Mercari Inc

4385: XTKS (JPN)

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Mercari's Marketplace Growth Stalls but Upside in Operating Margin with Fintech and AI

Pujance Chan

Aug 7, 2025

Business Strategy and Outlook

Japan's online consumer-to-consumer, or C2C, secondhand goods trading market is about JPY 2.4 trillion and Mercari is the top platform with over 40% market share and 23 million monthly active users. Mercari charges sellers a 10% take rate on the platform due to its large buyer base and superior turnover speed.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

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Mercari Inc

Mercari's Marketplace Growth Stalls but Upside in Operating Margin with Fintech and AI

Business Strategy and Outlook

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