Materials for Financial
Results Brie ng
FYE January 2023

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02

Business per formanceFYE January 2023

03

Performance for FYE January 2023 – Highlights

Despite a challenging external environment,
net sales reached 6.8 billion yen‣ Overall trading volume was 63.2 billion yen, with both trading volume and net sales down from the previous year
‣ Overall trading volume of ultra loyal customers increased to 111% YoY,
while light users struggled at 84% YoY‣ Awareness increased from 41.9% to 53.6% due to the running of TV commercials‣ Number of impressions on major media services increased more than sixfold fromthe beginning of the term, and sales via social media services also increased steadily‣ Further enhanced product assortment and price advantage through collaboration with shops. Corporate trading
volume continued to grow at 108% YoY‣ Upgraded the search function on the BUYMA app, improved price displays, and provided
an easy-to-use UI for checking inventory to make the service more user-friendly for rst-time buyers‣ GLOBAL BUYMA trading volume recovered to 118.3% YoY in Q4‣ Increased hiring of system engineers, solidifying the foundation for making BUYMA even easier to use‣ Repurchased 1.09 billion yen of treasury stock‣ Resolved to pay regular dividend (10 yen/share)fi

04Performance for FYE January 2023 – Highlights

Sales decreased due to exchange rate fluctuations and the impact of inflation
Operating income also decreased due to strategic investments in TV commercials andhuman resources
Net sales

Operating income

6.8
billion

1.1
billionyenyen

FYE 2023/1

FYE 2022/1(Reference Info.)
Applying New AccountingStandards FYE 2022/1(Reference Info.)
Applying New AccountingStandards YoY

Including payment

63,277

67,67467,674

93.5%

Net Sales

6,868

7,616

7,439

92.3%

Operating income

1,136

2,971

2,977

38.2%

Ordinary income

1,143

2,979

2,985

38.3%

Net Pro t

712

2,055

2,059

34.6%

17.48 yen

49.35 yen

49.46yen

35.3%

Overall trading volume ※Pro t per share(Unit: billion yen)

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05

Performance for FYE January 2023 – Net sales

Net sales 6.86 billion yen, 92.3% YoY (new accounting standard applied)

7,616
7,077

6,097
5,283

6,941

6,868

6,007

5,195

FYE Jan. 2019
(Unit: million yen)

7,439

FYE Jan. 2020prior to adoption of the new accounting standard※The new accounting standard has been applied since the FYE January 2023.

FYE Jan. 2021

FYE Jan. 2022

FYE Jan. 2023

new accounting standard applied06

Performance for FYE January 2023 ‒ Selling expenses

Overall selling and administration costs increased 136% from the previous year
Selling and administration costs increased due to further strategic investments in
TV commercials and recruitment activitiesFYE January 2023
(performance)

YoY

Personnel costs ※1,530 million yen

1,219 million yen

125.5%

Advertising costs

2,173 million yen

1,425 million yen

152.5%

Write o s

20 million yen

23 million yen

87.0%

Costs relating to systems

252 million yen

189 million yen

133.2%

Other

337 million yen

314 million yen

107.3%

4,315 million yen

3,172 million yen

136.0%

Selling and administration
costs※The personnel costs Include dispatching, outsourcing, etc.
ff

FYE January 2022
(actual results for theprevious period)07Performance for FYE January 2023 - Operating income / margin

Operating income was 1.13 billion yen due to an increase in
selling and administration costs resulting from strategic investments

44.2%
3,500

42.9%

45%

40.6%
3,033

39.0%

3,000

40%

2,971

2,692

35%

2,500
30%

2,143
2,000

25%

16.6%

1,500

20%
15%

1,138

1,000

10%

500
5%

0

FYE Jan. 2019
(Unit: million yen)FYE Jan. 2020
Operating income

FYE Jan. 2021

FYE Jan. 2022

FYE Jan. 2023

0%

Operating Income ratio08Performance for FYE January 2023 - Cash flow

Cash and cash equivalents at the end of the period totaled 10.3 billion yen due toinvestments and share buybacks
Maintained stable cash and cash equivalents relative to average monthly transaction volume

14,00012,84512,000-323-785

10,0001

10,316-1,422

8,000

6,000

5,273

4,000

2,000

0
Cash and cash
equivalents at
beginning of period

OperatingCF

Investment
CF

FinanceCF

E ect ofexchange ratechange on cash
and cashequivalents

Cash and cash
equivalents at
end of period

Monthly average
trading volume(at end of
period)(Unit: million yen)ff

09Performance for FYE January 2023 – Shareholder returns

We plan to pay a regular dividend of 10 yen per share
Dividends paid for four consecutive fiscal years[F utu re d iv ide n d p oli cy]

In order to be in a continual state of growth, we have made investments in growth our top priority (this includes not only M&A
and capital tie-ups but also investments in human resources and strategic marketing investments that lead to growth inturnover).
In regard to the dividend for the next term onward, while in some cases there may be no dividend payout depending on
investments in growth and the present demand for funds, we will adopt a policy of striking a balance with internal reserves
while giving comprehensive consideration to such factors as transitions in our performance, nancial circumstances, and futurebusiness & investment plans.

Internal reserves

Operating CF

Investments (including M&A)
or dividendsfi

10Overview of
BUYMA business

11

Transitions in major KPI

Number of members (Unit: person)

Number of active members (Unit: person)
10,590,507

1,313,950

9,688,721
1,098,542

8,585,119

1,363,842
1,253,184

1,153,475

7,302,929
6,139,853

FYE Jan. 2019

FYE Jan. 2020

FYE Jan. 2021

FYE Jan 2022

FYE Jan 2023

GMV (total) (Unit: million yen)FYE Jan. 2019

FYE Jan. 2020

FYE Jan 2022

FYE Jan 2023

Number of transactions handled (Unit: no. of transactions)

67,674

2,864,917

63,27762,899FYE Jan. 2021

2,957,037
2,567,599

2,544,540
2,374,841

53,27645,533FYE Jan. 2019

FYE Jan. 2020

FYE Jan. 2021

FYE Jan 2022

FYE Jan 2023

FYE Jan. 2019

*GMV: Amount of account settlements including such things as payment for goods and fees for settlement of payment in contracted transactions*Number of active members: members with a purchase history within the past year

FYE Jan. 2020

FYE Jan. 2021

FYE Jan 2022

FYE Jan 2023

12

Performance for FYE January 2023 – Overall trading volume

ARPU increased slightly due to the weaker yen and higher prices of items on display
due to inflation overseas, but consumer confidence declined, resulting in a trading
volume of 94% of that of the same period of the previous fiscal year

Numberof active members

ARPU

YoY

YoY

91.9%

101.8%

13

Performance for FYE January 2023 – ARPU

The number of purchases declined due to rapid changes inexchange rate trends and inflation.
On the other hand, purchase amount per person increased

Average annual number oftransactions per person

Average unit
price per transaction

ARPU

No.

Unit Price

YoY

YoY

YoY

101.8%

94.5%

107.7%* Unit price could be impacted by trends, having akind of uncontrollable aspect

14

Review of measures forthe second half

15

Effects of measures to improve recognition

TV commercials aired nationwide on key stations from November 23rd to December 25th

YouTubeRecognition of BUYMA
through TV contact

Instagram
Twitter etc.

Style House and YouTube ads werealso run during the same period tostrengthen engagement with BUYMA
from multiple perspectives.

Results of post-commercial awareness survey*

Awareness, intention to use, and usage rate all increased as a result of the commercials.
In particular, we achieved 128% recognition to before the commercial were launched.

Before CM (Jun.)

Awareness

41.9%

Intention to use

11.5%

Browsing within 6 months

12.0%

Purchase within 6 months

3.9%*Source: Survey of EC users within six months conducted by an advertising agency

After CM (Dec.)

128%

53.6%
111%
113%
121%

12.8%
13.6%
4.7%

16

BUYMA studio event

Held an event in December 2022
Also conducted tie-ups with influencers tostrengthen awareness in the physical store

Ins ide the BUYMA ST UDIO sto re

Collaborated with personal shoppers.
Provided visitors to the event with
opportunities to meet with shoppers withwhom they had previously only had online
contact, and to learn from them about
BUYMA's unique price advantages andproducts that are difficult to find in JapanThe event also strengthened BUYMA STUDIO's
visibility on social media sites, includingtie-ups with influencers (see next page)17

SNS Operation

Steady increase in the number of contacts from TV commercials to social media.
Established the foundation for marketing through social media

Number of impression by major SNSs
35,000,000

30,000,000

Increased to more than 6 times
compared to the beginning of the period

25,000,000

20,000,000

15,000,000

10,000,000

5,000,000

0
Feb

Mar

Apr

May

Jun

Jul

TVCM aired
Twitter

Instagram

TikTok

Aug

Sep

Oct

Nov

Dec

Jan

TVCM aired

Youtube18

Transition on overall trading volume of ultra loyal customer and first-time buyer members

Overall trading volume for first-time buyers continued to struggle, but overall
trading volume for ultra loyal customer members (those who purchased morethan ¥500,000 in the previous fiscal year), who account for about 10% of
the overall trading volume, continued to grow throughout the year

GMV of First-time buyers/Superior members for FYE Jan 2023
GMV (YoY)

120%

113%
109%
110%

100%

90%

86%
81%

80%

70%

First half of Jan. 2023
Superior member*Describes transitions related to BUYMA in Japan

Second half of Jan. 2023

First-time buyers

19

GLOBAL BUYMA business – Review of the second half

Although the growth rate slowed down in the first half due to the effects of inflation andreduced advertising spending, the effects of the increase in the number of exclusive sellers
and the enhancement of SEO became evident in Q4, resulting in a record high quarterly andmonthly overall trading volume

GMV
Unit: million yen

GMVProgress throughout the year

350
300

PS Elite

250

Exclusive seller registrations were up 164% YoY.
Full-scale recruiting commenced in Jan. 2023 withthe start of recruitment ads

200
150

SEO

Top ranked search keywords were 158% YoY
as of JanCVR

The ratio of orders to website visitors throughout
the year was 116% YoY

100
50
0

FYE Jan.
2023 Q1FYE Jan.
2023 Q2FYE Jan.
2023 Q3FYE Jan.
2023 Q420

Regarding FYE January
2024

21

Image of targets for FYE January 2024

Create a second business pillar following the BUYMA business
Make this a year of building a business portfolio that can reduce the impact offoreign exchange rates

Image of sales composition for
FYE January 2023

Image of sales composition for
FYE January 2024 and beyond

BUYMA business
BUYMA business

BUYMA JapanBUYMA JapanGLOBAL BUYMAGLOBAL BUYMABUYMA TRAVELBUYMA TRAVELNew businesses/M&A

22

Targets for FYE January 2024

Evolution of customer experience in the BUYMA business andcreation of a new revenue base through new businesses/M&A

Clarify current numerical targets to the extent possible despite
the uncertain external environment‣ Aim for 100% YoY growth in the BUYMA JAPAN business amida challenging external environment‣ Achieve growth of 120% or more YoY in the GLOBAL BUYMA business‣ Bring the BUYMA TRAVEL business back on track for growth on the back of recovery indemand for travel‣ Build the foundation for achieving 1 billion yen in sales throughnew businesses and M&A

23

Growth strategy to achieve new businesses/M&A

Aims to build several "Specialty" marketplaces that will become new profit pillars while
maintaining the domestic and overseas BUYMA business as pillars

Growth strategy① Maximize core business② Expansion into adjacent e-commerce③ Explore growth in non-related fields

Sustainable growth of BUYMA
through increased awareness,
improved UI/UX,
enhanced product lineup, etc

Discontinuous growth throughexpansion into
other Specialty areas
not related to fashion

Establish a new revenue base where
we can leverage our customer base,overseas seller network,
platform operation know-how,
and web marketing expertise

TRAVEL

Lifestyle

New domains

New domains

BUYMA JAPANGLOBALBUYMA

New domains

New domains

24Creation of value through M&A

We will leverage our capabilities to increase the value of M&A target companies,
and if they are general e-commerce companies, we will sublimate them toSpecialty Marketplaces like BUYMA, and create a second or third BUYMA

Value Creation【Improved product lineup】‣ Network of 200,000 sellers in 176 countries‣ Cooperation with overseas companies and
Pro Buyer

Value-added【Customer base】

Stand-alone Valuee.g.
E-commerce
managementcompanies‣ Customer base of 10 million people withhigh incomes【E-commerce/platform management know-how】
‣
‣
‣
‣
‣
‣
‣

Sophisticated design
SEO strategy
Web advertisement management
Utilization of marketing tools
Data utilization using AI
Social media operation
Owned media“Specialty”
Marketplace【Highly productive organizational management】‣ Excellent recruiting ability to acquire highly productive andtalented human resources‣ Smart team management that achieves results with a small
number of elite employees

25Portfolio management

Build a business portfolio that is less directly affected by foreign exchange
rates and overseas conditions by creating multiple revenue sources outside
the fashion domain
High
Health care

Lifestyle(e.g. supplements)

Attractiveness of the target domain

Tier3

Tier2

TravelTier1
Domain X

Judge by market size,
growth rate,
profitability, etc

Domain Y

Hobby

Continuous review
and replacement

Domain Z

Judge based on customer
utilization, distribution channels(can it be sold online?),product similarity, etc
Low
Low

Level of utilization of our capability

High

26

Expansion into new domains

Aiming to diversify our portfolio, we invested in Cykinso, Inc.,
the No.1 company in terms of the number of intestinal flora tests conducted

Customers with a high level of interest in health anda relatively high income
Provide intestinal and oral health tests and supplements
Plans to expand products and services, such as food,to the consumer market

Customer base of more than 10 million relatively
high-income customers
Know-how in e-commerce operations for the ToC market

Support the growth of Cykinso, Inc. by leveraging our customer base, with which it has a strong
affinity, and knowledge of e-commerce operations.
Aim to capture revenue in the intestinal flora-related market, which has a large TAM of
approximately 7 trillion yen

27Enhancement of management structure to facilitate new businesses/M&A

Appointment of two Executive Officers to accelerate decision-making in
new businesses and M&A and to promote flexible business execution

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*Promoted to Executive O cer e ective February 1, 2023

Hideto Yamanaka

Yusuke Imadera

Executive Officer
General Manager,
Social Business Division

Executive Officer
General Manager,
Customer Marketing Division28

Regarding the BUYMA
business in FYE January 2024

29

BUYMA JAPAN business - UI/UX issues and status of response

In FYE January 2023, we implemented measures by user segment
Overall trading volume for first-time buyers began to show signs of recovery asa result of increased exposure through TV commercials and addressing UI/UX issues

Overall trading volume for first-time buyer members
in FYE January 2023

UI/UX issues and status of response

GMV
（YoY）

120%

Searchfunction

100%
89%

Price display•Search function is unclear→Updated search screen and increased search
execution rate by 17%•Indication of fees and other charges
is unclear→ Clearly indicated the breakdown and also
clarified who bears the customs duties

83%
81%
79%

80%

Stock
inquiries•Stock availability and whether or
not an inventory check is required
are unclear to first-time buyers→Changed to a specification that allows settingof buttons and wording for whether or not each
inventory check is required

60%
Q1*Describes trends related to BUYMA JAPAN

Q2

Q3

Q4

30

BUYMA JAPAN business - Measures to improve awareness & UI/UX

In order to continuously gain high quality recognition that leads to purchasing behavior,
we will conduct interviews to understand user consumption trends and issues,and implement measures according to user groups/segments

Cycle of high-quality recognition acquisition

Recognition

Contact through various
mediaInterest

SearchInterview members and non-members to obtain
information on consumption trends, issues, andhints for UI/UX improvement, which will lead to theidentification of key user groups andthe consideration of measures to improve UI/UXActionShare

Expand circle of recognition throughtie-ups with influencers

YouTube / Instagram /Twitter / etc.

31

GLOBAL BUYMA business - Continued enhancement of exclusive sellers

We will continue to enhance our exclusive sellers (PS Elite) with the goal of reducing
cancellation rates and maximizing customer satisfaction by enhancing our product lineupand ensuring purchases

PS Eliteacquisition‣ Enrichment of productlineup‣ Demonstration ofprice advantage‣ Reliable purchases‣ Reduction ofcancellation rate
‣ Improvement ofcustomer satisfaction‣ Increased rate of
repeat customers‣ Increased GMV and sales‣ In FYE January 2023, the number of PS Elite increased from 137 to 225‣ 23 new PS ranked in the top 50 in sales in the second half of FYE January 2023
‣ Cancellation rate improved by 22% YoY in Q4 of FYE January 2023, and GMV grew by 118%

32

GLOBAL BUYMA business - Growth strategy

Focus on four core values to enhance the value of the BUYMA brandAccessibility‣ Expansion of products not accessible throughother services‣ Enable "anytime, anywhere" access withthe release of the Mobile app‣

Easy product search through improved search
results

Authenticity‣

Improved credibility by providing pre-shipment
appraisal service‣

Increase trust in the service by communicating
BUYMA's brand voice‣ Increase transparency by communicating
the personalities of PS

Diversity‣‣‣

Trend dissemination and brand exposure aroundthe world with an awareness of
the PS's geography
Increased information dissemination focusing on
the PS's personality and sustainability
Dissemination of diverse ways of working andthinking within the company

Discovery‣ Provide opportunities for new brand discovery‣

New brands, products and inspiration throughcontent and social media‣

Launch a community for PS to provide a place for
PS to solve problems and discover measures foreach other33

BUYMA TRAVEL business - Recovery of external environment

Ride the wave of recovery in travel demand to
put the TRAVEL business on a growth trajectory
Number of Japanese national departing fromJapan on the road to recovery

Transition in the number of
BUYMA TRAVEL reservations

The number of Japanese departing for overseas
destinations in January 2023 recovered to 32%*1 of the
pre-COVID-19 level of January 2020.
The number of tourists going overseas in 2023 isestimated to reach 8.4 million, 40%*2 of the preCOVID-19 level.
Number of Japanesenationals: (persons)

Number of reservations in Q4 of FYE January 2023
increased 130% compared to Q4 just prior tothe outbreak of COVID-19.
Travel demand is expected to recover this fiscal year,
and further growth in services is anticipated

Number ofreservations:

Number of Japanese nationals
departing for overseas destinations
100%

2,500,000

BUYMA TRAVEL reservations

300

90%
80%

2,000,000

70%

250

130%
increase200

60%

1,500,000

50%
1,000,000

32%
18%

18%

21%

23%

25%

40%
30%
20%

500,000

150

100

50

10
0%

0
Aug.
2019 - 2020

Sep.

Oct.
2022 - 2023

Nov.

Dec.

Jan.

0
Q4 of FYE 2020/1

Q4 of FYE 2023/1

Compared with before COVID-19 (right scale)

Sources:*1：Ministry of Justice - Immigration Services Agency of Japan, “Statistical Tables of Immigration Statistics”*2： JTB, “Outlook for Travel Trends in 2023 (January-December)”

34

FYE January 2024 - Summary of measures for the current fiscal year

We will focus on the following measures in the current fiscal year to
make a long-term growth

BUYMA

GLOBAL BUYMA

100% YoY growth in a challenging
external environment

Growth of 120% or more

‣ Utilize owned media and external media togain further recognition‣

Improve UI/UX by understanding consumption trends
and issues among members and non-members‣

Promote tie-ups with influencers‣ Expansion of exclusive sellers (PS Elite) toenhance product assortment‣ Release of Mobile app‣ Information focused on the personalities andsustainability of PS to appeal to buyers with
BUYMA's unique strengths

BUYMA TRAVELNew businesses/M&A

Put the TRAVEL business on a growth trajectory withthe recovery of travel demand

Establish the foundation toachieve sales of 1 billion yen‣ Gain further recognition from guides/travelers‣ Advertise through social media‣ Campaigns to coincide with recovery in travel
demand‣ Strengthen the system for creating new

businesses through external support andalliances from investees, etc.

‣ Create multiple revenue sources outside
the fashion domain

35ESG・SDGs

36

ESG・SDGs

Business models that can coexist with society are in keeping with the times fromthe 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 shi ed to a remote work-based working style, which has allowed us to reduce
the amount of paper we use and become more energy e cient than before.
We have also reduced our o ce space by half, helping us further reduce our carbon footprint.

Social
1. Approximately 200,000 personal shoppers in about 176 countries are active on BUYMA.
We contribute to society by creating jobs around the world and providing people with satisfaction in work.
2. 44% of our employees are women, and we promote diversity. Proportion of women (excluding executives) in managerial
posts is 38%. In addition to women, men also take parental leave, creating a comfortable working environment in which
employees can enjoy long and rewarding careers.

Governance1. Our company has a system of audit and supervisory committees in place. Four of our seven directors are outside
directors, 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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37

ESG・SDGs

Realization of a sustainable society through the growth of BUYMA

Sellers in about 176 countries around the world,
enabling activities that transcend national borders

BUYMA, a cross-border EC infrastructurethat can be freely accessed by all

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

Providing opportunities forapproximately 200,000 sellers

44% of our employees are women.
Maternity and childcare leave systems
in place for women to maximize their abilities

Energy saving by reducing o ce space andpromoting remote work

Compliance with laws and regulations
Governance-oriented management

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38

Earnings forecast

39Earnings forecast

We will not disclose our earnings forecast for FYE January 2024
Increase in Sales

Securing surplus

Looking ahead, Japan's economy is expected to continue to face a number of challenges, including the government-led downgrading of
the classification of COVID-19 under the Act on the Prevention of Infectious Diseases and the ongoing transition to a new phase ofcoexistence with this disease, which is raising concerns about the risk of new opportunities for infection and increased treatment costs forpatients. In addition to this, we expect the outlook to remain uncertain due to rising inflationary pressures from soaring crude oil prices
caused by the protracted situation in Russia and Ukraine, and the ongoing tightening of monetary policy worldwide.
In this rapidly changing environment and economic situation, we have determined that a medium-term plan that focuses on profit targets
in units of several years is not suitable for achieving essential improvements in corporate value. In order to move away from a perspectivethat places top priority on short-term sales and profit targets, and to reexamine our management from a long-term perspective, we will
maintain a stronger awareness of our mission to “Change the World,” the belief (Purpose) that we have been striving to realize since ourfounding. Based on this, in order to become a company that provides value over time rather than transiently, our policy is to invest in thecreation and enhancement of long-term corporate value over the most recent several years, without pursuing short-term profit growth.
We will continue to make use of our strong financial base and stable revenue base, which are our strengths. While we assume operating
income will remain in the black in FYE January 2024, just as it did in FYE January 2023, we will allow for a decrease in profit in the shortterm, and will implement investments from a long-term perspective to establish multiple new profit pillars in a flexible and dynamic
manner in accordance with the business environment and business progress.
Based on the above policy, we expect net sales to increase year-on-year and operating income, ordinary income, and net income for thecurrent period to be in the black for FYE January 2024. However, since it is difficult to make a reasonable calculation of specific figures forthe forecast, we will refrain from disclosing our earnings forecast.
With BUYMA, our core business both in Japan and overseas, as a pillar, we will strategically look to reinvest our operating revenues in new
areas on an ongoing basis so as to contribute to the enhancement of corporate value with the goal of building several "Specialty"
marketplaces that will become new pillars of revenue, and from a long-term perspective, will strive to connect the improvement ofcorporate value to the acceleration of growth in net sales.
40Growth potential

41Business model

Utilize customer insights accumulated through the operation of BUYMA to expand our economic sphereby adding product categories and new areas (e.g., travel)
Aiming to establish at as a global venture by providing products domestically and internationally
Leveraging data and technology to boost seller empowerment and customer engagement

STYLE HAUS
Owned MediaO cial SNS

Over 6,170,000 items

206,000

Registered

In 176 Countries

PERSONAL
SHOPPERS

BeautyBaby Kids

Men’s & Ladies’

Lifestyle

10,590,000

SportsCUSTOMERS
Empower

Fake Detection
Transaction Monitoring
Fashion Trend Analysis

EngageData &
Technology
DrivenSEO ExpertiseLTV Forecast
Churn Rate Management

So ware for Shoppers

MA Tool

API Program

Personalized Recommendation

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42

Growth potential

Both market size and EC conversion rate continue to rise
Plenty of room for growth in domestic, overseas, and TRAVEL businesses

Results of FYE January 2023
GMV 63.2 billion yen

Fashion EC
US market size
18.1 trillion yen

GMV（EC conversion rate 42.2％ *2 ）Interior goods EC domestic
market size 2.2 trillion yen *1（EC conversion rate 28.2％）

Fashion EC domestic market size
2.4 trillion yen *1（EC conversion rate21.1％）

Overseas optional
tours and activities
EC market size *3

260 billion yen（EC conversion rate
20.0％）

fi*1: E-Commerce Market Survey, Ministry of Economy, Trade and Industry*2: External statistical data
*3: Estimated by our company based on the nancial results of travel industry companies prior to the COVID-19 pandemic

43

Share buyback results

44

Share buyback results

We repurchased 1.09 billion yen worth of treasury stock over the past year
We will continue to hold these shares for use in M&A and other future
growth investments

Total amount ofacquisition

1,091,529,400 yen

Number of shares
repurchased

1,969,300 shares*Treasury stock acquired between March 18, 2022 and February 28, 2023

45

Appendix

46

Company Profile

Company 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 O cer Shokei Suda

Capital381.9 million yen

Listed Market

Tokyo Stock Exchange Prime Section (Ticker：3665)

Number of Employee

134 people

Accounting Period

January 31stMajor Shareholder

Sony Group Corporation & Executive o cers

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47

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 youare”

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 lineof 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:
10.59 million people(as of the end of January 2023)– 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– April 2022 - Transferring to the Prime Market of the Tokyo Stock Exchange
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Structure of business operations

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Fe

of

SHOP

1

List item

2
Point

3
Point
Purchasing after
the order has been
received

Purchase
item

4

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m - icetle 5% pr
et t ( nr s en ctiofoe ym saF e p a ra nof e tthdens a t ra r act ct greion (5% empre
ic 〜7 nt
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%
of
t

he

Japanese and English
language versions of the site

Order item

Original payment system

Dispatch item

Personal shoppers(sellers)

BuyersTurnover 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)49

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

More than

6.17 million items

Number of personal shoppers

206,000 people
Countries of residence of personal shoppers

176 countries
Average purchase amount

24,644 JPY
Average age of users

34.0 years
Users by sex

Female:70% Male: 30%*as of the end of Jan 2023

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Redefinition 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 forboth 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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Redefinition 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 obtain anytime,
anywhere, BUYMA targets special items inhabiting the realm of theextraordinary, such as sought after brands, things which are a joy to obtain,
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 abroad 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 extraordinary52

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 users.
[Improvement of pro tability]

3

Expand BUYMA overseas to become a much-loved brand among people around the world.
[Growth in the medium and long term]

TravelFashionOverseas
expansion

New

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