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. 

Thematic (Sector/Industry)

<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

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Two senior executives at <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> , Reema Jain and Sameer Pande, resigned amid market challenges and leadership changes</li>
<li>
<a href="https://www.smartkarma.com/entities/allianz-se-0516b9dc-34b1-4a5b-adff-c1c95188b4ff" target="_blank" data-smartkarma-citation="entities:28601:1" rel="noopener">Allianz (AZSEY US)</a> plans a new insurance partnership with Jio Financial, following the end of its 24-year tie-up with Bajaj Group.</li>
<li>
<a href="https://www.smartkarma.com/entities/bain-capital-specialty-finan" target="_blank" data-smartkarma-citation="entities:28761:1" rel="noopener">Bain Capital Specialty Finan (BCSF US)</a> set to acquire 22% stake in <a href="https://www.smartkarma.com/entities/manappuram-finance-ltd" target="_blank" data-smartkarma-citation="entities:12559:1" rel="noopener">Manappuram Finance (MGFL IN)</a> , with plans to increase stake to 42%.</li>
</ul>


Two senior executives at Hero Motocorp (HMCL IN) , Reema Jain and Sameer Pande, resigned amid market challenges and leadership changes

Allianz (AZSEY US) plans a new insurance partnership with Jio Financial, following the end of its 24-year tie-up with Bajaj Group.

Bain Capital Specialty Finan (BCSF US) set to acquire 22% stake in Manappuram Finance (MGFL IN) , with plans to increase stake to 42%.


#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bain-capital-specialty-finan" target="_blank" data-smartkarma-citation="entities:28761:1" rel="noopener">Bain Capital Specialty Finan (BCSF US)</a> finalizes $1 billion deal to acquire a controlling stake in Manappuram Finance, India’s second-largest gold loan provider.  </li>
<li>India’s GCC sector sees rapid growth, with 24 centres crossing $1 billion in export revenue, contributing $43.6 billion.  </li>
<li>India bans production and export of drugs containing Tapentadol and Carisoprodol, citing unapproved combinations and regulatory concerns.</li>
</ul>



Bain Capital Specialty Finan (BCSF US) finalizes $1 billion deal to acquire a controlling stake in Manappuram Finance, India’s second-largest gold loan provider.  
India’s GCC sector sees rapid growth, with 24 centres crossing $1 billion in export revenue, contributing $43.6 billion.  
India bans production and export of drugs containing Tapentadol and Carisoprodol, citing unapproved combinations and regulatory concerns.


#109 India Insight: Bain Capital To Buy Stake in Manappuram, India’s GCC Hits $1B, Bans Drug Exports

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pepsico-inc" target="_blank" data-smartkarma-citation="entities:4967:1" rel="noopener">Pepsico Inc (PEP US)</a>  an Alpha Wave Global are vying for a minority stake in Haldiram, with other investors- <a href="https://www.smartkarma.com/entities/temasek-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:28816:1" rel="noopener">Temasek Holdings Pte Ltd (TMSK SP)</a>  and <a href="https://www.smartkarma.com/entities/bain-capital-specialty-finan" target="_blank" data-smartkarma-citation="entities:28761:1" rel="noopener">Bain Capital Specialty Finan (BCSF US)</a> </li>
<li>India plans to support its textile industry in the upcoming budget, with incentives, tariff cuts, and financial support to boost local production. </li>
<li>DPIIT has partnered with <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a>  to boost India’s startup ecosystem, focusing on technology, innovation, and market opportunities. </li>
</ul>



Pepsico Inc (PEP US)  an Alpha Wave Global are vying for a minority stake in Haldiram, with other investors- Temasek Holdings Pte Ltd (TMSK SP)  and Bain Capital Specialty Finan (BCSF US) 
India plans to support its textile industry in the upcoming budget, with incentives, tariff cuts, and financial support to boost local production. 
DPIIT has partnered with ITC Ltd (ITC IN)  to boost India’s startup ecosystem, focusing on technology, innovation, and market opportunities. 


#87 India Insight: China Export Halt; GTRI Suggests Tariff Cuts; Fintech Funding Drops 33%

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> isn't the only consumer-facing business Itochu wants more interest in. It has also been mopping up multiple fashion and sports brands recently.</li>
<li>The latest is LeSportsac which Itochu already owned the global rights for but which didn't really translate into success in Japan.. </li>
<li>It will now run the brand with Mash Holdings – Itochu is an increasingly important partner for Mash – which is likely to IPO in a few years.</li>
</ul>



Seven &amp; I Holdings (3382 JP) isn't the only consumer-facing business Itochu wants more interest in. It has also been mopping up multiple fashion and sports brands recently.
The latest is LeSportsac which Itochu already owned the global rights for but which didn't really translate into success in Japan.. 
It will now run the brand with Mash Holdings – Itochu is an increasingly important partner for Mash – which is likely to IPO in a few years.


United States

Bain Capital Specialty Finance, Inc. operates as a business development company. The Company focuses on investment in middle-market companies. Bain Capital Specialty Finance serves customers worldwide.

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Bain Capital Specialty Finan (BCSF US)

[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

#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

Executives resign at Hero Motocorp, Allianz forms new partnership with Jio Financial, Bain Capital to acquire stake in Manappuram Finance.

Sudarshan Bhandari

#109 India Insight: Bain Capital To Buy Stake in Manappuram, India’s GCC Hits $1B, Bans Drug Exports

Bain Capital Specialty Finan acquires controlling stake in Manappuram Finance, India's second-largest gold loan provider, as India's GCC sector...

Sudarshan Bhandari

#87 India Insight: China Export Halt; GTRI Suggests Tariff Cuts; Fintech Funding Drops 33%

Pepsico Inc and Alpha Wave Global compete for stake in Haldiram, India plans to boost textile industry in budget, DPIIT partners with ITC to boost...

Sudarshan Bhandari

Mash Buys into LeSportsac with Itochu

Itochu expands its consumer-facing business by acquiring fashion and sports brands like LeSportsac, partnering with Mash Holdings for future...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[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

#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

​Executives resign at Hero Motocorp, Allianz forms new partnership with Jio Financial, Bain Capital to acquire stake in Manappuram Finance.

Sudarshan Bhandari

#109 India Insight: Bain Capital To Buy Stake in Manappuram, India’s GCC Hits $1B, Bans Drug Exports

​Bain Capital Specialty Finan acquires controlling stake in Manappuram Finance, India's second-largest gold loan provider, as India's GCC sector...

Sudarshan Bhandari

#87 India Insight: China Export Halt; GTRI Suggests Tariff Cuts; Fintech Funding Drops 33%

​Pepsico Inc and Alpha Wave Global compete for stake in Haldiram, India plans to boost textile industry in budget, DPIIT partners with ITC to boost...

Sudarshan Bhandari

Mash Buys into LeSportsac with Itochu

​Itochu expands its consumer-facing business by acquiring fashion and sports brands like LeSportsac, partnering with Mash Holdings for future...

Michael Causton

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

Executives resign at Hero Motocorp, Allianz forms new partnership with Jio Financial, Bain Capital to acquire stake in Manappuram Finance.

Bain Capital Specialty Finan acquires controlling stake in Manappuram Finance, India's second-largest gold loan provider, as India's GCC sector...

Pepsico Inc and Alpha Wave Global compete for stake in Haldiram, India plans to boost textile industry in budget, DPIIT partners with ITC to boost...

Itochu expands its consumer-facing business by acquiring fashion and sports brands like LeSportsac, partnering with Mash Holdings for future...