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

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>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

<ul>
<li>Sanyo Shokai has posted losses in every year since FY2016 despite promising a return to profit on an annual basis too.</li>
<li>Its latest 3-year plan is typically optimistic but, equally typically, lacks real substance as to just where this growth will come from.</li>
<li>Of all Japan's larger apparel firms, Sanyo Shokai has the least promising outlook and that is saying something.</li>
</ul>


Sanyo Shokai has posted losses in every year since FY2016 despite promising a return to profit on an annual basis too.
Its latest 3-year plan is typically optimistic but, equally typically, lacks real substance as to just where this growth will come from.
Of all Japan's larger apparel firms, Sanyo Shokai has the least promising outlook and that is saying something.


<ul>
<li>TSI seems to be following a strategy of diversify or die. It is using its vast cash resources to invest in and build new businesses with some success.</li>
<li>But it also has a couple of compelling brands in strong growth sectors, particularly in golf, providing growth of nearly 50% last year in one case.</li>
<li>This isn't enough to sustain overall growth however and more needs to be done to get on to a more secure footing.</li>
</ul>


TSI seems to be following a strategy of diversify or die. It is using its vast cash resources to invest in and build new businesses with some success.
But it also has a couple of compelling brands in strong growth sectors, particularly in golf, providing growth of nearly 50% last year in one case.
This isn't enough to sustain overall growth however and more needs to be done to get on to a more secure footing.


Japan Apparel Diversification: TSI Tries New Markets

Japan

SANYO SHOKAI LTD. manufactures and sells women's, men's, and children's clothing such as coats, suits, dresses, and casuals.  The Company also sells bags, belts, handkerchiefs, and other accessories.

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Sanyo Shokai (8011 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

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

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

Sanyo Shokai: More Unfulfilled Promises

Sanyo Shokai has promised a return to profit for more than five years. There seems to be more chance than for years for this to happen but it...

Michael Causton

Japan Apparel Diversification: TSI Tries New Markets

TSI had a better 2021 than its peers but only thanks to golf. More work is being done and it has some interesting new ventures but growth may not...

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

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

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

Sanyo Shokai: More Unfulfilled Promises

Sanyo Shokai has promised a return to profit for more than five years. There seems to be more chance than for years for this to happen but it...

Michael Causton

Japan Apparel Diversification: TSI Tries New Markets

TSI had a better 2021 than its peers but only thanks to golf. More work is being done and it has some interesting new ventures but growth may not...

Michael Causton

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

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