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>Originally an online forum for chatting about cosmetics, @Cosme has emerged as a major channel for sales too, leading Amazon to take a stake.</li>
<li>While its online store is popular, the real driver of recent growth is its chain of stores, emphasising the importance of omnichannel in Japanese consumer markets.</li>
<li>Although overseas expansion has been uneven, the high ratio of inbound tourists at the Japan stores suggests a real opportunity across Asia.</li>
</ul>


Originally an online forum for chatting about cosmetics, @Cosme has emerged as a major channel for sales too, leading Amazon to take a stake.
While its online store is popular, the real driver of recent growth is its chain of stores, emphasising the importance of omnichannel in Japanese consumer markets.
Although overseas expansion has been uneven, the high ratio of inbound tourists at the Japan stores suggests a real opportunity across Asia.


@Cosme up 30% on Omnichannel, Future Bright as Amazon Proxy

<ul>
<li>IStyle continues to benefit from its focus on omnichannel retailing.</li>
<li>Customers who use both its online and physical stores spend 1.5 times more than those only shopping online,</li>
<li>To further cement its hold in key areas, it has just unveiled an updated flagship store with target sales of ¥10 billion.</li>
</ul>


IStyle continues to benefit from its focus on omnichannel retailing.
Customers who use both its online and physical stores spend 1.5 times more than those only shopping online,
To further cement its hold in key areas, it has just unveiled an updated flagship store with target sales of ¥10 billion.


IStyle (3660 JP) Ups Investment in Retail

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

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/istyle-inc" target="_blank" data-smartkarma-citation="entities:9010:1" rel="noopener">Istyle Inc (3660 JP)</a>’s share price surged 17% after strong FQ4 results, surpassing expectations and signaling a potential turnaround.</li>
<li>Despite past challenges, iStyle’s ambitious mid-term plan promises increased monetization and stronger growth ahead.</li>
<li>With mid-term revenue and profit far exceeding expectations, istyle's future looks brighter, with it's share price potentially rising by more than 200%.</li>
</ul>



Istyle Inc (3660 JP)’s share price surged 17% after strong FQ4 results, surpassing expectations and signaling a potential turnaround.
Despite past challenges, iStyle’s ambitious mid-term plan promises increased monetization and stronger growth ahead.
With mid-term revenue and profit far exceeding expectations, istyle's future looks brighter, with it's share price potentially rising by more than 200%.


Istyle: Mid-Term Success Could Drive 200% Share Price Surge

<ul>
<li>@Cosme continues to carve out a significant share of the cosmetics market, with record sales last year. </li>
<li>@Cosme appeals to a wide cross section of the population but this is about to get even wider once it starts selling via Amazon, its biggest shareholder.</li>
<li>While there is debate about whether Amazon will increase its stake, what is certain is that Amazon will help drive iStyle's sales growth.</li>
</ul>


@Cosme continues to carve out a significant share of the cosmetics market, with record sales last year. 
@Cosme appeals to a wide cross section of the population but this is about to get even wider once it starts selling via Amazon, its biggest shareholder.
While there is debate about whether Amazon will increase its stake, what is certain is that Amazon will help drive iStyle's sales growth.


IStyle Growth Following Amazon Shareholding

Japan

Istyle Inc. is an E-Commerce company specialised in cosmetic products. The company's business line includes Internet advertising, EC business, and managing retail stores.

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Istyle Inc (3660 JP)

@Cosme up 30% on Omnichannel, Future Bright as Amazon Proxy

@Cosme, originally a cosmetics chat forum, now a major sales channel with Amazon investment. Omnichannel strategy key to Japanese market growth,...

Michael Causton

IStyle (3660 JP) Ups Investment in Retail

IStyle's success in omnichannel retailing is evident as customers who shop both online and in-store spend more, prompting the unveiling of an...

Michael Causton

[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

IStyle Growth Following Amazon Shareholding

@Cosme's record sales last year are set to expand even further as it plans to sell through Amazon, its largest shareholder, attracting a wider...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

@Cosme up 30% on Omnichannel, Future Bright as Amazon Proxy

​@Cosme, originally a cosmetics chat forum, now a major sales channel with Amazon investment. Omnichannel strategy key to Japanese market growth,...

Michael Causton

IStyle (3660 JP) Ups Investment in Retail

​IStyle's success in omnichannel retailing is evident as customers who shop both online and in-store spend more, prompting the unveiling of an...

Michael Causton

[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

Istyle: Mid-Term Success Could Drive 200% Share Price Surge

With mid-term revenue and profit far exceeding expectations, iStyle's future looks brighter, with its share price potentially rising by more than...

Oshadhi Kumarasiri

IStyle Growth Following Amazon Shareholding

​@Cosme's record sales last year are set to expand even further as it plans to sell through Amazon, its largest shareholder, attracting a wider...

Michael Causton

@Cosme, originally a cosmetics chat forum, now a major sales channel with Amazon investment. Omnichannel strategy key to Japanese market growth,...

IStyle's success in omnichannel retailing is evident as customers who shop both online and in-store spend more, prompting the unveiling of an...

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

@Cosme's record sales last year are set to expand even further as it plans to sell through Amazon, its largest shareholder, attracting a wider...