscription-based rental mall service back in April of 2020.

Led by founder and CEO Satoshi Amanuma (17.8%), the company’s major shareholders include Monoful Pte. Ltd. (14.28%), Terrada Warehouse (10.92%), Sumitomo Corporation (10.3%, TSE: 8053) , SIG Asia Fund IV, LLLP (10.30%), Jafco (8.75%, TSE: 8595), managing director Yusuke Maekawa (4.01%), Samurai Incubate (3.50%), managing director Shoichi Kotani (2.06%), SMBC Venture Capital (2.06%), and Nakazono Holdings (2.04%, operator of “White Kyubin” laundry shop chain).

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Boasting over 70,000 users, Japan’s fashion item rental service AirCloset snags $8M

Yukari Mitsuhashi Yukari Mitsuhashi
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See the original story in Japanese. AirCloset is an outstanding startup in the Japanese fashion rental industry. Launched back in February of 2015, the company has been providing a subscription-based fashion item rental service for females under the same name. Its users combined surpasses 70,000 for now, which rapidly grew from 65,000 users in October of 2015. AirCloset announced today that it has fundraised slightly less than 1 billion yen (about $8 million) from several companies. Participating investors in this round include Jafco (TSE:8595, investment firm), Nakazono Holdings (operator of “White Kyubin” laundry shop chain), Saison Ventures (investment arm of credit card company Credit Saison), and Terrada Warehouse. With funding from such major companies, AirCloset will strengthen its structure by securing the financial base and maximizing business synergies between the warehouse management and laundry service businesses. Looking at what kind of synergies can be achieved with aforementioned investors, Terrada Warehouse, for examples, runs Minikura, a subscription-based box storage service which can be managed on the web. AirCloset partnered with the warehouse company slightly after launch, followed by securing funds from it in April of 2015. Going forward, the two companies will work together to streamline the logistics operations of accepting,…

aircloset_featuredimage

See the original story in Japanese.

AirCloset is an outstanding startup in the Japanese fashion rental industry. Launched back in February of 2015, the company has been providing a subscription-based fashion item rental service for females under the same name. Its users combined surpasses 70,000 for now, which rapidly grew from 65,000 users in October of 2015.

AirCloset announced today that it has fundraised slightly less than 1 billion yen (about $8 million) from several companies. Participating investors in this round include Jafco (TSE:8595, investment firm), Nakazono Holdings (operator of “White Kyubin” laundry shop chain), Saison Ventures (investment arm of credit card company Credit Saison), and Terrada Warehouse. With funding from such major companies, AirCloset will strengthen its structure by securing the financial base and maximizing business synergies between the warehouse management and laundry service businesses.

Looking at what kind of synergies can be achieved with aforementioned investors, Terrada Warehouse, for examples, runs Minikura, a subscription-based box storage service which can be managed on the web. AirCloset partnered with the warehouse company slightly after launch, followed by securing funds from it in April of 2015. Going forward, the two companies will work together to streamline the logistics operations of accepting, storing, managing, and shipping items, aiming to provide customers with improved services. In partnership with Nakazono Holdings running 8,500 laundry shops nationwide in Japan, AirCloset will work on strengthening its service operations.

AirCloset was founded by Satoshi Amanuma, Yusuke Maekawa, and Shoichi Kotani 18 months ago. The service has attracted many users since its pre-registration launch in late October of 2014, steadily growing its user base. It delivers a new endeavor with a surprise to our daily lives upon enjoying fashion. Having powerful supporters onboard, we cannot but keep our eyes on how AirCloset will fare from now on.

Translated by Masaru Ikeda
Edited by “Tex” Pomeroy

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