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. 

Private Capital Markets

FamilyMart Co Ltd / Private Capital Markets

<ul>
<li>Ever since Itochu Shoji acquired Familymart, it has tried to leverage the more than 16,000 stores to sell product from its many other interests, including clothing. </li>
<li>With Convenience Wear a clear hit, it is now going further, adding new cosmetics and other products for the young.</li>
<li>It is also bringing in The Bathing Ape’s founder to turn Familymart into a new kind of Conbini-Variety store.</li>
</ul>


Ever since Itochu Shoji acquired Familymart, it has tried to leverage the more than 16,000 stores to sell product from its many other interests, including clothing. 
With Convenience Wear a clear hit, it is now going further, adding new cosmetics and other products for the young.
It is also bringing in The Bathing Ape’s founder to turn Familymart into a new kind of Conbini-Variety store.


Familymart Adding Variety Flavour to Chain Under Nigo

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<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> has published two documents to respond to misinformation and detail its "<em>constructive engagement</em>" with <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a>.</li>
<li>The statements underscore the Board’s serious doubts about securing US antitrust approval. The significant discrepancies in the engagement timeline point to two parties at loggerheads. </li>
<li>While the Board claims it is pursuing a dual-track process to create value, the reality is that the process is designed to hinder Couche-Tard's offer to facilitate the restructuring plan.</li>
</ul>



Seven &amp; I Holdings (3382 JP) has published two documents to respond to misinformation and detail its "constructive engagement" with Alimentation Couche-Tard (ATD CN).
The statements underscore the Board’s serious doubts about securing US antitrust approval. The significant discrepancies in the engagement timeline point to two parties at loggerheads. 
While the Board claims it is pursuing a dual-track process to create value, the reality is that the process is designed to hinder Couche-Tard's offer to facilitate the restructuring plan.


Seven & I Holdings (3382 JP): Uncomfortable Truths

<ul>
<li>The <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> Board has released a public letter to address <a href="https://www.globenewswire.com/news-release/2025/03/09/3039396/0/en/Artisan-Partners-International-Value-Group-Sends-Letter-to-the-Board-of-Seven-i.html" target="_blank" rel="noopener">Artisan Partners’ letter</a> and provide more details on the <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> constructive engagement. </li>
<li>The letter effectively addresses most of Artisan’s concerns. The Board is engaging with Couche-Tard, particularly by agreeing on a strategy to find a solution to secure antitrust approvals. </li>
<li>However, the statement suggests that the Board retains deep scepticism that the Couche-Tard is viable and is manoeuvring to shift the blame on a failed bid on a flawed proposal. </li>
</ul>


The Seven &amp; I Holdings (3382 JP) Board has released a public letter to address Artisan Partners’ letter and provide more details on the Alimentation Couche-Tard (ATD CN) constructive engagement. 
The letter effectively addresses most of Artisan’s concerns. The Board is engaging with Couche-Tard, particularly by agreeing on a strategy to find a solution to secure antitrust approvals. 
However, the statement suggests that the Board retains deep scepticism that the Couche-Tard is viable and is manoeuvring to shift the blame on a failed bid on a flawed proposal. 


Seven & I Holdings (3382 JP): Reading Between the Lines of the Public Letter

<ul>
<li>Bloomberg <a href="https://theedgemalaysia.com/node/745954" target="_blank" rel="noopener">reports</a> that the MBO is stalling due to disagreements within the consortium over who will control <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> after it is privatised.</li>
<li>The Nikkei reported that <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a> was set to withdraw from the MBO consortium. Along with <a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL PCL (CPALL TB)</a>’s <a href="https://www.cpall.co.th/en/news-en/coporate-news/reaffirmation-of-the-companys-non-participation-in-the-lnvestment-in-a-japanese-retail-company" target="_blank" rel="noopener">non-participation</a>, the MBO’s financing is in trouble. </li>
<li>An <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a><a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" rel="noopener"></a> bid remains in play but has issues. While progressing, the Board’s restructuring plan fails to prove a credible alternative. </li>
</ul>


Bloomberg reports that the MBO is stalling due to disagreements within the consortium over who will control Seven &amp; I Holdings (3382 JP) after it is privatised.
The Nikkei reported that Itochu Corp (8001 JP) was set to withdraw from the MBO consortium. Along with CP ALL PCL (CPALL TB)’s non-participation, the MBO’s financing is in trouble. 
An Alimentation Couche-Tard (ATD CN) bid remains in play but has issues. While progressing, the Board’s restructuring plan fails to prove a credible alternative. 


Seven & I Holdings (3382 JP): A Potential Derailing of the MBO

<ul>
<li>On 10 January, Bloomberg reported that Apollo is considering an equity commitment of JPY1.5 trillion in the <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> MBO. </li>
<li>Securing financing is a key challenge for the MBO. Apollo’s involvement suggests a shift to a higher mix of equity vs debt, which should ease concerns about securing debt financing. </li>
<li>The article suggests that the MBO valuation could be lower than previously reported. However, 7&amp;i's underlying value supports a JPY8 trillion MBO valuation (market cap). </li>
</ul>


On 10 January, Bloomberg reported that Apollo is considering an equity commitment of JPY1.5 trillion in the Seven &amp; I Holdings (3382 JP) MBO. 
Securing financing is a key challenge for the MBO. Apollo’s involvement suggests a shift to a higher mix of equity vs debt, which should ease concerns about securing debt financing. 
The article suggests that the MBO valuation could be lower than previously reported. However, 7&amp;i's underlying value supports a JPY8 trillion MBO valuation (market cap). 


Seven & I Holdings (3382 JP): The MBO Is Still Alive and Kicking

Japan

FamilyMart Co., Ltd. operates convenience store chains. The Company provides rice balls, hot snacks, stews, beverages, and other products. FamilyMart conducts businesses in China, Taiwan, South Korea, Thailand, and other countries and regions.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

FamilyMart Co Ltd (8028 JP)

Familymart Adding Variety Flavour to Chain Under Nigo

Familymart offerings beyond Convenience Wear now include cosmetics and other products for the young, with plans to create a Conbini-Variety store...

Michael Causton

Seven & I Holdings (3382 JP): Uncomfortable Truths

The statements underscore the Board’s serious doubts about securing US antitrust approval. The significant discrepancies in the engagement timeline...

Arun George

Seven & I Holdings (3382 JP): Reading Between the Lines of the Public Letter

The letter addresses most of Artisan's concerns. Concerning the Couche-Tard offer, the letter projects constructive engagement on the surface but...

Arun George

Seven & I Holdings (3382 JP): A Potential Derailing of the MBO

Itochu’s potential withdrawal and CP All’s non-participation could be the event that derails the MBO. An Couche-Tard bid remains in play but has...

Arun George

Seven & I Holdings (3382 JP): The MBO Is Still Alive and Kicking

Apollo’s involvement strongly signals the viability of the Ito family MBO. 7&i's underlying value supports a JPY8 trillion MBO valuation.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)