Hoshoen's ¥1.65B collapse — a 60-year kimono chain undone by changing culture

Hoshoen Co., Ltd. was a Nagoya-based kimono and bridal wear retailer founded in 1964 and incorporated in April 1994 with ¥20 million in capital. Over six decades, the company expanded to four locations across Japan — Nagoya (head office), Osaka, Yokohama, and Fukuoka — operating under the brands Hoshoen, KIMONO STYLE Kazumu, KIMONOSTYLE Miya, and Fashion Bridal Libre.

The business was built on demand for formal kimono worn at weddings, coming-of-age ceremonies, and traditional events. However, kimono culture has been in steady decline in Japan since the bubble economy era. Fewer young people wear kimono, rental services replaced purchases, and the formalwear market shrank year after year.

Peak revenue of approximately ¥400 million fell to roughly ¥160 million by the fiscal year ending March 2024, a 60% decline. Prolonged losses from the post-bubble consumption slump eroded cash flow until the company could no longer continue. All four group companies filed for bankruptcy simultaneously at the Nagoya District Court on December 11, 2024, with total liabilities of approximately ¥1.65 billion — Hoshoen ¥700 million, Fashion Bridal Libre ¥530 million, KIMONOSTYLE Miya ¥300 million, and KIMONO STYLE Kazumu ¥130 million.