What Forest does

Forest Inc. (forest株式会社) is a Tokyo-based e-commerce brand rollup company founded in July 2021 that acquires Japanese DTC and marketplace-native brands and operates them under a unified digital commerce platform. The company has executed over 20 acquisitions across categories including smartphone accessories (Glass Zamurai / OVER's), oral care (W-1 / Shikien), RC cars (Yokomo), leather goods (GRAV), baby products (Onepon / Oeuf Soleil), camping gear (CAMP GREEB), golf (Pin-Eagle), gifts (Rice King), and disaster preparedness (Toilet Goddess PREMIUM). Forest operates four interconnected business segments: Strategic Investment (M&A and business succession), Distribution and Sales (domestic e-commerce operations), Retail Tech (client-facing digital transformation services delivered via subsidiary Tsuzucle), and Overseas Sales (cross-border e-commerce through owned marketplaces omakase and Shibuya Stationery Store).

Forest's platform is built on a Shopify-based infrastructure combining proprietary demand forecasting models (developed with the University of Tokyo's Tanaka Laboratory and presented at TE2024 in London), shared supply chain and procurement across acquired brands, and digital marketing automation. The company sells through major Japanese marketplaces (Amazon Japan, Rakuten, Yahoo Shopping) plus owned D2C storefronts, and has expanded cross-border through a Hangzhou-based subsidiary (Hangzhou Forest Trading Co., Ltd., established June 2024) supporting sales on Tmall Global, Douyin, Amazon US, and a Shopify-powered global site for Yokomo. Forest also commercializes internal capabilities through a Shopify app ("forest – newsletter unsubscribe") and offers retail tech services to ~100 external clients via Tsuzucle.

The company generates revenue through product sales across its acquired brand portfolio (sold via major marketplaces and owned D2C storefronts) plus project/retainer-based retail tech services. As of September 2025, Forest has 180 employees, ¥6 billion in stated capital, and has raised approximately ¥9.4 billion in cumulative equity funding across seed (~¥900M, October 2021), Series A (~¥2.5B, May/November 2023), and Series B (~¥6B, October 2025) rounds. Investors include UTEC, Nordstar, Headline Asia, Sumitomo Corporation Group, DBJ Capital, Japan Post Capital, Mitsubishi Estate CVC (BRICKS FUND TOKYO), Dentsu Ventures, Hakuhodo DY Ventures, and Wealth Asset. The company has stated IPO intent and obtained ISO/IEC 27001:2022 certification in March 2026.

Name

Forest

Legal name

forest株式会社

Website

https://forest-inc.jp

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Forest Inc., founded in 2021, is a Tokyo-based e-commerce rollup acquiring over 20 Japanese DTC brands across oral care, smartphone accessories, baby products, and RC cars. It operates them through unified Shopify infrastructure, shared digital marketing, and cross-border sales reaching 64+ international markets.

Ownership category

akta.pro rank

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

Personnel, Marketing or Sales, Supply Chain, Operations, Technology or R&D, Infrastructure

Revenue model

1. E-commerce Brand Sales: Forest acquires and operates e-commerce brands, selling products directly to consumers via Amazon, Rakuten, Yahoo Shopping, and owned Shopify storefronts. Revenue is generated through product sales with margin derived from supply chain optimization and digital marketing efficiency.
2. Retail Tech Services: Forest provides EC/DX consulting, digital marketing BPO, Shopify development, and OMO support services to external SMB and mid-market clients through its subsidiary Tsuzucle and group companies. Services include SNS management, EC site development, and AI導入支援. Revenue is project-based or retainer-based.
3. Cross-border E-commerce: Forest operates cross-border EC marketplaces (Omakase, Shibuya Stationery Store) selling Japanese products to international customers. Revenue is generated through product sales with international logistics handled through the company's China logistics hub.

Go-to-market motion3 records

Distribution channels10 records

Marketing channels8 records

Core offering

Forest is an e-commerce brand rollup company that acquires Japanese e-commerce brands via M&A and accelerates their growth through digital marketing, cross-border expansion, and data-driven operations. The company operates four business segments—Strategic Investment (M&A/brand acquisition), Distribution and Sales (domestic EC for owned brands), Retail Tech (DX/Shopify/marketing services to external clients), and Overseas Sales (cross-border EC via owned marketplaces)—managing 20+ brands across smartphone accessories, oral care, RC cars, leather goods, baby products, camping, and other consumer categories.

Product overview

Forest Inc. operates as a multi-brand e-commerce rollup platform with four interconnected business segments: (1) Strategic Investment (M&A brand acquisition and ownership), (2) Distribution and Sales (domestic brand operations for a portfolio of ~20 acquired Japanese brands), (3) Retail Tech (client-facing DX and e-commerce services via subsidiary Tsuzucle), and (4) Overseas Sales (cross-border EC via owned marketplaces omakase and Shibuya Stationery Store). The brand portfolio spans diverse categories — smartphone accessories (glass-zamurai), oral care (W-1), RC cars (Yokomo), leather goods (GRAV), camping gear (CAMP GREEB), baby products (Onepon), bedding (HUGMIN), golf (Pin-Eagle), gifts (Rice King), pet products (söpöa), and emergency supplies (Toilet Goddess PREMIUM) — all managed under Forest's unified EC operational infrastructure. Forest also commercializes select internal capabilities as Shopify apps and retail tech services for external clients.

Differentiator

Problem solved

Functional benefit

Brands

• ウフ ソレイユ (Oeuf Soleil): Baby products brand developed with mothers, operated by forest, featuring the 'onepon' bedwetting pants series that won Rakuten annual rankings for 2 consecutive years
• おねぽん (Onepon)
• TOILET GODDESS PREMIUM (トイレの女神PREMIUM)
• Omakase (オマカセ)
• Shibuya Stationery Store

Products and services

• omakase Cross-border B2C e-commerce marketplace (omakase-forest.com) specializing in authentic Japanese artisanal products. Operated by Forest, handling site management, logistics, and customer service for partner brands. Targets international consumers in 64+ countries seeking authentic Japanese crafts and lifestyle goods.
• Shibuya Stationery Store Cross-border e-commerce marketplace for unique Japanese stationery and miscellaneous goods. Operated by Forest to expand global access to Japanese lifestyle products.
• Glass Zamurai (ガラスザムライ) Japanese smartphone accessory brand operated by Forest subsidiary OVER's. Focuses on tempered glass screen protectors with flexible and strong third-generation glass film technology. Mainstay product has sold over 3 million cumulative units. Distributed via Amazon, Rakuten, Yahoo Shopping, and au PAY Market.
• W-1 Tongue Brush Oral care brand operated by Forest subsidiary SHIKIEN. Flagship product is a dual-sided tongue cleaning smoother developed jointly with Niigata University School of Dentistry, holding three domestic and international patents. Distributed via drugstores, Amazon, Rakuten, dedicated brand store, and cross-border via Tmall Global and Douyin in China.
• Yokomo (ヨコモ) Radio-controlled car manufacturer with approximately 60 years of history and globally recognized brand. Operates a large-scale RC car theme park in Tsukuba, Ibaraki. Acquired by Forest in September 2025. Distributed globally via the Yokomo global EC site, Amazon, and other channels.
• Onepon (おねぽん) / Oeuf Soleil Bedwetting pants brand operated by baby products brand Oeuf Soleil. Positioned around normalizing bedwetting as a natural part of child development. Ranked #1 in Rakuten baby fashion category for 2023 and 2024. Distributed via Rakuten and the Oeuf Soleil D2C site.
• GRAV / Kameito Kaban Seisakusho Leather goods and bags brand operated by Forest subsidiary Winforward. Positions around 'Add New Value' with functional and design-forward products including wallets and bags focused on genuine leather craftsmanship. Distributed via Amazon, Rakuten, and Yahoo Shopping.
• CAMP GREEB Outdoor and camping brand operated by Forest subsidiary HIRAKETOA. Specializes in fire-starting and camping gear including wind shields and related peripherals. Distributed via outdoor retail stores and online channels.
• Pin-Eagle Golf brand offering products with innovative ideas for golf enthusiasts, including a laser range finder with high customer ratings. Distributed via Amazon and Rakuten.
• Rice King Japanese rice gift brand operated by Forest subsidiary Innocence Co. Offers a range of gift products for celebrations including births, weddings, housewarmings, and corporate occasions. Distributed via Amazon, Rakuten, Yahoo Shopping, and dedicated brand store.
• HUGMIN Bedding brand pursuing supreme comfort and a sense of emotional and physical well-being through its product line. Distributed via Amazon, Rakuten, Yahoo Shopping, and dedicated brand store.
• söpoa Pet products brand offering functional and design-forward items for dogs and cats, aiming to enhance the quality of time pet owners spend with their animals.
• Toilet Goddess PREMIUM (トイレの女神PREMIUM) Emergency portable toilet brand. Japan-made, designed for disaster preparedness and unexpected emergencies. Won Amazon Award (category prize for disaster-related products). Distributed via Amazon and Rakuten.
• forest – メルマガ配信解除 (Shopify App) A free Shopify app developed by Forest that syncs email subscription opt-out and resubscribe statuses between external email delivery tools and Shopify customer records, eliminating manual list reconciliation and reducing misdelivery risk. Available on the Shopify App Store.
• Tsuzucle Retail Tech Services Digital marketing and Shopify EC development services delivered by Forest subsidiary Tsuzucle. Offers marketing consulting, digital marketing BPO (SNS, paid ads, LINE, SEO, influencer), Shopify EC development (new builds, enterprise Plus, cross-border), and demand forecasting/SCM optimization advisory. Supports approximately 100 retail clients including large daily goods EC brands, fashion companies, and enterprise retailers.

Quantifiable outcome

• Post-M&A brand sales growth of 140% (OVER's)
• +7 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability5 records

Feature3 records

Partnerships

Four partnerships are on record, tiered core and major.

• 株式会社RESORTcoreTechnology or Integration · 1 January 2025RESORT is a Shopify PREMIER Partner providing marketing, creative, and EC site development services. Capital and business alliance signed January 2026. RESORT brings EC construction package 'tuna' and integrated logistics/back-office solutions to strengthen Forest group's solution offerings.
• LOOPWHEELERmajorStrategic or Co-development Partner · 1 December 2024Forest partnered with LOOPWHEELER to develop and launch their international e-commerce site (loopwheeler.jp), supporting the brand's mission to bring Japanese loopwheel knitting culture to global consumers. Forest handles EC site development and English site construction.
• 東京大学 田中謙司研究室coreStrategic or Co-development Partner · 1 August 2024Forest collaborates with Professor Kenji Tanaka's laboratory at the University of Tokyo on machine learning-based demand forecasting models for inventory optimization. Research presented at TE2024 in London. Professor Tanaka also serves as a Forest advisor.
• 株式会社TsuzuclecoreTechnology or Integration · 1 July 2024Tsuzucle provides digital marketing, Shopify development, and EC consulting services. Acquired as a Forest subsidiary in July 2024. Offers SNS management, Google/Meta advertising, OMO support, and AI/ML integration services to Forest brands and external clients.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Thrasio: US-based Amazon FBA brand rollup pioneer. Closest direct analogue to Forest: acquires third-party e-commerce brands, applies data-driven marketing and SCM optimization, and operates a portfolio of consumer brands at scale. Forest's playbook (Japanese brands + cross-border + AI demand forecasting) is a regional variant of Thrasio's model.
• Heyday: US e-commerce brand aggregator that acquires and scales D2C brands across Amazon and Shopify. Comparable to Forest in acquisition-led growth model, brand portfolio breadth, and reliance on marketplace distribution.
• Perch: North American e-commerce rollup focused on consumer brands. Operates a portfolio approach similar to Forest, with shared back-office services and growth capital deployment across acquired brands.
• Una Brands: Singapore-headquartered e-commerce rollup operating across APAC. Direct peer because both Forest and Una Brands target Asian-origin consumer brands for acquisition and global distribution expansion via marketplaces and owned D2C sites.
• Razor Group: European e-commerce aggregator formed via SellerX merger. Compares to Forest on rollup model, breadth of consumer categories, and reliance on third-party marketplace infrastructure (Amazon EU).

Broad incumbents

• BEENOS: Japanese cross-border e-commerce and global buying agency operator. Comparable to Forest's overseas sales segment (Omakase, Shibuya Stationery Store, Tmall Global push) because both bridge Japanese consumer brands to international marketplaces.
• M&A Capital Partners: Japan-listed M&A advisory firm specializing in SME succession transactions. Comparable to Forest's strategic investment segment because both serve as a succession/exit path for Japanese SME founders, though M&A Capital Partners is a broker while Forest is an operator-acquirer.
• Nihon M&A Center: Japan's largest SME M&A intermediary, addressing the same succession crisis Forest targets. Comparable because both capture Japan's SME succession wave, though Nihon M&A Center is an intermediary/marketplace while Forest is an integrated operator-acquirer.

Others

• Anker Japan: Japanese subsidiary of Anker Innovations, the China-origin consumer electronics brand. Forest advisor Ayumu Endo was founding CEO of Anker Japan. Comparable as a reference model for how an Asia-origin brand can scale across Japan and global marketplaces, and a directional benchmark for what scaled execution looks like (¥200B revenue in 8 years per advisor background).

Regional players

• ZenGroup: Japan-based cross-border e-commerce service helping international consumers purchase Japanese products. Comparable to Forest's Omakase and Shibuya Stationery Store cross-border marketplaces, though ZenGroup focuses on proxy/purchase services while Forest operates its own curated marketplace.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/forestinc21
• Facebookfacebook.com/forest.inc.japan
• LinkedInlinkedin.com/company/75606441

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries13 records

Funding overview

Funding rounds5 records

Investors16 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Forest