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. 

Thematic (Sector/Industry)

<ul>
<li>In this in-depth review, it is clear that while Japanese clothing markets had a solid year in FY2024-25, once again the top 100 retailers outperformed by a large margin.</li>
<li>This meant they surpassed 71% share of the market but, within the specialty market alone, the top 10 retailers own 34%. This is now a clear oligopoly.</li>
<li>There are no signs of the situation changing either but rather the capacity of the leaders to invest should further expand share at the top.</li>
</ul>


In this in-depth review, it is clear that while Japanese clothing markets had a solid year in FY2024-25, once again the top 100 retailers outperformed by a large margin.
This meant they surpassed 71% share of the market but, within the specialty market alone, the top 10 retailers own 34%. This is now a clear oligopoly.
There are no signs of the situation changing either but rather the capacity of the leaders to invest should further expand share at the top.


The Great Divide: Fashion Retail’s Oligopoly

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 22nd. The aggregated net margin trading position is USD15,656m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in SoftBank, Mitsubishi UFJ Financial, Sanrio, Disco, Tokyo Electron, IHI, Fujikura, Kawasaki Heavy Industries, Lasertec, Mitsubishi Heavy Industries, Softbank, Mitsubishi Ufj Financial, Sanrio.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 22nd. The aggregated net margin trading position is USD15,656m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in SoftBank, Mitsubishi UFJ Financial, Sanrio, Disco, Tokyo Electron, IHI, Fujikura, Kawasaki Heavy Industries, Lasertec, Mitsubishi Heavy Industries, Softbank, Mitsubishi Ufj Financial, Sanrio.


JPX Margin Trading Weekly (Aug 22nd): SoftBank, Mitsubishi UFJ Financial, Sanrio, Disco

<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

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 1st. The aggregated net margin trading position is USD16,072m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Tokyo Electron, Advantest, Hitachi, SoftBank, Fujikura, Japan Tobacco, Sumitomo Mitsui Financial, IHI, Shimano, Capcom, Tokyo Electron, Advantest, Hitachi, Softbank, Fujikura, Japan Tobacco.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 1st. The aggregated net margin trading position is USD16,072m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Tokyo Electron, Advantest, Hitachi, SoftBank, Fujikura, Japan Tobacco, Sumitomo Mitsui Financial, IHI, Shimano, Capcom, Tokyo Electron, Advantest, Hitachi, Softbank, Fujikura, Japan Tobacco.


JPX Margin Trading Weekly (Aug 1st): Tokyo Electron, Advantest, Hitachi, SoftBank, Fujikura

<ul>
<li>The shakeout in clothing and fashion retailing continues, with most of the good fortune spread amongst a smaller group of either very large or very small retail chains and brands. </li>
<li>In specialty, lower cost national chains largely located in the suburbs continued to increase share but premium fashion retailers also had a great year boosting profits.</li>
<li>More dramatic was the startling growth of a few department stores which helped the format increase share of the apparel market for only the 4th time in 20 years.</li>
</ul>


The shakeout in clothing and fashion retailing continues, with most of the good fortune spread amongst a smaller group of either very large or very small retail chains and brands. 
In specialty, lower cost national chains largely located in the suburbs continued to increase share but premium fashion retailers also had a great year boosting profits.
More dramatic was the startling growth of a few department stores which helped the format increase share of the apparel market for only the 4th time in 20 years.


Japan Fashion Retailing: Stores Still Popular and Profit Soars for Some

Japan

NISHIMATSUYA CHAIN Co., Ltd., a specialty retailer, sells mainly clothes for infants and children, and also women and men.  The Company also sells maternity clothes and new born baby goods.

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

Nishimatsuya Chain (7545 JP)

The Great Divide: Fashion Retail’s Oligopoly

Japanese clothing market dominated by top 100 retailers in FY2024-25, with top 10 owning 34% in specialty market, solidifying oligopoly. Leaders...

Michael Causton

JPX Margin Trading Weekly (Aug 22nd): SoftBank, Mitsubishi UFJ Financial, Sanrio, Disco

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Mitsubishi UFJ Financial (8306 JP), Sanrio...

Ke Yan, CFA, FRM

[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

JPX Margin Trading Weekly (Aug 1st): Tokyo Electron, Advantest, Hitachi, SoftBank, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted Tokyo Electron (8035 JP), Advantest (6857 JP), Hitachi (6501 JP),...

Ke Yan, CFA, FRM

Japan Fashion Retailing: Stores Still Popular and Profit Soars for Some

A major review of Japanese clothing retail markets: the ongoing shakeout benefits large and small chains, but profit growth across the sector is...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Great Divide: Fashion Retail’s Oligopoly

​Japanese clothing market dominated by top 100 retailers in FY2024-25, with top 10 owning 34% in specialty market, solidifying oligopoly. Leaders...

Michael Causton

JPX Margin Trading Weekly (Aug 22nd): SoftBank, Mitsubishi UFJ Financial, Sanrio, Disco

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Mitsubishi UFJ Financial (8306 JP), Sanrio...

Ke Yan, CFA, FRM

[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

JPX Margin Trading Weekly (Aug 1st): Tokyo Electron, Advantest, Hitachi, SoftBank, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted Tokyo Electron (8035 JP), Advantest (6857 JP), Hitachi (6501 JP),...

Ke Yan, CFA, FRM

Japan Fashion Retailing: Stores Still Popular and Profit Soars for Some

A major review of Japanese clothing retail markets: ​the ongoing shakeout benefits large and small chains, but profit growth across the sector is...

Michael Causton

Japanese clothing market dominated by top 100 retailers in FY2024-25, with top 10 owning 34% in specialty market, solidifying oligopoly. Leaders...

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

A major review of Japanese clothing retail markets: the ongoing shakeout benefits large and small chains, but profit growth across the sector is...