Matsuo International Corporation
Japanese women's apparel company behind brands such as Jiu, Mefu, Sensounico and VIVIENNE TAM, currently undergoing corporate reorganization.
Last updated September 27, 2026
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Overview
Matsuo International Corporation (マツオインターナショナル株式会社) is a Japanese apparel company specializing in the planning, manufacturing and sale of women's clothing, with a focus on the mature "missy" and silver-age segments. It was established in December 1985 as Sensounico Co., Ltd., spun off from the apparel division of Matsuo Sangyo, which had been founded in 1958 by Yoshihisa Matsuo in Osaka. Norihisa Matsuo became the first president of the new company. The company changed its name to Matsuo International in August 2007. The company operates multiple in-house and licensed brands, including Jiu (慈雨), Mefu (芽風), t.b2, NorieM, Sensounico and VIVIENNE TAM. It began as a wholesaler but entered retail in 1998, and by 2003 had grown to roughly 100 directly operated stores. It expanded overseas with a subsidiary in Italy in 2001, followed by Hong Kong, Shanghai, France and the United Kingdom. In 2016 it acquired the VIVIENNE TAM business from Sanei International (a TSI Holdings subsidiary), and in 2019 it sponsored the civil rehabilitation of Ron Miyako and took over part of its business. As of August 2022, the company reported 371 stores across Japan, 758 employees and annual sales of about ¥14.05 billion for the fiscal year ended August 2022. However, its expansion had been financed heavily by debt, and the COVID-19 pandemic pushed it into consecutive annual losses from the fiscal year ended August 2020. By the fiscal year ended August 2024 it had recorded five consecutive years of net losses, and its interest-bearing debt ratio had worsened to 97.3%. In December 2025, after signing a basic agreement with Balcos for sponsor support, Matsuo International and Matsuo Sangyo filed for corporate reorganization under the Civil Rehabilitation Act at the Osaka District Court; reorganization proceedings commenced on December 31, 2025. In March 2026, Balcos withdrew from sponsor negotiations, and J-Mode Enterprise was named as a new candidate sponsor.
History
The origins of Matsuo International lie in Matsuo Sangyo Co., Ltd., founded in May 1958 by the late Yoshihisa Matsuo in Minamihonmachi, Higashi-ku, Osaka. The company opened a Tokyo store in March 1970. In December 1985, the apparel division was spun off and incorporated as Sensounico Co., Ltd. with capital of ¥25 million, and Norihisa Matsuo became its representative director. A Fukuoka store followed in July 1994. In March 1998, the company entered retail in earnest, operating 12 stores. In June 2001, it established Secondo Senso in Italy and opened a directly operated store in Milan, marking its first overseas expansion. By March 2003, the number of directly operated stores reached 100. In June 2003, the Osaka head office moved from Minoh Semba to Chuo-ku, Osaka. In September 2003, Fiori was established, entering the flower arrangement business. In October 2003, the Tokyo head office was consolidated into the Soma Sendagaya Building. In January 2005, Sensounico Hong Kong was established. In April 2005, Sensounico Casa Co., Ltd. was established, entering the lifestyle goods business. In September 2005, a directly operated store opened in Shanghai. In June 2006, Matsuo International Europe SAS was established in France, and in November 2006 a directly operated store opened at 374 Rue Saint-Honoré in Paris. In August 2007, the company changed its name to Matsuo International Co., Ltd. In April 2009, a directly operated store opened in the Marais district of Paris. In September 2010, a NorieM shop opened in Suzhou, China; in October 2010, a NorieM shop opened in Shanghai Xintiandi; and in November 2010, the Milan directly operated store was renewed as a NorieM shop. In July 2011, Takumi no Yume was established. In June 2012, the first Hong Kong store opened in Tsim Sha Tsui and the third Paris store opened in Cherche-Midi. In October 2012, the imported brand JNBY participated for the first time in Mercedes Fashion Week. In April 2013, a second Hong Kong store opened; in June 2013, a fourth Paris store opened on Rue Saint-Honoré; and in September 2013, Matsuo Sangyo held its 55th anniversary event at Shibuya Hikarie Hall A. In March 2014, a third Milan store opened. In October 2015, the e-commerce business started. In December 2015, Matsuo International celebrated its 30th anniversary. In June 2017, the first London store opened. In September 2017, the company inherited the VIVIENNE TAM business. In May 2018, the Matsuo Sangyo Group celebrated its 60th anniversary. In May 2019, the company inherited the Ron Miyako business. According to Japanese Wikipedia, the company acquired the VIVIENNE TAM business from Sanei International in September 2016 and sponsored the civil rehabilitation of Ron Miyako in May 2019, taking over part of its business. For the fiscal year ended August 2019, sales reached ¥17.965 billion. However, the expansion relied on borrowings; interest-bearing debt stood at ¥5.715 billion at the end of the August 2019 fiscal year, with an interest-bearing debt ratio of 58.3% compared to the industry standard of 34.3%. The COVID-19 pandemic caused losses from the fiscal year ended August 2020 onward. Sales fell to ¥13.459 billion in the fiscal year ended August 2021, with a net loss of ¥860 million and a fall into insolvency. Net losses continued for five consecutive fiscal years through the fiscal year ended August 2024. The interest-bearing debt ratio worsened to 97.3% in the fiscal year ended August 2024, and in September 2023 the company requested a moratorium on principal repayments from financial institutions. Despite discontinuing some brands and reducing inventory, management improvement was not achieved. In August 2025, a bank meeting was held, and with the support of the Small and Medium Enterprise Revitalization Council, the company searched for a sponsor. By autumn 2025, it was widely believed that debt reduction was inevitable, and a temporary website closure due to a system configuration error added to credit concerns. On December 10, 2025, Matsuo International signed a basic agreement on sponsor support with Balcos, headquartered in Kurayoshi, Tottori Prefecture. The next day, December 11, 2025, Matsuo International and Matsuo Sangyo filed for application of the Corporate Reorganization Act at the Osaka District Court, received a preservation management order and a preservation order prohibiting repayment the same day, and on December 31, 2025, received a decision to commence corporate reorganization proceedings. Total liabilities were ¥7.68194 billion for Matsuo International and ¥3.43 billion for Matsuo Sangyo. On March 19, 2026, Balcos notified the trustee that it was terminating negotiations for sponsor support, and the trustee revealed that J-Mode Enterprise had been named as a new candidate sponsor.
Yoshihisa Matsuo founded Matsuo Sangyo Co., Ltd. in Osaka.
Tokyo store opened.
Apparel division spun off as Sensounico Co., Ltd. with capital of ¥25 million; Norihisa Matsuo became representative director.
Fukuoka store opened.
Entered retail business in earnest with 12 stores.
Established Secondo Senso in Italy and opened a directly operated store in Milan.
Number of directly operated stores reached 100.
Osaka head office moved to Chuo-ku, Osaka.
Fiori established, entering flower arrangement business.
Tokyo head office consolidated into Soma Sendagaya Building.
Products and positioning
Mid-to-high-end Japanese women's apparel for mature customers, with a multi-brand strategy and international retail presence.
Jiu (慈雨)
Mefu (芽風)
t.b2
NorieM
Sensounico
VIVIENNE TAM
HADA WEAR
Marketing campaigns
- Sensounico Day (毎月21日)
Monthly promotional day for the Sensounico brand.
Sources6 sources
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