BUYMA
👤 Shokei Suda (Ex-Hakuhodo marketing strategist, Keio CS grad; co-built BUYMA and made trust — not tech — the edge.)🌐 site
Japan's cross-border fashion marketplace: a global crowd personal-shops luxury abroad, BUYMA guarantees it's real.
Will it work? · our read
Trust wins. Trust, not code, is the moat: 20 years of authenticity guarantee and escrow. But it's discretionary luxury — a weak yen and travel recovery pulled buyers back, and revenue slid.
01How the money moves
Shoppers abroad list luxury, zero inventory
→
Buyer orders; escrow + authenticity guard the deal
→
BUYMA takes about 5% buyer + 5-7% shopper fee
02The numbers
¥49.4B
BUYMA GMV, FY Jan 2026
Enigmo IR
12.0M
Registered members
Enigmo IR
¥6.3B
Net revenue, FY1/26
Enigmo IR
GMV (turnover) is not revenue: Enigmo books only its commission. Enigmo IR
¥6.3B net revenue on ¥49.4B GMV, FY ended Jan 2026 (TSE: 3665).
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(demo: preview the full teardown)Sourcesupdated · daily
Enigmo IR — financial highlights revenue, GMV, membersEnigmo — company history founded 2004, BUYMA 2005, IPO 2012TDnet — FY Jan 2026 supplementary financialsFastGrow — Suda founder interview ex-HakuhodoFashionNetwork — BUYMA US launch
Revenue (¥6.3B), GMV (¥49.4B) and members (12.0M) are from Enigmo's own FY-ended-Jan-2026 IR — FILED, verified (TSE: 3665). Shopper count (about 244k, 185 countries) and 5.8M items are company-stated; some third-party pages cite lower figures (110k), so treat the shopper count as Enigmo's own. Founder background (ex-Hakuhodo, Keio CS) is from Japanese founder interviews. Take rate (about 5% buyer + 5-7% shopper) is from secondary sources; the combined "about 10-12%" is [our read]. No X or personal link for the founder was confirmed, so none is listed. We never score you.