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>Goldwin has had a remarkable run of record sales and profits, a beneficiary of the continuing growth in the outdoor market as well as its own retail strategy. </li>
<li>Although much of its success has come from The North Face, Goldwin is determined to become a more diversified – and global – sports business.</li>
<li>When we first recommended the stock it was around ¥5,000 and rose to a peak of ¥12,600 but is now about ¥9,000. Will it grow again? We think so.</li>
</ul>


Goldwin has had a remarkable run of record sales and profits, a beneficiary of the continuing growth in the outdoor market as well as its own retail strategy. 
Although much of its success has come from The North Face, Goldwin is determined to become a more diversified – and global – sports business.
When we first recommended the stock it was around ¥5,000 and rose to a peak of ¥12,600 but is now about ¥9,000. Will it grow again? We think so.


<ul>
<li>After forecasting record sales for this year, Asics now wants to become the leading performance running brand in Japan, Europe and the US by 2026.</li>
<li>To achieve this, Asics has invested in buying up many of the leading race platforms around the world to harvest data and link its brand to serious running events.</li>
<li>The sports firm could also see significant growth for the Onitsuka Tiger brand, particularly across Asia.</li>
</ul>


After forecasting record sales for this year, Asics now wants to become the leading performance running brand in Japan, Europe and the US by 2026.
To achieve this, Asics has invested in buying up many of the leading race platforms around the world to harvest data and link its brand to serious running events.
The sports firm could also see significant growth for the Onitsuka Tiger brand, particularly across Asia.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Four years after Itochu got to 40.0% of votes in Descente (8114) in a hostile Tender Offer, Descente partner ANTA, which supported Itochu at the time started selling its stake.</li>
<li>A few months later, Itochu started buying shares of Descente in the market. As of 7 Sep, Itochu had bought Descente shares 81 days straight (9.7% of ADV).</li>
<li>This begs the question: Is Itochu ensuring they maintain voting control as ANTA sells? Or are they buying to lift their stake prior to another bid?</li>
</ul>


Four years after Itochu got to 40.0% of votes in Descente (8114) in a hostile Tender Offer, Descente partner ANTA, which supported Itochu at the time started selling its stake.
A few months later, Itochu started buying shares of Descente in the market. As of 7 Sep, Itochu had bought Descente shares 81 days straight (9.7% of ADV).
This begs the question: Is Itochu ensuring they maintain voting control as ANTA sells? Or are they buying to lift their stake prior to another bid?


Itochu Buying Descente (8114) - ANTA Selldown Offset Or Creeping Takeover?

<ul>
<li>FY2022 was the best year in a decade for Japan’s big apparel firms. Brands benefitted from the return to shops, particularly department stores.</li>
<li>Some of the leaders used the pandemic to make further progress in rationalisation, diversification and omnichannel, creating solid foundations for further growth in market share.</li>
<li>Sanyo Shokai finally made a profit but has stuck to what it knows, which may lead to problems once the rebound dividend wanes.</li>
</ul>


FY2022 was the best year in a decade for Japan’s big apparel firms. Brands benefitted from the return to shops, particularly department stores.
Some of the leaders used the pandemic to make further progress in rationalisation, diversification and omnichannel, creating solid foundations for further growth in market share.
Sanyo Shokai finally made a profit but has stuck to what it knows, which may lead to problems once the rebound dividend wanes.


Big Apparel Revival: Onward up Again, Sanyo Finally Makes a Profit

Thematic (Sector/Industry)

<ul>
<li>After the accelerated transition to digital channels during Covid, the fashion sector had a calmer year in 2022 although GTVs still grew around 10%. </li>
<li>Most retailers spent the time investing in more seamless and coherent omnichannel models, and in making the best use of stores and staff in online promotions.</li>
<li>This shift to omnichannel is also leading to changing merchandising, including pre-selling inventory, while others are turning their online stores into malls. </li>
</ul>


After the accelerated transition to digital channels during Covid, the fashion sector had a calmer year in 2022 although GTVs still grew around 10%. 
Most retailers spent the time investing in more seamless and coherent omnichannel models, and in making the best use of stores and staff in online promotions.
This shift to omnichannel is also leading to changing merchandising, including pre-selling inventory, while others are turning their online stores into malls. 


Japan's Fashion E-Commerce Evolving into Dynamic and Seamless Omnichannel, Winners Will Take All

Japan

GOLDWIN INC. manufactures and markets sportswear for skiing, snowboarding, soccer, tennis, swimming, and other outdoor activities.

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Goldwin Inc (8111 JP)

Goldwin: Sustainable Records

Goldwin's remarkable sales and profits have continued, despite relying heavily on The North Face. The company now aims to diversify and expand...

Michael Causton

Asics: Aiming for No. 1

Asics aims to become the top performance running brand globally by 2026, investing in race platforms for data and expanding the Onitsuka Tiger...

Michael Causton

Itochu Buying Descente (8114) - ANTA Selldown Offset Or Creeping Takeover?

ANTA went below 5% in Descente in April. Itochu started buying in May. As of 7 Sep, they had bought 81 days straight, accumulating 3.1%. There are...

Travis Lundy

Big Apparel Revival: Onward up Again, Sanyo Finally Makes a Profit

Japanese are buying clothing again which should boost even the major apparel firms but some are performing better than others, notably Onward and...

Michael Causton

Japan's Fashion E-Commerce Evolving into Dynamic and Seamless Omnichannel, Winners Will Take All

Japan's fashion e-commerce sector offers major growth stories among both online malls and physical retailers making a successful transition to...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Goldwin: Sustainable Records

​Goldwin's remarkable sales and profits have continued, despite relying heavily on The North Face. The company now aims to diversify and expand...

Michael Causton

Asics: Aiming for No. 1

​Asics aims to become the top performance running brand globally by 2026, investing in race platforms for data and expanding the Onitsuka Tiger...

Michael Causton

Itochu Buying Descente (8114) - ANTA Selldown Offset Or Creeping Takeover?

ANTA went below 5% in Descente in April. Itochu started buying in May. As of 7 Sep, they had bought 81 days straight, accumulating 3.1%. There are...

Travis Lundy

Big Apparel Revival: Onward up Again, Sanyo Finally Makes a Profit

Japanese are buying clothing again which should boost even the major apparel firms but some are performing better than others, notably Onward and...

Michael Causton

Japan's Fashion E-Commerce Evolving into Dynamic and Seamless Omnichannel, Winners Will Take All

Japan's fashion e-commerce sector offers major growth stories among both online malls and physical retailers making a successful transition to...

Michael Causton

Goldwin's remarkable sales and profits have continued, despite relying heavily on The North Face. The company now aims to diversify and expand...

Asics aims to become the top performance running brand globally by 2026, investing in race platforms for data and expanding the Onitsuka Tiger...