Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>Watches made Y14.4bn out of last year’s total Y21.5bn operating profit. Margins came in at 8.9%. This was a poor year, Y20.5bn (out of a total of Y28.5bn) was initially expected. However after 1Q this has been revised down to Y15bn. The problem first and foremost is with the movement business. This is about 20% of watch sales with OPM of over 20% (level undisclosed). They had expected shipments to be flat after a flat year to 3/16 movement sales fell 15%. High level of inventory in the system…</p>

Watches made Y14.4bn out of last year’s total Y21.5bn operating profit. Margins came in at 8.9%. This was a poor year, Y20.5bn (out of a total of Y28.5bn) was initially expected. However after 1Q this has been revised down to Y15bn. The problem first and foremost is with the movement business. This is about 20% of watch sales with OPM of over 20% (level undisclosed). They had expected shipments to be flat after a flat year to 3/16 movement sales fell 15%. High level of inventory in the system…

Citizen (7762) - At Best a Hold, Little to Attract

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<p>In this second of a series of articles examining the FashionTech scene in Japan, Euromonitor International looks at Japanese FashionTech companies operating in BtoC areas, particularly via sharing economy and personalisation. For the first article, please click <a href="https://www.smartkarma.com/insights/can-tech-save-the-declining-japanese-apparel-industry-fashiontech-series-1-3" target="_blank">here</a>.</p>

In this second of a series of articles examining the FashionTech scene in Japan, Euromonitor International looks at Japanese FashionTech companies operating in BtoC areas, particularly via sharing economy and personalisation. For the first article, please click here.

Can Tech Save The Declining Japanese Apparel Industry? Fashion-Tech Series (2/3)

Japan

Citizen Watch Co., Ltd. operates watch production businesses. The Company produces electronic watches and other products. Citizen Watch conducts businesses in Japan.

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Citizen Watch (7762 JP)

Citizen (7762) - At Best a Hold, Little to Attract

Watches made Y14.4bn out of last year’s total Y21.5bn operating profit. Margins came in at 8.9%. This was a poor year, Y20.5bn (out of a total of...

Pearl Hill Advisors

Can Tech Save The Declining Japanese Apparel Industry? Fashion-Tech Series (2/3)

In this second of a series of articles examining the FashionTech scene in Japan, Euromonitor International looks at Japanese FashionTech companies...

Euromonitor International Ltd.

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)