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 Capital Markets

<ul>
<li>A Bathing Ape was a major success in the eyes of customers, but behind the scenes, founder Nigo became a victim of this very success. </li>
<li>Human Made is a different story, structured to give the designer full rein creatively but with experts in operations and marketing making the whole project more sustainable.</li>
<li>Sales have risen 10-fold since 2020 and the brand will IPO this month, representative of the huge potential for Japan’s creative talent.</li>
</ul>


A Bathing Ape was a major success in the eyes of customers, but behind the scenes, founder Nigo became a victim of this very success. 
Human Made is a different story, structured to give the designer full rein creatively but with experts in operations and marketing making the whole project more sustainable.
Sales have risen 10-fold since 2020 and the brand will IPO this month, representative of the huge potential for Japan’s creative talent.


[456A JP] Human Made IPO a Testament to Japan's Creative Muscle

Equity Bottom-Up

<ul>
<li>Tokyo Base struggled during and after Covid, but the promoter of Japanese design has begun to find a new following.</li>
<li>As well as a new generation of Japanese customers thanks to new banners, it is becoming a favourite with inbound tourists, which account for as much as 25% of sales.</li>
<li>It is now planning greater expansion both at home and overseas</li>
</ul>


Tokyo Base struggled during and after Covid, but the promoter of Japanese design has begun to find a new following.
As well as a new generation of Japanese customers thanks to new banners, it is becoming a favourite with inbound tourists, which account for as much as 25% of sales.
It is now planning greater expansion both at home and overseas


Tokyo Base: Like Human Made, a Potential Export Growth Stock

APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/human-made-inc" target="_blank" data-smartkarma-citation="entities:45947:1" rel="noopener">Human Made (456A JP)</a> raised US$116m in its Japan IPO.</li>
<li>Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods. </li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Human Made (456A JP) raised US$116m in its Japan IPO.
Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods. 
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Human Made IPO Lockup Expiry - US$574m Lockup Release

<ul>
<li>Human Made will open its first flagship in Harajuku this summer.</li>
<li>The cost will be born by its recent IPO and the lucrative gains from a business whose operating margins reached as high as 36% in one quarter last year.</li>
<li>Sales rose 27% last year and another 30% increase is expected this year.</li>
</ul>


Human Made will open its first flagship in Harajuku this summer.
The cost will be born by its recent IPO and the lucrative gains from a business whose operating margins reached as high as 36% in one quarter last year.
Sales rose 27% last year and another 30% increase is expected this year.


Human Made: 32% Margins Buy a Harajuku Flagship

<ul>
<li>
<a href="https://www.smartkarma.com/entities/human-made-inc" target="_blank" data-smartkarma-citation="entities:45947:1" rel="noopener">Human Made (456A JP)</a> raised US$116m in its Japan IPO.</li>
<li>Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods. </li>
<li>In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.</li>
</ul>



Human Made (456A JP) raised US$116m in its Japan IPO.
Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods. 
In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.


Human Made IPO: Making A Fashion Statement With Premium Valuation

Japan

HUMAN MADE Inc. manufactures apparels. The Company produces and distributes men's clothing, women's garments, children's apparels, and other products. HUMAN MADE markets its products throughout Japan.

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Human Made (456A JP)

[456A JP] Human Made IPO a Testament to Japan's Creative Muscle

Human Made is fast becoming one of Japan's most successful brands and one of its most profitable too. Japan's creative talent shines as sales soar...

Michael Causton

Tokyo Base: Like Human Made, a Potential Export Growth Stock

Tokyo Base, a promoter of Japanese design, is finding new success post-Covid with a growing following among Japanese customers and inbound...

Michael Causton

Aequitas: Human Made IPO Lockup Expiry - US$574m Lockup Release

Japan-based apparel company Human Made raised US$116m in its IPO, focusing on limited-supply high-value goods. Discussion on lockup dynamics and...

Hong Jie Seow

Human Made: 32% Margins Buy a Harajuku Flagship

Human Made to open first flagship in Harajuku this summer, funded by successful IPO and strong business performance with high operating margins...

Michael Causton

Human Made IPO: Making A Fashion Statement With Premium Valuation

Japan-based apparel company Human Made raised $116m in its IPO, focusing on limited-supply high-value goods. Trading dynamics will be discussed in...

Hong Jie Seow

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[456A JP] Human Made IPO a Testament to Japan's Creative Muscle

Human Made is fast becoming one of Japan's most successful brands and one of its most profitable too. Japan's creative talent shines as sales soar...

Michael Causton

Tokyo Base: Like Human Made, a Potential Export Growth Stock

​Tokyo Base, a promoter of Japanese design, is finding new success post-Covid with a growing following among Japanese customers and inbound...

Michael Causton

Aequitas: Human Made IPO Lockup Expiry - US$574m Lockup Release

​Japan-based apparel company Human Made raised US$116m in its IPO, focusing on limited-supply high-value goods. Discussion on lockup dynamics and...

Hong Jie Seow

Human Made: 32% Margins Buy a Harajuku Flagship

​Human Made to open first flagship in Harajuku this summer, funded by successful IPO and strong business performance with high operating margins...

Michael Causton

Human Made IPO: Making A Fashion Statement With Premium Valuation

​Japan-based apparel company Human Made raised $116m in its IPO, focusing on limited-supply high-value goods. Trading dynamics will be discussed in...

Hong Jie Seow

Tokyo Base, a promoter of Japanese design, is finding new success post-Covid with a growing following among Japanese customers and inbound...

Japan-based apparel company Human Made raised US$116m in its IPO, focusing on limited-supply high-value goods. Discussion on lockup dynamics and...

Human Made to open first flagship in Harajuku this summer, funded by successful IPO and strong business performance with high operating margins...

Japan-based apparel company Human Made raised $116m in its IPO, focusing on limited-supply high-value goods. Trading dynamics will be discussed in...