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 premium fashion market in Japan is growing again and it is not just department stores.</li>
<li>One of the leader is United Arrows, whose main urban chains are on a roll, up double digits, but is being held back by lower priced suburban chains.</li>
<li>It will now focus more  on the premium market through aggressive category expansion, new brands and M&amp;A.</li>
</ul>


The premium fashion market in Japan is growing again and it is not just department stores.
One of the leader is United Arrows, whose main urban chains are on a roll, up double digits, but is being held back by lower priced suburban chains.
It will now focus more  on the premium market through aggressive category expansion, new brands and M&amp;A.


Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-arrows-ltd" target="_blank" data-smartkarma-citation="entities:4887:1" rel="noopener">United Arrows (7606 JP)</a> is an industry leader in operating clothing select shops in Japan, and is the eighth largest apparel company in the country in terms of sales value.</li>
<li>In FY03/23, United Arrows reported revenue of JPY130.1bn, operating profit of JPY6.4bn, recurring profit of JPY6.9bn, and net income attributable to owners of the parent of JPY4.3bn</li>
<li>In May 2023, the company announced its long-term vision ending in FY03/33 and medium-term management plan ending in FY03/26 as the first step.</li>
</ul>



United Arrows (7606 JP) is an industry leader in operating clothing select shops in Japan, and is the eighth largest apparel company in the country in terms of sales value.
In FY03/23, United Arrows reported revenue of JPY130.1bn, operating profit of JPY6.4bn, recurring profit of JPY6.9bn, and net income attributable to owners of the parent of JPY4.3bn
In May 2023, the company announced its long-term vision ending in FY03/33 and medium-term management plan ending in FY03/26 as the first step.


Thematic (Sector/Industry)

<ul>
<li>The rebound in tourist numbers to Japan after Covid was inevitable given the latent demand and ongoing popularity of the country as a destination.</li>
<li>But more surprising has been the huge diversity of nationalities, making up for the lag in Chinese visitors, boosting traffic at key retailers (as listed below).</li>
<li>Also new is the higher spend per visitor thanks to the cheap Yen, boosting retailers across the spectrum. Data from Google and Qunar suggests much more growth to come.</li>
</ul>


The rebound in tourist numbers to Japan after Covid was inevitable given the latent demand and ongoing popularity of the country as a destination.
But more surprising has been the huge diversity of nationalities, making up for the lag in Chinese visitors, boosting traffic at key retailers (as listed below).
Also new is the higher spend per visitor thanks to the cheap Yen, boosting retailers across the spectrum. Data from Google and Qunar suggests much more growth to come.


Japan Tourist Spending Per Head up 50% on 2019 Amid Record Arrivals

<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

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/zozo-inc" target="_blank" data-smartkarma-citation="entities:18379:1" rel="noopener">ZOZO Inc (3092 JP)</a> is +10% since the close <em>after</em> the Nikkei 225 inclusion announcement vs Nikkei225 +2%. Fellow upweight Nitori is up too. Disco and Socionext are up less.</li>
<li>All three inclusions and one upweight see considerable inclusion demand when compared to active holdings. Some more than others. </li>
<li>Some trades here are more interesting than others, still. Cumulative excess volumes are one guide. Fundamentals, and flow dynamics are another.</li>
</ul>



ZOZO Inc (3092 JP) is +10% since the close after the Nikkei 225 inclusion announcement vs Nikkei225 +2%. Fellow upweight Nitori is up too. Disco and Socionext are up less.
All three inclusions and one upweight see considerable inclusion demand when compared to active holdings. Some more than others. 
Some trades here are more interesting than others, still. Cumulative excess volumes are one guide. Fundamentals, and flow dynamics are another.


Mar24 Nikkei 225 Rebal: Zozo (3092) And Other ADDs Update

Japan

VT HOLDINGS CO., LTD. sells automobiles produced by Honda, replacement parts, and used cars.  The Company provides vehicle maintenance and repair services and arranges automobile financing and insurance.

GEO Holdings Corporation operates stores that rent and sell videos, CDs, DVDs, games, and books nationwide. The Company also buys and sells used books and CDs. GEO operates its own stores and also franchise stores.

Komehyo Co., Ltd. operates discount and recycle retail stores.  The Company sells jewelry, precious metal, watch, bag, Kimono, home appliances and musical instrument.

XEBIO Holdings CO., LTD. engages in operating retail stores in Japan. Its stores offer sports equipment, including ski and snowboard wear, baseball, soccer, and golf equipment; and apparel, such as men's and women's casuals, house ware, children's clothing, knick-knacks, and accessories, as well as tailoring services.

Joshin Denki Co., Ltd. operates a chain store specialized in household appliances and computers.  The Company also sells its products through catalog shopping and on-line shopping.  Joshin Denki operates its own stores and also franchise stores.

HONEYS. CO., LTD. plans, manufactures, and retails ladies' casual clothing and accessories.  The Company operates stores throughout Japan.

AOYAMA TRADING Co., Ltd. is a menswear chain store known as Yofuku-no-Aoyama. The Company sells suits, jacket, formal wears, casual wears, shirts, ties, and business shoes.  The Company also operates credit card business.

G-7 Holdings Inc. retails automobile parts and accessories. The Company provides maintenance services including vehicle inspection and oil change. G-7 Holdings also operates used car, motorcycle business, and outdoor sports stores.

World Co., Ltd. designs, manufactures, and distributes apparels. The Company produces women's garments, men's garments, children's garments, and other products. World also operates investment businesses.

NISSAN TOKYO SALES HOLDINGS CO., LTD sells new and pre-owned passenger cars and commercialvehicles produced by Nissan Motor mainly in central Tokyo area. The Company also sells car parts and provides maintenance service. NISSAN TOKYO SALES HOLDINGS also operates office building rental, car leasing service, and insurance service.  The Company's subsidiaries sell Jaguar and Renault cars.

PC Jeweller Ltd. manufacture, retails, and wholesale jewelry.  The Company sells jewelry through its showrooms and over the Internet.  PC Jeweller offers a wide range of products including gold jewellery, diamond jewellery and other jewellery including silver articles, with a focus on diamond jewellery and jewellery for weddings.

Beijing Bashi Media Co., Ltd. provides urban bus transportation and advertising services.  The Company also provides taxi, inter-provincial transportation, car rental, and other transportation related services.

Haverty Furniture Companies, Inc. sells home furnishings.  The Company stores are located in southern and central United States.  Haverty's offers brand name furniture, such as Broyhill, Thomasville, Lane/Action, La-Z-Boy, and Clayton Marcus.

Wuxi Commercial Mansion Grand Orient Co., Ltd. operates a department store retail business. Its department stores sell a variety of products including home appliances, apparel, textiles, and leather products.  Wuxi Commercial also sells cars. The Company sells its general merchandise through its own website www.eastall.com and has operation in food serve.

Wuxi Commercial Mansion Grand Orient Co (600327 CH)

Cortina Holdings Limited retails and distributes luxury watches in the Asia Pacific region.  The Company also trades, imports, and exports pens, lighters, and clocks.

Shinsegae International Co., Ltd. was spun off from Shinsegae in 1996.  The company imports and distributes famous foreign brands and manufactures/distribut es domestic brand.  The Company's line of business includes the wholesale distribution of men's and women's apparel.

America's Car-Mart, Inc, sells and finances the sale of used automobiles and trucks.  The Company operates its dealerships primarily in small cities and rural locations throughout the South-Central United States and provides financing for substantially all of its customers.  Car-Mart's customers are principally consumers with limited or damaged credit histories.

Designer Brands Inc. designs, produces, and retails footwear and accessories. The Company offers shoes, boots, sandals, sneakers, socks, handbags, and accessories. Designer Brands serves customers in the United States.

Fujian Zhangzhou Development Co., Ltd., trades automobile, manages and operates toll roads, produces and distributes tap water, and provides waste management services.

China Meidong Auto Holdings Limited is an automobile dealership and maintenance group in China.

UNITED ARROWS LTD., operates fashion stores, specializing in casual clothing and accessory for men and women.  The Company has stores nationwide.  Main forces are United Arrows, Green Label Relaxing and Chrome Hearts.

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

United Arrows (7606 JP)

United Arrows: Premium Growth

Japan's premium fashion market is rebounding, with United Arrows leading the way by expanding into new brands and categories, focusing more on the...

Michael Causton

United Arrows (7606): Q3 FY03/24 Update

United Arrows is a top clothing select shop operator in Japan, ranking eighth in sales value. They recently announced long-term and medium-term...

Shared Research

Japan Tourist Spending Per Head up 50% on 2019 Amid Record Arrivals

Japan's tourism rebound post-Covid was expected due to high demand, but diverse nationalities and increased spending per visitor are boosting...

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

Mar24 Nikkei 225 Rebal: Zozo (3092) And Other ADDs Update

The Mar24 N225 rebal has 5 days to run. So far, 3 of 4 stocks ADDed or UPweighted are up vs N225. DELETEs are down. There is a big funding sell....

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

United Arrows: Premium Growth

​Japan's premium fashion market is rebounding, with United Arrows leading the way by expanding into new brands and categories, focusing more on the...

Michael Causton

United Arrows (7606): Q3 FY03/24 Update

​United Arrows is a top clothing select shop operator in Japan, ranking eighth in sales value. They recently announced long-term and medium-term...

Shared Research

Japan Tourist Spending Per Head up 50% on 2019 Amid Record Arrivals

​Japan's tourism rebound post-Covid was expected due to high demand, but diverse nationalities and increased spending per visitor are boosting...

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

Mar24 Nikkei 225 Rebal: Zozo (3092) And Other ADDs Update

The Mar24 N225 rebal has 5 days to run. So far, 3 of 4 stocks ADDed or UPweighted are up vs N225. DELETEs are down. There is a big funding sell....

Travis Lundy

Japan's premium fashion market is rebounding, with United Arrows leading the way by expanding into new brands and categories, focusing more on the...

United Arrows is a top clothing select shop operator in Japan, ranking eighth in sales value. They recently announced long-term and medium-term...

Japan's tourism rebound post-Covid was expected due to high demand, but diverse nationalities and increased spending per visitor are boosting...

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