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>Workman’s slower same-store growth can be blamed on its shift to mass market fashion and the choice of Workman Joshi as a banner, putting off male customers. </li>
<li>The outdoor and workwear retailer has now acknowledged the misstep and will rebrand the chain as Workman Colors while adjusting merchandise back to more apparel basics.</li>
<li>This will take time to implement but could mean a return to form for the apparel retailer.</li>
</ul>


Workman’s slower same-store growth can be blamed on its shift to mass market fashion and the choice of Workman Joshi as a banner, putting off male customers. 
The outdoor and workwear retailer has now acknowledged the misstep and will rebrand the chain as Workman Colors while adjusting merchandise back to more apparel basics.
This will take time to implement but could mean a return to form for the apparel retailer.


Workman Fixes the Big Problem: Colors Replaces Workman Joshi

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> is the largest weight in the Nikkei 225. On Friday, it closed at 11.36% of the Nikkei 225, putting it well above the 10% cap level.</li>
<li>If the stock is above 10% on a pro-forma basis on the base date of 31 July 2024, it will get a capping coefficient. 8.4mm shares (US$2.5bn) to sell.</li>
<li>At Friday's close, we were borderline above a <em>double</em>-downweight trigger. At Monday's open, just below. 30mins later? Back well above. Lots of interesting issues and nuances here for a short.</li>
</ul>



Fast Retailing (9983 JP) is the largest weight in the Nikkei 225. On Friday, it closed at 11.36% of the Nikkei 225, putting it well above the 10% cap level.
If the stock is above 10% on a pro-forma basis on the base date of 31 July 2024, it will get a capping coefficient. 8.4mm shares (US$2.5bn) to sell.
At Friday's close, we were borderline above a double-downweight trigger. At Monday's open, just below. 30mins later? Back well above. Lots of interesting issues and nuances here for a short.


Fast Retailing (9983) - Now At Double Downweight Levels

<ul>
<li>Snow Peak agreement with Bain Capital to take the outdoor brand private next month seems to have been in the works for a couple of years. </li>
<li>Although sales are expected to rebound this year to near record highs, Snow Peak insists the domestic camping boom is over and will look at long-term growth overseas instead.</li>
<li>Even so, the MBO price looks cheap. Snow Peak is likely to see a rebound in domestic sales in FY2024 and its plans for overseas expansion are solid.</li>
</ul>


Snow Peak agreement with Bain Capital to take the outdoor brand private next month seems to have been in the works for a couple of years. 
Although sales are expected to rebound this year to near record highs, Snow Peak insists the domestic camping boom is over and will look at long-term growth overseas instead.
Even so, the MBO price looks cheap. Snow Peak is likely to see a rebound in domestic sales in FY2024 and its plans for overseas expansion are solid.


<ul>
<li>Japan has a solid if stagnant footwear market, yet it only has one compelling nationwide footwear retailer.</li>
<li>ABC Mart continues to outperform its smaller rivals, with little competition as its main rivals decline further.</li>
<li>The real competition is coming from brands selling directly to customers via their own stores and online – and low-cost retailers nipping at its heels from below.</li>
</ul>


Japan has a solid if stagnant footwear market, yet it only has one compelling nationwide footwear retailer.
ABC Mart continues to outperform its smaller rivals, with little competition as its main rivals decline further.
The real competition is coming from brands selling directly to customers via their own stores and online – and low-cost retailers nipping at its heels from below.


<ul>
<li>Workman may have its roots in workwear for tradespeople but it is evolving fast, moving beyond outdoor and sports and now into core clothing categories like underwear.</li>
<li>It is using its long-term planning to undercut competitors through economies of scale as well as its focus on non-seasonal basics but is even adding new fashion lines too.</li>
<li>Same-Store sales growth has fallen sharply in recent years but the new categories may help revive growth levels again.</li>
</ul>


Workman may have its roots in workwear for tradespeople but it is evolving fast, moving beyond outdoor and sports and now into core clothing categories like underwear.
It is using its long-term planning to undercut competitors through economies of scale as well as its focus on non-seasonal basics but is even adding new fashion lines too.
Same-Store sales growth has fallen sharply in recent years but the new categories may help revive growth levels again.


Workman: More Categories, More Fashion, More Sales

Japan

WORKMAN CO., LTD. designs, produces, and retails work uniforms and related goods including work gloves and safety shoes.  The Company operates its own stores and franchise stores located throughout eastern Japan.

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Workman Co Ltd (7564 JP)

Workman Fixes the Big Problem: Colors Replaces Workman Joshi

Workman has posted slower and more inconsistent growth due to a shift to mass market fashion and a confused choice of banner but a rebranding as...

Michael Causton

Fast Retailing (9983) - Now At Double Downweight Levels

Now clearly into double-sell territory but nota bene: A double sell only works for the first couple of %, then we're back into single-sell...

Travis Lundy

Snow Peak: Cheap MBO

Snow Peak's agreement with Bain Capital to go private reflects a long-term strategy to focus on overseas growth despite a predicted rebound in...

Michael Causton

ABC Mart Expands Lead in Footwear

Despite a stagnant market, ABC Mart remains dominant in Japan's footwear industry, although it is now facing competition from direct brand sales...

Michael Causton

Workman: More Categories, More Fashion, More Sales

Investors turned away from Workman as same-store sales fell from double digits but the workwear retailer continues to innovate with plenty of...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Workman Fixes the Big Problem: Colors Replaces Workman Joshi

​Workman has posted slower and more inconsistent growth due to a shift to mass market fashion and a confused choice of banner but a rebranding as...

Michael Causton

Fast Retailing (9983) - Now At Double Downweight Levels

Now clearly into double-sell territory but nota bene: A double sell only works for the first couple of %, then we're back into single-sell...

Travis Lundy

Snow Peak: Cheap MBO

​Snow Peak's agreement with Bain Capital to go private reflects a long-term strategy to focus on overseas growth despite a predicted rebound in...

Michael Causton

ABC Mart Expands Lead in Footwear

​Despite a stagnant market, ABC Mart remains dominant in Japan's footwear industry, although it is now facing competition from direct brand sales...

Michael Causton

Workman: More Categories, More Fashion, More Sales

Investors turned away from Workman as same-store sales fell from double digits but the workwear retailer continues to innovate with plenty of...

Michael Causton

Workman has posted slower and more inconsistent growth due to a shift to mass market fashion and a confused choice of banner but a rebranding as...

Snow Peak's agreement with Bain Capital to go private reflects a long-term strategy to focus on overseas growth despite a predicted rebound in...

Despite a stagnant market, ABC Mart remains dominant in Japan's footwear industry, although it is now facing competition from direct brand sales...