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>The outlook for big apparel remains uncertain; most executives are optimistic about a rebound in sales of premium apparel brands, they are also running around looking for ways to diversify.</li>
<li>Despite years of closing stores and a recent re-listing, <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> remains in uncertain territory as it tries to boost sales of key brands.</li>
<li>More brands may need to close but the apparel firm is at least investing in new ventures, even if small scale.</li>
</ul>


The outlook for big apparel remains uncertain; most executives are optimistic about a rebound in sales of premium apparel brands, they are also running around looking for ways to diversify.
Despite years of closing stores and a recent re-listing, World Co Ltd (3612 JP) remains in uncertain territory as it tries to boost sales of key brands.
More brands may need to close but the apparel firm is at least investing in new ventures, even if small scale.


Japan Apparel Rethink: World Tries Diversification

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shimamura-co-ltd" target="_blank" data-smartkarma-citation="entities:15213:1" rel="noopener">Shimamura (8227 JP)</a> is on a roll at the moment, clawing back share after a troubled few years of mis-merchandising and confused targeting.</li>
<li>After a record year, Shimamura now thinks its merchandise teams are strong enough to take on urban centre consumers – without raising operating costs. This could be a worry for Uniqlo.</li>
<li>Shimamura has tried this before but back then its focus was on young women and had weaker merchandising skills. This time around too urban consumers want more discount apparel.</li>
</ul>



Shimamura (8227 JP) is on a roll at the moment, clawing back share after a troubled few years of mis-merchandising and confused targeting.
After a record year, Shimamura now thinks its merchandise teams are strong enough to take on urban centre consumers – without raising operating costs. This could be a worry for Uniqlo.
Shimamura has tried this before but back then its focus was on young women and had weaker merchandising skills. This time around too urban consumers want more discount apparel.


Shimamura Back on Track, Targeting Urban Centres

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

Firms like <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><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/onward-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:11370:1" rel="noopener">Onward Holdings (8016 JP)</a>  are facing serious problems adjusting to a new distribution reality for apparel trading in Japan. While World is cutting more brands and investing in home decoration and other projects and TSI is focusing on sports and e-commerce (please see our other insights on these changes), Onward is doing all of these things: cutting more brands, investing in non-apparel and beefing up e-commerce sales.There is still a long way to go.

Firms like World Co Ltd (3612 JP), Tsi Holdings (3608 JP) and Onward Holdings (8016 JP)  are facing serious problems adjusting to a new distribution reality for apparel trading in Japan. While World is cutting more brands and investing in home decoration and other projects and TSI is focusing on sports and e-commerce (please see our other insights on these changes), Onward is doing all of these things: cutting more brands, investing in non-apparel and beefing up e-commerce sales.There is still a long way to go.

Big Apparel in Trouble: Onward Aims for 30% of Sales from Non-Apparel Brands

<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> is one of the leading apparel firms in Japan but was already forced to do some major restructuring well before the pandemic. The latter has caused a serious rethink at the company which will mean further closure of brands and stores and more investment in e-commerce and non-apparel.

Tsi Holdings (3608 JP) is one of the leading apparel firms in Japan but was already forced to do some major restructuring well before the pandemic. The latter has caused a serious rethink at the company which will mean further closure of brands and stores and more investment in e-commerce and non-apparel.

Big Apparel in Trouble: TSI Wins on E-Commerce but Closes More Brands

Japan

TSI Holdings Company Ltd. manufactures men's and women's clothing, and retails women's clothing.  The Company produces and sells coats, dresses, suits, sweaters, shirts, skirts, and pants.

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Tsi Holdings (3608 JP)

Japan Apparel Rethink: World Tries Diversification

Japan's big apparel firms have slashed operations and remain bullish about their outlook despite a lot of data to the contrary. Growth won't be...

Michael Causton

Shimamura Back on Track, Targeting Urban Centres

Shimamura has fixed many underlying problems and looks stronger than in a decade. It is now targeting city centres and the athleisure and golf...

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

Big Apparel in Trouble: Onward Aims for 30% of Sales from Non-Apparel Brands

Onward Holding, like its peers, is being forced to restructure further and faster than planned three years ago when competition in the apparel...

Michael Causton

Big Apparel in Trouble: TSI Wins on E-Commerce but Closes More Brands

TSI Holdings is one of Japan's larger apparel groups and like its peers is trying to reinvent itself to cope with a post-Covid world where people...

Michael Causton

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