On November 27, HUMAN MADE Inc., the company led by Creative Director NIGO®, made its debut on the Tokyo Stock Exchange Growth Market. For the brand—whose business spans fashion, food, and culture—the listing marks not only a major milestone toward accelerated global expansion but also an IPO that drew exceptionally strong investor demand.
Investor demand surges to “60 times” oversubscription
The IPO was reportedly oversubscribed by around 60 times, with institutional orders reaching approximately 35 times and retail investor demand rising to nearly 80 times the available shares.
The company’s valuation at listing stood at approximately USD 460 million (JPY 72 billion).
Based on this valuation:
- NIGO®’s stake is estimated at USD 285 million
- Pharrell Williams’ 25.7% holding is valued at roughly USD 117 million
Both saw significant increases in asset value, and reports indicate that NIGO® sold about USD 56 million worth of shares during the IPO, while Pharrell sold roughly USD 33 million.
The stock opened at JPY 3,440, a 9.9% premium over the offer price—an impressive debut that gave HUMAN MADE richer valuation multiples than many listed Japanese fashion companies. The fervent buying on day one underscores a broader shift in the market: culture-driven brands are now being valued as meaningful financial assets.
Aiming to build the next pillar of Japan’s creative industries
HUMAN MADE operates under the purpose “CULTIVATE CULTURE,” positioning itself to nurture what it calls the next generation of Japanese creative industries—following the global successes of manga, anime, and gaming.
Its mission, “Bringing the brilliance born from human inspiration and handcrafted creation to the world,” speaks to the brand’s core philosophy: blending street sensibilities with a deep respect for classic craftsmanship to ignite new cultural movements.
At the heart of the company’s operations is the lifestyle brand HUMAN MADE, founded by NIGO® in 2010. Known for its apparel, art-driven products, and high-profile collaborations, the brand has earned strong support from creators worldwide.
The company also operates the Tokyo-born curry shop CURRY UP, while its broader portfolio includes brand collaborations, space design, product development, and corporate branding support—allowing HUMAN MADE to extend far beyond traditional fashion business frameworks.
Through this multifaceted approach, HUMAN MADE has established a unique position as a culture-first Japanese creative enterprise.
Global expansion set to accelerate following the listing
The listing is poised to strengthen the company’s long-term vision of “From Tokyo to the World.”
With new capital, expanded talent capabilities, and the potential to reinforce overseas operations, HUMAN MADE is now positioned to fast-track its next phase of global growth.
At the same time, the extraordinarily strong investor appetite signals the arrival of a new era in Japan’s financial markets—one in which culture-led brands are recognized for their economic value. As this trend gains momentum, more Harajuku-born and creator-led lifestyle brands may begin eyeing the IPO route.
As HUMAN MADE continues to reinterpret and elevate Japanese culture for global audiences, its presence in international markets is expected to grow even further.
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