Bleach, Inc. (9162) Stock Price

Bleach operates an internet marketing support business using a revenue-share compensation model. The company does not charge upfront fees; instead, it invests in advertising itself and receives compensation from clients based on performance results, such as new user acquisition. This performance-based model is its core service offering.

Clients span a wide range of industries, centered on e-commerce operators in cosmetics, daily necessities, and functional food products, as well as beauty salons and financial service companies. Since Bleach generates revenue based on the number of users acquired and a unit price agreed upon in advance, its revenue is directly tied to client performance outcomes, making the service structure accessible to small and mid-sized enterprises. Transactions are primarily conducted through advertising agencies, with some direct client relationships.

Bleach handles nearly all aspects of marketing strategy planning, ad creation, and ad operations in-house, enhancing effectiveness through extensive testing and rapid improvement cycles. It has particular strength in direct marketing—using display advertising to reach potential consumers and directing them from self-produced landing pages to clients' purchase pages to drive conversions. Additionally, the company strictly manages return on advertising spend and advertising profit, concentrating internal resources on high-growth products to drive sales and profit expansion.

The company operates on a revenue-share business model, investing in advertising at its own expense without charging upfront fees, and generating returns based on new users acquired and sales generated. The company estimates the total addressable market for its target categories—cosmetics, daily necessities, and health foods—at 2.2 trillion yen, with a potential market capture of approximately 879.8 billion yen if it achieves 40% of its target segment. The company defines "monthly sales of 10 million yen or more" as core products and aims to improve profitability by increasing the number of core products, raising sales per product, and improving ROAS and advertising profit margins.

To drive growth, the company prioritizes human capital investment and organizational strengthening. It is expanding recruitment across new graduates, career changers, and inexperienced hires while implementing IT tools for operational efficiency and developing training programs through knowledge systematization. This approach targets increased marketer headcount and higher sales per marketer as key performance indicators, enabling rapid resource reallocation to high-performing products to accelerate revenue growth.

Beyond its existing cosmetics, daily necessities, and health food categories, the company is expanding into beauty salons and financial services while planning entry into real estate, telecommunications, recruitment, and professional services. By strengthening partnerships with advertising agencies and e-commerce consultants to acquire new clients, the company aims to diversify its customer base and reduce revenue concentration risk. The company also plans to expand marketing methods through new ad formats such as video advertising and broader media partnerships with Google and Facebook, capturing growth opportunities as the video advertising market is projected to reach approximately 967.7 billion yen by 2025.

On the technology front, the company is developing proprietary databases, performance measurement tools, automated trading systems, and creative generation AI, while implementing proprietary e-commerce carts and chatbots to improve purchase page conversion. These initiatives aim to enhance advertising investment efficiency and automate operations to improve ROAS and advertising profit margins. Additionally, the company is strengthening information security and internal control systems while securing stable business funding, balancing sustainable growth with sound governance.