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Diana Co Ltd

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Last verified Monday, November 9, 2026

Diana Co Ltd Current Status and History

Diana Co., Ltd. is a Japanese beauty and wellness company whose operating history dates to July 1986, when founder Itsuo Ohara established the company in Kyoto. Diana built its business around what it calls "proportion making," combining personal body-shape consulting with corrective undergarments and related beauty and nutrition products. The company joined the Japan Franchise Association in 1997. In 2006, Advantage Partners and company management completed an MBO, and Mitsutaka Tokuda became president in 2009. A second management buyout followed in February 2014, when a management-controlled holding company acquired all Diana shares held by Advantage Partners.

Diana underwent a significant corporate restructuring in 2023ââ'¬"2024. The original 1986 Diana corporate entity was renamed Dstyle Holdings Co., Ltd., while a new Diana Co., Ltd. was established to operate the proportion-making and franchise business. Beginning January 1, 2024, the broader organization began operating as Dstyle group., with Dstyle Holdings serving as Diana's parent company and providing group management and shared services. Mitsutaka Tokuda remains the senior executive; Diana's January 2026 franchise disclosure lists Mitsutaka Tokuda, Representative Director/CEO, and Yoshihiro Shiozawa, Representative Director/COO.

The company's core products include DianaGenne corrective lingerie and shapewear, body-care products, skin-care and cosmetics, nutritional supplements, meal-replacement and weight-management foods, hosiery, wigs, and other beauty and wellness products. Diana's current online catalog has expanded into femtech, hair care, men's products and general beauty/lifestyle merchandise. Customers traditionally receive consultations, measurements, fitting assistance and follow-up through independently operated Diana salons. The company says it has provided proportion-related consulting to more than 950,000 customers.

Company timeline

  1. 1986 Founder Itsuo Ohara establishes Diana Co., Ltd. in Kyoto as a proportion-making beauty and shapewear business.
  2. 1997 Diana joins the Japan Franchise Association as it expands its salon franchise model.
  3. 2006 Advantage Partners and company management complete a management buyout from the founder, putting Diana under private-equity ownership.
  4. 2009 Mitsutaka Tokuda becomes Representative Director and President of Diana.
  5. 2014 Tokuda and management complete a second buyout on February 27, acquiring all Diana shares held by Advantage Partners' funds through a newly formed parent, Diana Holdings.
  6. 2023 The original Diana company is renamed Dstyle Holdings Co., Ltd., and a new Diana Co., Ltd. is set up on October 17 to run the franchise business.
  7. 2024 The organization begins operating as the Dstyle group on January 1, with Dstyle Holdings as the parent providing shared services to Diana and related group companies.

Executive Team

Mitsutaka Tokuda, Representative Director, Chairman and President of Diana Co., Ltd.; Dstyle Group Representative and Group Chief Executive Officer

Tatsuya Kondo, Director, Managing Executive Officer and Group Chief Financial and Administrative Officer, Dstyle Holdings

Yukako Ono, Director, Executive Officer and Group Chief Brand and Marketing Officer, Dstyle Holdings

Related companies and people

These people and companies appear in the public record around Diana Co Ltd:

  • Itsuo Ohara — Founded Diana Co., Ltd. in Kyoto in 1986.
  • Advantage Partners — Completed a 2006 management buyout of Diana with company management; sold its stake back to management in 2014.
  • Dstyle Holdings — Owns Diana Co., Ltd. as the parent company of the Dstyle group.
  • Mitsutaka Tokuda — Serves as Representative Director, Chairman and President of Diana Co., Ltd., and as Dstyle Group Representative and Group Chief Executive Officer.
  • Yoshihiro Shiozawa — Serves as Representative Director and COO of Diana Co., Ltd.
  • Tatsuya Kondo — Serves as Director, Managing Executive Officer and Group Chief Financial and Administrative Officer of Dstyle Holdings.
  • Yukako Ono — Serves as Director, Executive Officer and Group Chief Brand and Marketing Officer of Dstyle Holdings.

Sources

  • Diana Co., Ltd. — 1986; founder Itsuo Ohara establishes Diana in Kyoto.
  • Diana Co., Ltd. — 1997; joins the Japan Franchise Association.
  • Diana Co., Ltd. — 2006; MBO from founder by Advantage Partners and management.
  • Diana Co., Ltd. — 2009; Mitsutaka Tokuda named President.
  • PR TIMES — Feb. 28, 2014 release; MBO effective Feb. 27, 2014.
  • Dstyle Holdings — Original entity renamed Dstyle Holdings; new Diana established Oct. 17, 2023.
  • Diana Co., Ltd. — Dstyle group management begins Jan. 1, 2024.

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