Enigmo

Enigmo Inc. is a publicly traded company headquartered in Tokyo, Japan, that specializes in internet business planning, development, and management. Founded on February 10, 2004, by Shokei Suda, Sadato Tanaka, and Hideo Ando, the firm has established itself as a significant player in the e-commerce sector. The company's flagship service is BUYMA, a social shopping website launched in February 2005.

BUYMA operates on a consumer-to-consumer (C2C) model, creating a marketplace that connects over 11.5 million members with a network of approximately 230,000 "Personal Shoppers" across 182 countries (as of July 2025). These personal shoppers, often Japanese expatriates, list and sell a wide array of fashion and lifestyle products, including items that are unavailable or sold out in Japan. A key feature of the platform is that personal shoppers can operate without holding inventory, as they only purchase items after receiving a customer's order, which minimizes their financial risk.

The revenue model for BUYMA is commission-based, generating income from both sides of each transaction. Enigmo collects a fee of approximately 5% of the item's cost from the buyer and a commission of 5-7% from the personal shopper. This structure has proven to be highly profitable, contributing to a gross profit margin of 76.32% in the fiscal year ending January 2025. The company also operates BUYMA.US, which targets customers outside of Japan, and has expanded its services to include BUYMA USED MARKET for pre-owned goods.

Enigmo's journey includes several significant milestones. After securing funding from various entities including JAFCO, ORIX Capital, and Sony Network Communications, the company experienced substantial growth. It was listed on the Tokyo Stock Exchange Mothers market in July 2012. By August 2012, BUYMA's membership surpassed one million users. The company has continued to expand, releasing an English version of BUYMA in October 2015 and earning a spot on Forbes Asia's "200 Best Under a Billion" list in July of the same year.

Keywords: Enigmo, BUYMA, social commerce, C2C e-commerce, personal shopper, online marketplace, Japanese e-commerce, luxury fashion, cross-border shopping, fashion marketplace, online retail, Tokyo Stock Exchange, Shokei Suda, asset-light business model, global fashion, e-commerce platform, consumer-to-consumer, Japanese brands, BUYMA.us, commission-based revenue, social shopping, online fashion retail