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>Onward demonstrates what traditional fashion companies can achieve when tough decisions are made. </li>
<li>It has transformed its business from 70% of sales through department stores in 2015 to just 20% by 2030 – and poured investment into new ideas.</li>
<li>After posting its best results in decades, Onward has announced ambitious targets for the next five years based on an omnichannel model that works.</li>
</ul>


Onward demonstrates what traditional fashion companies can achieve when tough decisions are made. 
It has transformed its business from 70% of sales through department stores in 2015 to just 20% by 2030 – and poured investment into new ideas.
After posting its best results in decades, Onward has announced ambitious targets for the next five years based on an omnichannel model that works.


Onward: A Benchmark for Fashion Modernisation

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Small cap Japanese manufacturer and purveyor of apparel <a href="https://www.smartkarma.com/entities/daidoh-ltd" target="_blank" data-smartkarma-citation="entities:18256:1" rel="noopener">Daidoh Ltd (3205 JP)</a> has consistently been a target for value investors. In late 2022, Strategic Capital went over 5%.</li>
<li>They have bought more, and as of end-March, they declared 24.85% of TSO (28% of voting rights), but they have 33%. They made proposals for the AGM. They won one. </li>
<li>Now Murakami-san has bought in, going over 5%. This gets interesting. Together they have 39.4% as of last week, and probably more now. That should get them 50+% next AGM/EGM.</li>
</ul>


Small cap Japanese manufacturer and purveyor of apparel Daidoh Ltd (3205 JP) has consistently been a target for value investors. In late 2022, Strategic Capital went over 5%.
They have bought more, and as of end-March, they declared 24.85% of TSO (28% of voting rights), but they have 33%. They made proposals for the AGM. They won one. 
Now Murakami-san has bought in, going over 5%. This gets interesting. Together they have 39.4% as of last week, and probably more now. That should get them 50+% next AGM/EGM.


JAPAN ACTIVISM: Strategic Capital Target Daido (3205) Now A Murakami Target Too

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tsi-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:19259:1" rel="noopener">Tsi Holdings (3608 JP)</a> and <a href="https://www.smartkarma.com/entities/world-co-ltd" target="_blank" data-smartkarma-citation="entities:27437:1" rel="noopener">World Co Ltd (3612 JP)</a> will merge into INFINITY UNITED via a joint share transfer, with TSI holders receiving 0.8 new shares each (a 4.0% premium).</li>
<li>The ratio is broadly fair to TSI shareholders but leaves value on the table; its fairness depends on confidence in TSI’s FY27–28 recovery plan.</li>
<li>Both EGMs on 24 December should pass. The trade is long 1 TSI and short 0.8 World, yielding roughly 20% annualised before borrowing costs.</li>
</ul>



Tsi Holdings (3608 JP) and World Co Ltd (3612 JP) will merge into INFINITY UNITED via a joint share transfer, with TSI holders receiving 0.8 new shares each (a 4.0% premium).
The ratio is broadly fair to TSI shareholders but leaves value on the table; its fairness depends on confidence in TSI’s FY27–28 recovery plan.
Both EGMs on 24 December should pass. The trade is long 1 TSI and short 0.8 World, yielding roughly 20% annualised before borrowing costs.


TSI (3608 JP) And World (3612 JP) To Merge: Broadly Fair Terms for TSI, but Value Left on the Table

<ul>
<li>Onward has quietly but radically transformed its business from wholesale to omnichannel retail.</li>
<li>Even more remarkably for a company whose average customer age was until very recently over 50, its latest brands now appeal to teens and 20s.</li>
<li>The new brands exemplify how much this previously staid wholesaler has changed.</li>
</ul>


Onward has quietly but radically transformed its business from wholesale to omnichannel retail.
Even more remarkably for a company whose average customer age was until very recently over 50, its latest brands now appeal to teens and 20s.
The new brands exemplify how much this previously staid wholesaler has changed.


Onward’s Radical Transformation from Stolid to Trend Leader

Thematic (Sector/Industry)

<ul>
<li>The Japan fashion e-commerce sector continues to grow at a pace that outstrips the broader fashion market.</li>
<li>But the gains are increasingly concentrated among a small group of operators that have mastered omnichannel, staff-driven social media, and loyalty marketing and capture</li>
<li>At the same time, smaller, mall-dependent players face mounting pressure and anaemic profits. A full sector review with rankings.</li>
</ul>


The Japan fashion e-commerce sector continues to grow at a pace that outstrips the broader fashion market.
But the gains are increasingly concentrated among a small group of operators that have mastered omnichannel, staff-driven social media, and loyalty marketing and capture
At the same time, smaller, mall-dependent players face mounting pressure and anaemic profits. A full sector review with rankings.


Japan Fashion E-Commerce: Growth but More Divergence

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.

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

Onward Holdings (8016 JP)

Onward: A Benchmark for Fashion Modernisation

Onward's transformation shows the power of tough decisions in shifting sales away from department stores and towards new ideas, leading to record...

Michael Causton

JAPAN ACTIVISM: Strategic Capital Target Daido (3205) Now A Murakami Target Too

Daidoh was targeted by activist Strategic Capital for 18mos. They bought to 32% and this past AGM "won" small. Murakami-san has joined the fight...

Travis Lundy

TSI (3608 JP) And World (3612 JP) To Merge: Broadly Fair Terms for TSI, but Value Left on the Table

TSI and World merge into INFINITY UNITED at 0.8x (4% premium). Terms are broadly fair to TSI; votes should pass. Long TSI/short 0.8 World yields...

Arun George

Onward’s Radical Transformation from Stolid to Trend Leader

Onward shifts from wholesale to omnichannel retail, successfully appealing to younger demographics with new brands, spurring growth in sales and...

Michael Causton

Japan Fashion E-Commerce: Growth but More Divergence

Japan's fashion e-commerce sector is booming, but success is concentrated among a few operators utilizing omnichannel strategies, while smaller...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Onward: A Benchmark for Fashion Modernisation

​Onward's transformation shows the power of tough decisions in shifting sales away from department stores and towards new ideas, leading to record...

Michael Causton

JAPAN ACTIVISM: Strategic Capital Target Daido (3205) Now A Murakami Target Too

Daidoh was targeted by activist Strategic Capital for 18mos. They bought to 32% and this past AGM "won" small. Murakami-san has joined the fight...

Travis Lundy

TSI (3608 JP) And World (3612 JP) To Merge: Broadly Fair Terms for TSI, but Value Left on the Table

TSI and World merge into INFINITY UNITED at 0.8x (4% premium). Terms are broadly fair to TSI; votes should pass. Long TSI/short 0.8 World yields...

Arun George

Onward’s Radical Transformation from Stolid to Trend Leader

​Onward shifts from wholesale to omnichannel retail, successfully appealing to younger demographics with new brands, spurring growth in sales and...

Michael Causton

Japan Fashion E-Commerce: Growth but More Divergence

​Japan's fashion e-commerce sector is booming, but success is concentrated among a few operators utilizing omnichannel strategies, while smaller...

Michael Causton

Onward's transformation shows the power of tough decisions in shifting sales away from department stores and towards new ideas, leading to record...

Onward shifts from wholesale to omnichannel retail, successfully appealing to younger demographics with new brands, spurring growth in sales and...

Japan's fashion e-commerce sector is booming, but success is concentrated among a few operators utilizing omnichannel strategies, while smaller...