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>Some of Japan’s big apparel firms are making a comeback, and only some of the recent growth is coming from department stores.</li>
<li>Most of the revival is thanks to direct sales through e-commerce and stores, and the increasingly seamless links between them.</li>
<li>Onward Holdings is one of the leaders in this renaissance and is delivering the same profits as it used to with 30% higher sales.</li>
</ul>


Some of Japan’s big apparel firms are making a comeback, and only some of the recent growth is coming from department stores.
Most of the revival is thanks to direct sales through e-commerce and stores, and the increasingly seamless links between them.
Onward Holdings is one of the leaders in this renaissance and is delivering the same profits as it used to with 30% higher sales.


Onward on the March: More Profit from Japanese Apparel Firms

Thematic (Sector/Industry)

<ul>
<li>The following is an in-depth review of the Japanese retail sector in 2021-22 and is designed to provide a complete overview for any investor in Japanese retail/consumer markets.</li>
<li>FY2021-22 proved a rebound year for retailers at the sector level. But on a company by company basis, there has been radical divergence between the best and the rest. </li>
<li>We look at the reasons for this divergence and the implications for Japanese retail and consumer firms in the years ahead.</li>
</ul>


The following is an in-depth review of the Japanese retail sector in 2021-22 and is designed to provide a complete overview for any investor in Japanese retail/consumer markets.
FY2021-22 proved a rebound year for retailers at the sector level. But on a company by company basis, there has been radical divergence between the best and the rest. 
We look at the reasons for this divergence and the implications for Japanese retail and consumer firms in the years ahead.


Japanese Retailing 2021-22: What's Really Going on and What's Next?

<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

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>TSI Holdings has long had a lot of cash and securities but a dearth of income. It's still that way.</li>
<li>Earnings were pretty good, but forecasts disappointing. The MTP is much more aggressive. </li>
<li>The company has an EV/Revenue of 0.03x and EV/EBITDA of 0.5x. THEN it has a lot more interesting stuff hidden away. This could double or more in two years.</li>
</ul>


TSI Holdings has long had a lot of cash and securities but a dearth of income. It's still that way.
Earnings were pretty good, but forecasts disappointing. The MTP is much more aggressive. 
The company has an EV/Revenue of 0.03x and EV/EBITDA of 0.5x. THEN it has a lot more interesting stuff hidden away. This could double or more in two years.


TSI Holdings (3608) - That Old Gem - Lots of Visible Cash, and Lots More Invisible Cash

<ul>
<li>After a bumper bonus during Covid, the fashion sector saw calmer spending in the last 18 months as the big return to shops led to more muted growth online. </li>
<li>The overall EC fashion market grew around 4-7% depending on how you measure it, but online market share actually fell as people went back to shops.</li>
<li>This in-depth review highlights the key trends in the sector as well as the winners by sales growth among retailers and fashion brands.</li>
</ul>


After a bumper bonus during Covid, the fashion sector saw calmer spending in the last 18 months as the big return to shops led to more muted growth online. 
The overall EC fashion market grew around 4-7% depending on how you measure it, but online market share actually fell as people went back to shops.
This in-depth review highlights the key trends in the sector as well as the winners by sales growth among retailers and fashion brands.


Fashion E-Commerce: Physical Stores Grow Faster than Online in Japan

Japan

ONWARD HOLDINGS CO., LTD. manufactures men's ready-made suits, women's, and children's wear.  The Company has its own brands, Onward and KUMIKYOKU. Onward also manufactures sports goods, books, stationery, cosmetics, art decoration.

Onward Holdings (8016 JP)

Onward on the March: More Profit from Japanese Apparel Firms

Japan's apparel industry is experiencing a revival, driven by direct sales through e-commerce and stores, with Onward Holdings leading the way...

Michael Causton

Japanese Retailing 2021-22: What's Really Going on and What's Next?

There is increasing divergence between the winners and losers in Japanese retailing and the following in-depth review looks at performance in the...

Michael Causton

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

TSI Holdings (3608) - That Old Gem - Lots of Visible Cash, and Lots More Invisible Cash

TSI Holdings is a long-time value name. It has a bigger portfolio, still has low ROE high CF, and LOTS of financial assets. At 0.03x EV/rev +...

Travis Lundy

Fashion E-Commerce: Physical Stores Grow Faster than Online in Japan

Fashion sector saw a slowdown in online spending post-Covid as shoppers returned to physical stores, impacting overall market growth. Winners in...

Michael Causton

Onward on the March: More Profit from Japanese Apparel Firms

​Japan's apparel industry is experiencing a revival, driven by direct sales through e-commerce and stores, with Onward Holdings leading the way...

Michael Causton

Japanese Retailing 2021-22: What's Really Going on and What's Next?

There is increasing divergence between the winners and losers in Japanese retailing and the following in-depth review looks at performance in the...

Michael Causton

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

TSI Holdings (3608) - That Old Gem - Lots of Visible Cash, and Lots More Invisible Cash

TSI Holdings is a long-time value name. It has a bigger portfolio, still has low ROE high CF, and LOTS of financial assets. At 0.03x EV/rev +...

Travis Lundy

Fashion E-Commerce: Physical Stores Grow Faster than Online in Japan

​Fashion sector saw a slowdown in online spending post-Covid as shoppers returned to physical stores, impacting overall market growth. Winners in...

Michael Causton

Japan's apparel industry is experiencing a revival, driven by direct sales through e-commerce and stores, with Onward Holdings leading the way...

Fashion sector saw a slowdown in online spending post-Covid as shoppers returned to physical stores, impacting overall market growth. Winners in...