Supplementary
Financial Statement
for the Second Quarter of FYE January 2022

02

Highlights for the rst
half of FYE January 2022

fi

03

GMV

GMV 122% YoY(2 year average growth rate: 117%)
GMV(Unit: million yen)

70,00062,89960,00053,27650,00045,53340,00037,10930,00031,34823,08020,00025,60819,644

16,673
10,0000
FYE Jan. 2018

FYE Jan. 2019

FYE Jan. 2020

FYE Jan. 2021

Second quarter of
FYE January 2022

Performance for the second quarter of FYE January 2022

(Note) GMV: Includes fees for settlement of payment04

Review of the rst half of FYE January 2022

Put in place full-scale cross-functional team management
across departments to improve BUYMA's competitivenessfrom the perspective of Buy, Sell, and Service Infra
GLOBAL BUYMA has also continued its high growth since the second half of last year

‣ Further enhanced our product lineup by strengthening ties with stores that carry a selectionof products from several different brands and acquiring in uential new companies

BUYMA‣ Enjoyed growth in the lifestyle category, such as accessories, kitchen and outdoor
products, and golf products, by capturing new customer needs‣ Strengthened service infrastructure by adding payment methods and delivery services‣ Brought about evolution in data-driven management through the addition of data analysts‣ Increased the number of sessions by expanding advertising and strengthening SEO measures

GLOBAL
BUYMA‣ Increased the conversion rate by improving the Checkout process‣ Commenced GLOBAL BUYMA exclusive seller registration

New services /businesses‣ Launched trial of HAPPLE, a real-time information application for cities and towns‣ Invested in MEGURU Co., Ltd., an optional tour booking site operator

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05

Summary of business performance

Achieved net sales growth of +20% as set out in the policy at the beginning of the term
Invested aggressively in advertising for GLOBAL BUYMA and expanded the number ofdata analysts to set the stage for the second half of FYE January 2022

FYE January 2022
Period total for the second quarter(actual results)

YoY

GMV Including payment

31.34 billion yen

25.60 billion yen

122%

Net Sales

3.58 billion yen

2.96 billion yen

121%

SGA

1.52 billion yen

1.29 billion yen

118%

labor costs*

0.58 billion yen

0.54 billion yen

107%

advertising costs

0.67 billion yen

0.51 billion yen

130%

Operating Income

1.36 billion yen

1.12 billion yen

122%

Ordinary Income

1.37 billion yen

1.12 billion yen

122%

Net Pro t

0.93 billion yen

0.78 billion yen

119%*The personnel costs Include dispatching, outsourcing
fi

FYE January 2021
Period total for the second quarter(actual results for the previous period)06

Major KPIKey KPIs remained strong, such as the number of members exceeding 9 million
Number of BUYMA members (Unit: person)

8,585,119
7,302,929
6,139,853
4,987,585

Number of active BUYMA members (Unit: person)

1,313,950
9,106,307

1,098,542
969,641

7,920,172

1,024,889

1,153,475
1,128,313

1,373,243

1,208,262

933,472

6,695,861

5,504,196

4,452,434

FYE Jan.
2018

FYE Jan.
2019

FYE Jan.
2020

FYE Jan.
2021

FYE Jan.
2022-2QFYE Jan.
2018

FYE Jan.
2019

FYE Jan.
2020

FYE Jan.
2021

FYE Jan.
2022-2Q

BUYMA number of transactions handled(Unit: no. of transactions)

BUYMA GMV (Unit: million yen)

62,8992,864,917

53,2762,374,841

45,5332,544,540

2,058,758

37,10931,348

16,673FYE Jan.
2018

19,644FYE Jan.
2019

23,080FYE Jan.
2020

25,608FYE Jan.
2021

1,001,996

FYE Jan.
2022-2QFYE Jan.
2018

1,132,379

FYE Jan.
2019

1,225,751

FYE Jan.
2020

1,303,178

FYE Jan.
2021

1,467,608

FYE Jan.
2022-2Q

Performance for the second quarter of FYE January 2022
(Note) GMV: Includes fees for settlement of payment, etc.; active members: Number of members who have made one purchase or more within the past year

07

BUYMA Business

08

GMV

2 year average growth rate stabilized at +16% in 2Q
Maintained the same pace as in 1Q

GMV (million yen)

18,000CAGR+17%15,000CAGR+16%12,000

9,000

6,000

3,000

0

FYE
Jan. 2020

FYE
Jan. 2021

1Q

FYE
Jan. 2022

FYE
Jan. 2020

FYE
Jan. 2021

FYE
Jan. 2022

2Q

09Unique Users (UU) & ARPU

Growth trend for ARPU during both 1Q and 2Q
Unique users (UU) 101% YoY during 2Q

UU（person）

ARPU (yen)500,000

40,000400,000
30,000300,000
20,000200,000

10,000100,000

00
FYE
Jan. 2020

FYE
Jan. 2021

FYE
Jan. 2022

1Q
UU (Left Axis)

FYE
Jan. 2020

FYE
Jan. 2021

FYE
Jan. 2022

2Q

ARPU (Right Axis)

10

Status of corporate sellers

Upward trend in GMV by corporate sellers
2 year average growth rate of +18% in both 1Q and 2Q
GMV(million yen)

2,500

2,000

CAGR
+18%

CAGR
+18%

1,500

1,000

500

0
FYE
Jan. 2020

FYE
Jan. 2021

1Q

FYE
Jan. 2022

FYE
Jan. 2020

FYE
Jan. 2021

FYE
Jan. 2022

2Q

11Premium members

High growth in GMV from Premium members*
Growth driven by Platinum stage members, the highest level of membership
GMV(million yen)

6,000

4,800

3,600

2,400

1,200

0
FYE
Jan. 2020

FYE
Jan. 2021

1Q
PlatinumGold

FYE
Jan. 2022

FYE
Jan. 2020

FYE
Jan. 2021

FYE
Jan. 2022

2Q
Bronze*Premium members : Determined according to the amount of purchases made during the past 6 months. Platinum stage members: (total purchase amount of 300,000 yen or more)/Gold stage members: (total purchaseamount of between 150,000 yen and 300,000 yen)/Bronze stage members: (total purchase amount of between 70,000 yen and 150,000 yen)

12

Lifestyle Category

In addition to furniture, kitchen, outdoor
and sports (golf) related products also performed well
YOY +74% (2 year average growth rate of +52%)(million yen)Lifestyle category GMV

1,200

1,000

YoY
+74%

800

600

400

200

0

1st Half of
FYE Jan.2020

1st Half of
FYE Jan.2021

1st Half of
FYE Jan.2022

13

Policies for the second half of FYE January 2022

Policies for the second half

For Buyers‣ Increase arrivals through SEO measures, content enhancement, owned media, and SNS
utilization‣ Strengthen promotions for categories and brands that are performing well, such as in thelifestyle category‣ Implement data-driven measures through an enhanced data analyst teamFor Sellers‣ Improve API program for sellers, enhance simple listing function‣ Strengthen acquisition of overseas stores that carry a selection of products
from several different brands‣ Add variations to the time sale function

Service Infra‣ Link systems with delivery services‣ Build foundations for a service that enables immediate shipment using
domestic warehouses

14

GLOBAL BUYMA15

GLOBAL BUYMA - GMV

High growth trend from the second half of the previous year continued,
with a GMV of 356% YoY in the first half of FYE January 2022

YoY
356%

YoY
283%

FYE
Jan. 2020

FYE
Jan. 2021

2nd Half

FYE
Jan. 2021

FYE
Jan. 2022

1st Half

16

GLOBAL BUYMA - Unit priceHigh unit price of GLOBAL BUYMA continued in the first half of FYE January 2022
Established positioning as a brand specializing in luxury
Unit price(JPY)/transaction

86,37586,079

3.6
times

4.1
times

23,723

21,139DomesticFYE Jan. 2021

GLOBALFYE Jan. 2021

2nd Half

DomesticFYE Jan. 2022

GLOBALFYE Jan. 2022

1st Half

17

GLOBAL BUYMA - Measures

Progress in 1st Half
‣ Expanded advertising andstrengthened SEO measures

Number of Sessions YoY 164%

‣ Improved Check Out process

Conversion rate YoY 138%

‣ PS Elite* registration start

Individuals and boutiques mainly in the
U.S., Italy, and the U.K.

In the second half of FYE January 2022,
we will continue to expand efficient advertising while
increasing product lineup by expanding PS Elite,
which has buying power, and strengthening delivery functions
Aim to maximize demand in the peak season* PS Elite：Personal Shopper Elite（Exclusive sellers for GLOBAL BUYMA）

18

M&A

19

M&A (investment) results

Made investments in peripheral fields in preparation
for the recovery of the travel market
Expect synergy with BUYMA TRAVEL and GLOBAL BUYMA

Invested in MEGURU Co., Ltd., which handles
optional tours around the world

Invested in douzo inc. which is involved in jointpurchasing type cross-border EC and souvenir
purchasing agency services

20

Forecast

21

FYE January 2022 – Forecast for the full year

Regarding forecasts for the full year
GMV in the social commerce business for the second quarter of FYE January 2022 was 109% YoY, and GMV for the same
period was 122% of the previous fiscal year's level, overcoming the reactionary decline from the previous year andshowing steady growth.
Also, in the second quarter of FYE January 2022, the rate of progress compared to the earnings forecast was 43% (vs. thelower end of the range). As such, we will continue to aim to achieve the earnings forecast announced at the beginning of
the fiscal year.

FYE January 2022
Period total for the second quarter(actual results)

GMV

Sales

Operating income

Ordinary income

Net pro t

Net pro t per share

31.34 billion yen
3.58 billion yen
1.36 billion yen
1.37 billion yen

fiPeriod total for the second
quarter (actual results for theprevious period)

25.60 billion yen
2.96 billion yen
1.12 billion yen
1.12 billion yen

YoY

122%
121%
122%
122%

0.93 billion yen

0.78 billion yen

119%

22.40 yen

18.82 yen119%

* Progress rate is based on the lower limit of the forecast disclosed in the rangefi

FYE January 2021
FYE January 2022
Forecast for the whole year

72,334〜78,624
million yen
8,139〜8,846
million yen
3,063〜3,519
million yen
3,060〜3,519
million yen
2,117〜2,435
million yen
50.85 yen〜58.47 yen

Progress
rate*

43%
44%
45%
45%
44%
44%

22

FYE January 2022 – Forecast for the full year

Regarding forecasts for the full year
‣ In the second half of the fiscal year, focus on top-line growth by making full-scale
investments for growth as planned at the beginning of the fiscal year
‣ Sales affected by the reactionary decline from the previous year until August, but the paceof growth is expected to recover from September(Unit: million yen)

Assumption of GMV *1

35,000150%

30,00025,000100%

20,00015,00050%

10,000
5,000
0

0%
1Q

2Q

3Q

4Q

1Q

2Q

FYE Jan.2021 (Actual)
GMV

3Q

4Q

FYE Jan.2022

YoY

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ff

*1：GMV for the third quarter of FYE Jan. 2022 and year on year change (YoY) are based on the assumption of GMV and di er from the speci c forecast gures.

23Growth potential

24Core CompetenceUse data & technology
to improve seller empowerment and customer engagement
Overview - “Specialty” Marketplace BUYMASTYLE HAUS
Owned MediaO cial SNS

Over 6,500,000 items

181,000

Registered

In 166Countries

PERSONAL
SHOPPERS

9,100,000
BeautyBaby Kids

Men’s & Ladies’

Empower

Fake Detection
Transaction Monitoring
Fashion Trend Analysis

LifestyleSportsCUSTOMERSEngageData &
Technology
DrivenSEO ExpertiseLTV Forecast
Churn Rate Management

Software for Shoppers

MA Tool

API Program

Personalized Recommendation

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25

M&A Strategy

Actively search for M&A and alliance opportunities while carefully selecting projects
In addition to reinforcing existing businesses, also take on challenges
in new areas of growth, such as digital fashion

Objective

Investment example

Aim

Strengthen existing categories

Sellers and manufacturers in the lifestylesectorUtilize investments to acquire expanded
product lineup. Expect to increase sales byoffering a lineup with price advantages

Strengthen new categories

Lifestyle EC, alcohol and food EC, travel
services

Accelerate through acquisitions in areas
where our company lacks a sufficient productlineup and operational know-how

Monetize existing services

D2C（Direct to Consumer)

Through the acquisition of D2C functions,monetize the media and SNS administration
capabilities of the owned media STYLE HAUS
along with relationships with influencers

Strengthen development
capabilities

Tech companies with talented engineers

Bolster our team of engineers

Invest in the future

Digital fashion

A stepping stone to the digital economy,
which is expected to expand

26

Growth potential

Much room for growth in the BUYMA business, both in Japan and overseas
The EC conversion rate is expected to increase and we will continue tomaintain growth

Results of FYE January2021
GMV 63.0 billion yen

Fashion EC
US market size
11.2 trillion yen *2
GMVInterior goods EC domestic
market size
1.7 trillion yen*1（EC conversion rate 23.3％）（EC conversion rate 21.3％ *3）

Fashion EC domestic market size
1.9 trillion yen *1（EC conversion rate13.8％）*1：E-Commerce Market Survey, Ministry of Economy, Trade and Industry*2：The Statisca Global Consumer Survey*3：Digital Commerce 360’s new 2020 Online Apparel Report

27

These presentation materials are provided solely for the
purpose of better understanding of our company andare not intended for the purpose of solicitation.
Forward-looking projections and forecasts contained
within this document are made based on information
available as of today.
Actual business performance may differ fromprojections due to risks and uncertainties in the future.

28

Appendix

29

Company Pro leCompany Name

Enigmo Inc.

Main Business

Management of “Specialty” Marketplace “BUYMA”

Location

NMF Aoyama itchome Bldg. 6F 8-1-22 Akasaka, Minato-ku, Tokyo

Date of Establishment

February 10th, 2004

Representative

Representative Director and Chief Executive Officer Shokei Suda

Capital381.9 million yen

Listed Market

Tokyo Stock Exchange First Section (Ticker：3665)

Number of Employee

118 people

Accounting Period

January 31stMajor Shareholder

Executive officers & Sony Group Corporation*As of the end of July 2021

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30

History

February 2004

“Period of foundation” – 1st stage of foundation

Commencement of BUYMA services

Number of members:
0 – 100,000 people– Founded in February 2004
– BUYMA released in February 2005, the following year, under the theme of “It has value, no matter where
you are”

February 2006

“Period of expansion” – 2nd stage of foundation

Increase of capital / diversification of lines of business

Number of members:
100,000 - 800,000 people– February 2005 - March 2006 Implementation of capital increase through third-party allocation– BUYMA, which had achieved a positive balance on a monthly basis in 2008, grows into our company’s
main line of businessFebruary 2012

“Period of transition” – 3rd stage of foundation

Structural reforms

Number of members:
800,000 – 1.7 million people– 2012 - Heavy concentration of management resources on BUYMA– July 2012 - Listing of company on TSE Mothers

February 2014
Japanese, English and Korean
language versions of the site

“Period of globalization” – 4th stage of foundation

Commencement of global expansion /path to becoming the “No. 1 overseas online retailer”– December 2013 - Release of BUYMA Korea, the Korean language version of the site

Number of members:
1.7 million – 9.1 million people(as of the end of July 2021)– February 2015 - ROCKET VENTURE, a service which administers media aimed at young women, is
acquired as a subsidiary company (liquidated in January 2018)– October 2015 - Release of BUYMA, the English language version of the site
– March 2016 - BUYMA KOREA is acquired as a subsidiary company (liquidated in September 2017)– July 2018 – Release of BUYMA TRAVEL– April 2019 - Listing in the First Section of the Tokyo Stock Exchange

31

Structure of business operations

SHOP

1

List item

2
Point

Point
Purchasing after
the order has
been received

3

Purchase
item

4

t f
en o e)m - icle % rtt (5 n p
se t or en ctiafo
e aym ns
Fe p tra
of e
th

Fe
of e utr co ndan nesa tra r act ct greion (5% em
prenic 〜e) 7% toftheJapanese and English
language versions of the site

Order item

Original payment
systemDispatch item

Personal shoppers(sellers)

Buy e rs

Turnover generated from fees paid by both parties involved in the transaction
Buyers: Around 5% of the item price (+ other optional fees)
Personal shoppers: Brokerage fee of 5% – 7% of the item price (depending on the status of the item)

Premium personal shoppers：

Shops：

Those among excellent personal shoppers who have cleared certain criteria andresponded to our invitation

Business operators that have met the criteria for selling items through BUYMA

Premium members：
Determined according to the amount of purchases made during the past 6 months. Platinum stage members: (total purchase amount of 300,000 yen or more)/Gold stage members: (totalpurchase amount of between 150,000 yen and 300,000 yen)/Bronze stage members: (total purchase amount of between 70,000 yen and 150,000 yen)32

BUYMA (Japanese language version) – Content of businessA specialty marketplace that brings individuals and companies from around the world
together and provides them with a special purchasing experience and limitlessencounters with fashion items
Number of items listed

More than

6.51 million items

Number of personal shoppers

181,000 people

Countries of residence of personal shoppers

166 countries

Average purchase amount

21,139 JPY(domestic only)
Average age of users

34.0 years
Users by sex

Female:70% Male: 30%*as of the end of Jan 2021

33

Rede nition of BUYMA

We have rede ned BUYMA as a“Specialty” Marketplace

A Marketplace which constructs a platform breaking down the boundaries
between companies and individuals by giving full play to a diverse range ofexpertise in specialized categories, and which creates special experiences
for both sellers and buyers in a whole new way.

Product genres of all kinds“Specialty”

C2C / B2C

Marketplace(Malls, ea markets, classi ed ads, etc.)(UBER, Airbnb, etc.)

Transition from an “all-genre” to a “specialty” marketplace
C’s expertise increases, resulting in coexistence between C and B

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34

Rede nition of BUYMA’s business areas

BUYMA is not suited to mass produced products of a kind used on a day
to day basis. Rather than easily available items that one can obtainanytime, anywhere, BUYMA targets special items inhabiting the realm of
the extraordinary, such as sought after brands, things which are a joy toobtain, and other products which people crave to own.
Today fashion, tomorrow travel… As a “Specialty” Marketplace, BUYMA
aims to inhabit a unique position in this realm of the extraordinary,providing a broad range of items and services from around the world.

Realm of the everyday

Realm of the extraordinary

As the realm of the everyday becomes more convenient,
people tend to spend more money and time exploring
the realm of the extraordinaryfi

35

BUYMA’s strategy for growth1

Based on the concept of BUYMA as a “Specialty” Marketplace, provide a diverse range of options and special
items / experiences from all corners of the world in fashion, travel and other extraordinary elds, and help
people achieve new lifestyles through a formidable product lineup found nowhere else.
[Expansion in scale]2

Improve pro tability through the provision of related services that possess value for many BUYMA

3Expand BUYMA overseas to become a much-loved brand among people around the world.

users. [Improvement of pro tability][Growth in the medium and long term]

TravelFashionOverseas
expansion

New

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36

ESG・SDGs

37

ESG・SDGs

Business models that can coexist with society are in keeping withthe times from the perspective of ESG investment

Environment
1. On BUYMA, fashion items awaiting "buyers" are distributed across borders. BUYMA has solved the problem of inventory
disposal by matching supply and demand in the apparel industry around the world.
2. From March 2020, we shifted to a remote work-based working style, which has allowed us to reduce the amount of paper
we use and become more energy ef cient than before. We have also reduced our of ce space by half, helping us further
reduce our environmental footprint.

Social
1. 181,000 personal shoppers in 166 countries are active on BUYMA. We contribute to society by creating jobs around theworld and providing people with satisfaction in work.
2. Around half of our employees are women, and we promote diversity. Proportion of women in managerial posts is around
30%.In addition to women, men also take parental leave, creating a comfortable working environment in which employees
can enjoy long and rewarding careers.

Governance
1. Two of our ve directors are outside directors, and all three auditors are outside auditors, making for a highly independent
executive structure.
2. We established our internal systems based on fundamental policies for the establishment of internal control systems. In
addition to emphasizing the importance of compliance with laws and regulations, we are focusing on enhancing internal
control functions such as internal audits, our internal reporting system, and the Risk Management Committee.

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38

ESG・SDGs

Realization of a sustainable society through the growth of BUYMABUYMA, a cross-border EC infrastructurethat can be freely accessed by all

Sellers in 166 countries around the world,
enabling activities that transcend national borders

Reduction of waste loss by optimizing
inventory of fashion items around the world+ provision of services encouraging
the reuse of items

Providing opportunities
for 181,000 sellers

Ratio of female employees of 45%
Maternity and childcare leave systems
in place for women to maximize their abilities

Energy saving by reducing of ce space andpromoting remote work

Compliance with laws and regulations
Governance-oriented managementfi39