Belluna's fashion mall RyuRyumall ran six years on losing economics

Belluna, a veteran of Japan's catalog mail-order industry, entered the marketplace race in June 2019 with RyuRyumall, a fashion e-commerce mall aimed at women in their twenties and thirties. Popular online brands such as Yume Tenbo, Re:EDIT and Kobe Lettuce took up tenancy, and the site promised 'fashion that fits the me of today'.

The mall struggled from the start and in May 2022 was repositioned as an office-fashion site. The underlying economics never turned: Belluna's corporate planning office later said the balance between advertising spend and commission income was poor, and the site had been loss-making by structure — a red-ink constitution.

On 3 December 2024 Belluna announced the end: service closed on 31 March 2025 at 18:00, unused points and coupons expired regardless of their nominal validity, and the company noted the impact on consolidated results would be minor — a six-year experiment dismissed as a rounding error.

Closed RyuRyumall on 31 March 2025 after a 2022 pivot; the catalog list could not bridge acquisition cost and commission, so losses persisted.

Marketplace platforms acquire shoppers with advertising and live on commission; when ad spend outruns commission income, growth only deepens the loss.

Belluna's strength was its owned catalog customer list — an advantage that does not transfer to an open mall competing for new traffic.

The 2022 pivot to office fashion changed the theme but not the unit economics.

A marketplace runs on the gap between acquisition cost and commission income. Belluna's catalog list could not fill it — six years, one pivot, and the mall closed with the impact called minor.

Belluna kept its core mail-order and e-commerce businesses; the closure's impact on consolidated results was reported as minor. Japan's fashion EC mall field keeps consolidating around the large incumbents, and RyuRyumall's tenant brands continued selling on their own channels and other malls.