What Crooz does

Crooz Inc. (クルーズ株式会社, Tokyo Stock Exchange: 2138.T) is a Tokyo-headquartered publicly traded holding company founded in 2005 that operates a diversified portfolio of digital businesses through wholly-owned subsidiaries. Following a May 2018 transition to a pure holding company structure, operations are organized across e-commerce (CROOZ SHOPLIST, launched July 2012), mobile gaming (Studio Z, established November 2016), blockchain gaming (CROOZ Blockchain Lab), EC logistics solutions (CROOZ EC Partners, established May 2018), media (CROOZ Media Partners), and venture capital (Sevenwoods Investment, established June 2018). The company also operated CROOZ TRAVELIST for online travel until divesting that business to GIG-inc subsidiary Apple World in February 2020. Founder Koji Obuchi (小渕宏二) serves as Representative Director and President; headcount is 501-1,000 employees.

The company's core product is SHOPLIST.com by CROOZ, a mobile-first multi-category fashion marketplace serving Japanese consumers with women's, men's, and kids' fashion, beauty products, and lifestyle goods from 300+ brands including COX, Honeys (865 stores), nano universe, CECIL McBEE, GAP Japan, MARK STYLER, BAROQUE JAPAN, 6IXTY8IGHT, LANDS' END, and boohoo. SHOPLIST integrates AI-powered features including body measurement (bodygram, partner-integrated from 2019), visual AI search (Decu.CAMERA by Scien), personalized recommendations (Decu.Ds by Scien), and Japan's first video commerce tool (Zapping, partner-integrated with Fanatic in May 2022). Mobile gaming operations include SHAMAN KING Funbari Chronicle (launched December 2021, 2M downloads in first month via Studio Z), while blockchain gaming centers on PROJECT XENO (launched May 2023 by CROOZ Blockchain Lab) — a Web3 tactics PvP game with NFT characters and a GXE token economy listed across BITPOINT, Gate.io, LBank, BKEX, Bitget, and other exchanges.

Crooz generates revenue through marketplace commissions on SHOPLIST transactions, in-app purchases and gacha mechanics across mobile games, NFT/token transactions in blockchain gaming, and B2B EC logistics services for third-party e-commerce operators. Distribution is primarily digital: SHOPLIST via owned website and iOS/Android apps, games via global app stores, blockchain products via crypto exchange partnerships (with notable Southeast Asia push via Manny Pacquiao ambassadorship and a Philippines eSports championship in November 2023), and logistics via automated robot warehouse facilities operated with Geek+. The company markets through nationwide TVCM campaigns with celebrity endorsers, social media presence (YouTube, Instagram, Twitter, LINE), the LiSTA fashion web magazine (co-created with publisher Kadokawa), and the TECH HILLS tech conference series hosted since 2012.

Name

Crooz

Legal name

クルーズ株式会社

Website

https://crooz.co.jp

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Crooz is a Tokyo-listed Japanese holding company operating the SHOPLIST fashion e-commerce marketplace (10M+ app downloads, 300+ brand partners), mobile gaming via Studio Z (SHAMAN KING), blockchain gaming via PROJECT XENO, and B2B EC logistics services for Japanese e-commerce operators.

Ownership category

akta.pro rank

Product category

Fashion E-commerce Marketplace

NAICS

Clothing and Clothing Accessories Retailers (458110)

SIC

Retail-Apparel & Accessory Stores (5600)

akta.pro primary industry

E-commerce & Retail CRM (Customer Data, Loyalty & Personalization) (HDAEAFAE)

Keywords

• Fashion e-commerce marketplace
• Mobile gaming development
• Blockchain gaming platform
• EC logistics solutions
• IT outsourcing services

Headquarters

HQ city

Nishi-shinagawa

HQ country

Japan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

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

Revenue model

1. E-commerce Marketplace Commission: SHOPLIST operates as a fashion e-commerce marketplace hosting multiple brand stores, earning commission from transactions
2. Mobile Gaming: Revenue from game apps including SHAMAN KING ふんばりクロニクル, PROJECT XENO blockchain game, with in-app purchases and gacha mechanics
3. EC Logistics Solutions: CROOZ EC Partners provides fulfillment and logistics services to e-commerce operators
4. Blockchain Gaming: NFT game revenue from PROJECT XENO through token sales and marketplace transactions

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Crooz operates a multi-brand fashion e-commerce marketplace called SHOPLIST.com, hosting women's, men's, and kids' fashion along with cosmetics and lifestyle goods from 300+ fashion brands. The company also develops and publishes mobile games (SHAMAN KING Funbari Chronicle) through Studio Z, blockchain/Web3 games (PROJECT XENO) through CROOZ Blockchain Lab, and provides B2B EC logistics and fulfillment services through CROOZ EC Partners using automated robotics.

Product overview

Crooz operates as an EC solution company centered on SHOPLIST.com by CROOZ, a multi-category e-commerce fashion platform. The core product SHOPLIST.com offers women's, men's, and kids' fashion plus accessories and home goods. The portfolio includes SHOPLIST OUTLET for discounted luxury brands, LiSTA fashion web magazine (co-created with Gutshot/Kadokawa), and TRAVELIST for budget flights. The company has diversified into blockchain gaming through CROOZ Blockchain Lab with PROJECT XENO and Elemetal Story World, mobile gaming via Studio Z with SHAMAN KING Funbari Chronicle, EC logistics solutions through CROOZ EC Partners with automated robotics, and tech events via TECH HILLS conference. The company transitioned to a pure holding company structure in May 2018 with group companies handling individual business lines.

Differentiator

Problem solved

Functional benefit

Products and services

• SHOPLIST.com by CROOZ
• SHOPLIST OUTLET by CROOZ
• LiSTA (リスタ)
• TRAVELIST by CROOZ
• PROJECT XENO
• SHAMAN KING ふんばりクロニクル (Funbari Chronicle)
• CROOZ EC Partners

Quantifiable outcome

• Video viewing increases purchase rate by approximately 5x compared to non-viewing
• +2 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

AI capability10 records

Feature5 records

Partnerships

Ten partnerships are on record, tiered minor and core.

• Manny PacquiaominorGTM or Marketing Partner · 1 February 2023Ambassador for PROJECT XENO blockchain game in Southeast Asia; brings 10 million+ social media followers and Philippine market influence.
• gumi Inc.coreStrategic or Co-development Partner · 31 January 2023Joint development of new blockchain games combining Crooz's PROJECT XENO experience with gumi's gaming expertise including Brave Frontier Heroes and blockchain operations.
• Xクリエーション株式会社 (X Creation)coreStrategic or Co-development Partner · 26 January 2023Partnership with X Creation for PROJECT XENO blockchain game, leveraging their 28,000-member Samurai Guild Games gaming guild for promotion and community building in the Web3 gaming space.
• Floyd Mayweather Jr.minorGTM or Marketing Partner · 24 September 2022Collaboration with boxing champion Floyd Mayweather Jr. for PROJECT XENO marketing and promotion.
• 株式会社ファナティック (Fanatic)coreTechnology or Integration · 31 May 2022First Japan implementation of ザッピング video commerce tool on SHOPLIST app, providing video-based product demonstrations and live streaming capabilities.
• まつもとゆきひろ (Yukihiro Matsumoto)minorStrategic or Co-development Partner · 9 March 2022Technology PR advisor appointment for Ruby creator Yukihiro Matsumoto to strengthen engineering brand and tech PR efforts; brings 86,000+ Twitter followers and tech community network.
• 株式会社ギークプラス (Geek+)coreTechnology or Integration · 7 February 2022Joint opening of EC logistics center using Geek+'s EVE automated shelf-carrying robots with pay-per-use pricing model, achieving 2x storage and 3x shipping capacity improvement.
• Bodygram Inc.coreTechnology or Integration · 17 July 2019World's first implementation of Bodygram AI body measurement technology enabling virtual try-on from 2 photos on SHOPLIST iOS app.
• Virtusize (バーチャサイズ株式会社)coreTechnology or Integration · 26 September 2018First Japanese implementation of Virtusize on iOS app for size comparison; later expanded to Android. Enables users to compare item dimensions with previously purchased items.
• サイジニア株式会社 (Scien)coreTechnology or Integration · 10 August 2018Business partnership for personalized recommendation engine 'Decu.Ds' and visual AI recommendation 'Decu.CAMERA' to enhance e-commerce user experience.

Scale indicators7 records

Recent moves10 records

Expansion highlights2 records

Direct peers

• GREE, Inc. Japanese mobile gaming and internet company with a comparable portfolio of mobile titles and a historical pivot from social gaming to broader entertainment. GREE competes directly with Studio Z and CROOZ Blockchain Lab for mobile and emerging gaming segments.
• Colopl, Inc. Japanese mobile game developer (NieR Re[in]carnation, White Cat Project) with comparable smartphone-first strategy. Colopl competes with Studio Z and other Crooz gaming subsidiaries for Japanese mobile gamer attention and ad spend.
• KLab Inc. Japanese mobile game developer known for rhythm and anime-licensed games (Love Live!, Uta no Prince-sama). KLab competes directly with Studio Z's SHAMAN KING title for anime IP-based mobile gaming audiences.
• CyberAgent (Cygames): Parent of Cygames, Japan's leading mobile game developer (Uma Musume, Granblue Fantasy, Princess Connect). CyberAgent also operates ABEMA streaming and an internet advertising business, directly comparable to Crooz's mobile gaming (Studio Z) and ad-driven e-commerce operations.
• mixi, Inc. Developer of Monster Strike, one of Japan's highest-grossing mobile games, with a comparable mobile-first gaming portfolio strategy. mixi competes with Studio Z's SHAMAN KING Funbari Chronicle and other Crooz subsidiary games for Japanese smartphone gamers.
• Gumi Inc. Japanese mobile game developer (Brave Frontier Heroes) and blockchain gaming operator. Gumi is both a Crooz joint-venture partner on blockchain games and a direct competitor in mobile/Web3 gaming, with comparable developer DNA and IP portfolio.
• ZOZO, Inc. Japan's leading dedicated fashion e-commerce platform (ZOZOTOWN), serving the same consumer segment as SHOPLIST with a similar marketplace model. Both platforms host multiple brand stores and compete directly for Japanese fashion-conscious consumers' online spend.

Broad incumbents

• Mercari, Inc. Operates Japan's leading C2C marketplace (Mercari) and Merpay payment service, which SHOPLIST integrated as the first EC site. Mercari is a broader marketplace incumbent with overlapping consumer base and stronger fintech monetization.
• Rakuten Group: Japan's largest e-commerce ecosystem, including Rakuten Fashion. Rakuten operates a broader marketplace with much greater scale, logistics infrastructure, and cross-vertical integration (banking, telecom, media) that SHOPLIST cannot match.

Emerging players

• Animoca Brands: Hong Kong-based blockchain gaming and metaverse leader (REVV, Sandbox, Mocaverse). Animoca is a direct competitor to CROOZ Blockchain Lab in Web3/GameFi globally, with deeper NFT IP portfolio and stronger crypto-native brand positioning than PROJECT XENO.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries8 records

Funding overview

Funding rounds1 record

Investors5 records

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

M&A5 records

Investments13 records

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

Frequently asked questions about Crooz