Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Equity Bottom-Up

<ul>
<li>And ST’s online platform is becoming a popular channel for third-party brands. </li>
<li>It is increasingly regarded by the company as the future core of its business, not only in fashion but in other lifestyle products. </li>
<li>And ST is also signing more overseas brands to build up its portfolio.</li>
</ul>


And ST’s online platform is becoming a popular channel for third-party brands. 
It is increasingly regarded by the company as the future core of its business, not only in fashion but in other lifestyle products. 
And ST is also signing more overseas brands to build up its portfolio.


And ST (Adastria) Expands Mall Platform in Bid for ¥400 Billion in Sales

<ul>
<li>Seven Eleven is turning to apparel to boost same-store sales growth as it falls behind rivals.  </li>
<li>Hello Kitty aside, its hands-off tie-up with And ST looks poorly suited to the very specific type of compact, impulse-driven conbini merchandising needed here.</li>
<li>FamilyMart got it right and how has a ¥20 billion clothing line aiming for ¥100 billion – but even then, FamilyMart is still struggling to keep footfall positive.</li>
</ul>


Seven Eleven is turning to apparel to boost same-store sales growth as it falls behind rivals.  
Hello Kitty aside, its hands-off tie-up with And ST looks poorly suited to the very specific type of compact, impulse-driven conbini merchandising needed here.
FamilyMart got it right and how has a ¥20 billion clothing line aiming for ¥100 billion – but even then, FamilyMart is still struggling to keep footfall positive.


Conbini Clothing Wars: No Riches from Rags for Seven Eleven

Thematic (Sector/Industry)

<ul>
<li>The Japan fashion e-commerce sector continues to grow at a pace that outstrips the broader fashion market.</li>
<li>But the gains are increasingly concentrated among a small group of operators that have mastered omnichannel, staff-driven social media, and loyalty marketing and capture</li>
<li>At the same time, smaller, mall-dependent players face mounting pressure and anaemic profits. A full sector review with rankings.</li>
</ul>


The Japan fashion e-commerce sector continues to grow at a pace that outstrips the broader fashion market.
But the gains are increasingly concentrated among a small group of operators that have mastered omnichannel, staff-driven social media, and loyalty marketing and capture
At the same time, smaller, mall-dependent players face mounting pressure and anaemic profits. A full sector review with rankings.


Japan Fashion E-Commerce: Growth but More Divergence

<ul>
<li>In this in-depth review, it is clear that while Japanese clothing markets had a solid year in FY2024-25, once again the top 100 retailers outperformed by a large margin.</li>
<li>This meant they surpassed 71% share of the market but, within the specialty market alone, the top 10 retailers own 34%. This is now a clear oligopoly.</li>
<li>There are no signs of the situation changing either but rather the capacity of the leaders to invest should further expand share at the top.</li>
</ul>


In this in-depth review, it is clear that while Japanese clothing markets had a solid year in FY2024-25, once again the top 100 retailers outperformed by a large margin.
This meant they surpassed 71% share of the market but, within the specialty market alone, the top 10 retailers own 34%. This is now a clear oligopoly.
There are no signs of the situation changing either but rather the capacity of the leaders to invest should further expand share at the top.


The Great Divide: Fashion Retail’s Oligopoly

<ul>
<li>There have been a lot of deals in the last 5 years, including M&amp;A between Japanese companies, distribution deals/licenses, foreign companies buying into Japan and Japanese buying foreign brands. </li>
<li>Consolidation is a key motivation but so are category expansion, rationalisation and buying in expertise. All these reasons and more suggest more deals to come in the next few years.</li>
<li>Here we provide a comprehensive list of deals between 2019-2025 as well as a map showing who owns who and, as important, who influences who without any paperwork at all.</li>
</ul>


There have been a lot of deals in the last 5 years, including M&amp;A between Japanese companies, distribution deals/licenses, foreign companies buying into Japan and Japanese buying foreign brands. 
Consolidation is a key motivation but so are category expansion, rationalisation and buying in expertise. All these reasons and more suggest more deals to come in the next few years.
Here we provide a comprehensive list of deals between 2019-2025 as well as a map showing who owns who and, as important, who influences who without any paperwork at all.


[Japan M&A] Who Owns Who in Fashion & Lifestyle Markets

Japan

and ST HD Co Ltd operates a chain of clothing stores in Japan. The Company also operates stores in China, Taiwan, Hong Kong and Korea.

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And ST HD Co Ltd (2685 JP)

And ST (Adastria) Expands Mall Platform in Bid for ¥400 Billion in Sales

ST's online platform is now popular with third-party brands, and seen as the future of the company's business in fashion and other lifestyle...

Michael Causton

Conbini Clothing Wars: No Riches from Rags for Seven Eleven

Seven Eleven Japan is playing catch up with its rivals in turning its Japan chain into a variety-conbini format. Its new clothing line is an...

Michael Causton

Japan Fashion E-Commerce: Growth but More Divergence

Japan's fashion e-commerce sector is booming, but success is concentrated among a few operators utilizing omnichannel strategies, while smaller...

Michael Causton

The Great Divide: Fashion Retail’s Oligopoly

Japanese clothing market dominated by top 100 retailers in FY2024-25, with top 10 owning 34% in specialty market, solidifying oligopoly. Leaders...

Michael Causton

[Japan M&A] Who Owns Who in Fashion & Lifestyle Markets

Recent years have seen a surge in deals between Japanese and foreign companies in lifestyle/fashion, driven by consolidation and category...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

And ST (Adastria) Expands Mall Platform in Bid for ¥400 Billion in Sales

​ST's online platform is now popular with third-party brands, and seen as the future of the company's business in fashion and other lifestyle...

Michael Causton

Conbini Clothing Wars: No Riches from Rags for Seven Eleven

Seven Eleven Japan is playing catch up with its rivals in turning its Japan chain into a variety-conbini format. Its new clothing line is an...

Michael Causton

Japan Fashion E-Commerce: Growth but More Divergence

​Japan's fashion e-commerce sector is booming, but success is concentrated among a few operators utilizing omnichannel strategies, while smaller...

Michael Causton

The Great Divide: Fashion Retail’s Oligopoly

​Japanese clothing market dominated by top 100 retailers in FY2024-25, with top 10 owning 34% in specialty market, solidifying oligopoly. Leaders...

Michael Causton

[Japan M&A] Who Owns Who in Fashion & Lifestyle Markets

​Recent years have seen a surge in deals between Japanese and foreign companies in lifestyle/fashion, driven by consolidation and category...

Michael Causton

ST's online platform is now popular with third-party brands, and seen as the future of the company's business in fashion and other lifestyle...

Japan's fashion e-commerce sector is booming, but success is concentrated among a few operators utilizing omnichannel strategies, while smaller...

Japanese clothing market dominated by top 100 retailers in FY2024-25, with top 10 owning 34% in specialty market, solidifying oligopoly. Leaders...

Recent years have seen a surge in deals between Japanese and foreign companies in lifestyle/fashion, driven by consolidation and category...