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>TSI Holdings long managed to get away with half-hearted reforms because it was so rich.</li>
<li>Operating losses in 1H2024 and falls in sales at key brands have spurred the company to finally take real action, the last of the big apparel firms to do so.</li>
<li>The good news is that the business is so bulging with inefficiencies that it won't take much to boost income.</li>
</ul>


TSI Holdings long managed to get away with half-hearted reforms because it was so rich.
Operating losses in 1H2024 and falls in sales at key brands have spurred the company to finally take real action, the last of the big apparel firms to do so.
The good news is that the business is so bulging with inefficiencies that it won't take much to boost income.


TSI to Cull Brands and 20% of Staff and Deliver Real Profits – Finally

<ul>
<li>Most of Onward’s current customers are in their 40s and older but the purchase of casual clothing retailer, Wego, increases its exposure to people in their teens and 20s. </li>
<li>It will accelerate development of new omnichannel brands to match as part of plans to grow sales by 50% in the next six years and more than double operating profits.</li>
<li>Onward itself has been transformed by a switch to omnichannel and after years of slashing stores and sales now looks set to become a growth business again.</li>
</ul>


Most of Onward’s current customers are in their 40s and older but the purchase of casual clothing retailer, Wego, increases its exposure to people in their teens and 20s. 
It will accelerate development of new omnichannel brands to match as part of plans to grow sales by 50% in the next six years and more than double operating profits.
Onward itself has been transformed by a switch to omnichannel and after years of slashing stores and sales now looks set to become a growth business again.


<ul>
<li>Until recently, Onward Holdings looked set for a gradual decline into insignificance like its main channel of regional department stores. </li>
<li>But Onward has instead become an exemplar of how to make omnichannel retailing work, with growing sales across both online and a burgeoning new store network.</li>
<li>Like some other old apparel firms, Onward is showing that there is significant upside top and bottom line growth in premium apparel markets.</li>
</ul>


Until recently, Onward Holdings looked set for a gradual decline into insignificance like its main channel of regional department stores. 
But Onward has instead become an exemplar of how to make omnichannel retailing work, with growing sales across both online and a burgeoning new store network.
Like some other old apparel firms, Onward is showing that there is significant upside top and bottom line growth in premium apparel markets.


Thematic (Sector/Industry)

<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

<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

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.

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Onward Holdings (8016 JP)

TSI to Cull Brands and 20% of Staff and Deliver Real Profits – Finally

TSI Holdings finally taking real action after operating losses and sales declines, with potential for easy income boost due to multiple...

Michael Causton

Onward Goes Young with Wego

Onward's acquisition of Wego aims to attract younger customers, drive sales growth (50% forecast), and transform into a thriving omnichannel...

Michael Causton

Onward to Omnichannel

Onward Holdings defies decline by successfully implementing omnichannel retailing, showcasing growth in online sales and new store network....

Michael Causton

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSI to Cull Brands and 20% of Staff and Deliver Real Profits – Finally

​TSI Holdings finally taking real action after operating losses and sales declines, with potential for easy income boost due to multiple...

Michael Causton

Onward Goes Young with Wego

​Onward's acquisition of Wego aims to attract younger customers, drive sales growth (50% forecast), and transform into a thriving omnichannel...

Michael Causton

Onward to Omnichannel

​Onward Holdings defies decline by successfully implementing omnichannel retailing, showcasing growth in online sales and new store network....

Michael Causton

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

TSI Holdings finally taking real action after operating losses and sales declines, with potential for easy income boost due to multiple...

Onward's acquisition of Wego aims to attract younger customers, drive sales growth (50% forecast), and transform into a thriving omnichannel...

Onward Holdings defies decline by successfully implementing omnichannel retailing, showcasing growth in online sales and new store network....

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

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