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. 

Private Capital Markets

<ul>
<li>Baycrews is an unlisted fashion retailer but is proving highly disruptive to both competitors and online malls like <a href="https://www.smartkarma.com/entities/zozo-inc" target="_blank" data-smartkarma-citation="entities:18379:1" rel="noopener">ZOZO Inc (3092 JP)</a>.</li>
<li>It is making best use of staff knowledge and experience, an increasingly crucial asset in the competitive online fashion market, to create true omnichannel retailing.</li>
<li>As a result, it garners more than 70% of online sales from its own store, proving that the biggest competitor to Zozo is merchant direct sales, not other platforms.</li>
</ul>


Baycrews is an unlisted fashion retailer but is proving highly disruptive to both competitors and online malls like ZOZO Inc (3092 JP).
It is making best use of staff knowledge and experience, an increasingly crucial asset in the competitive online fashion market, to create true omnichannel retailing.
As a result, it garners more than 70% of online sales from its own store, proving that the biggest competitor to Zozo is merchant direct sales, not other platforms.


Baycrews Grows Online Sales to 50% of Turnover

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today the Osaka Supreme Court dismissed OK Corp's Permission Appeal regarding the EGM approving the <a href="https://www.smartkarma.com/entities/kansai-super-market-ltd" target="_blank" data-smartkarma-citation="entities:15519:1" rel="noopener">Kansai Super</a> merger with H2O subs Izumiya and Hankyu Oasis. That merger is Effective tomorrow.</li>
<li>OK Corp announced it would sell its shares in Kansai Super back to the company - as planned. </li>
<li>A disappointing ruling (especially given the TKS case) which will affect AGMs/EGMs going forward. And it means a soft share price and hard shareholder structure problem for Kansai Super near-term.</li>
</ul>


Today the Osaka Supreme Court dismissed OK Corp's Permission Appeal regarding the EGM approving the Kansai Super merger with H2O subs Izumiya and Hankyu Oasis. That merger is Effective tomorrow.
OK Corp announced it would sell its shares in Kansai Super back to the company - as planned. 
A disappointing ruling (especially given the TKS case) which will affect AGMs/EGMs going forward. And it means a soft share price and hard shareholder structure problem for Kansai Super near-term.


Kansai Super (9919) Merger OKed. OK Tender Going Nowhere. OK Going Home.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/koei-tecmo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20277:1" rel="noopener">Koei Tecmo Holdings (3635 JP)</a> today announced a CB offering, a buyback tender offer, and an intention to apply to join TSE Prime.</li>
<li>The two main shareholders will tender a total of 9.9mm shares, and the CB issuance/redemption would bring tradable shares to 36%.</li>
<li>We were waiting for this. We knew they had to do something. And this is about as well-structured as possible for shareholders. </li>
</ul>



Koei Tecmo Holdings (3635 JP) today announced a CB offering, a buyback tender offer, and an intention to apply to join TSE Prime.
The two main shareholders will tender a total of 9.9mm shares, and the CB issuance/redemption would bring tradable shares to 36%.
We were waiting for this. We knew they had to do something. And this is about as well-structured as possible for shareholders. 


Koei Tecmo (3635 JP) - Complex But Lower Impact Move To Stay in TSE Prime (Buyback+CB Issuance)

Equity Bottom-Up

<ul>
<li>Zozo opens its first popup physical store and starts a new platform service to make it easy for retailers’ shop staff to sell and communicate with Zozo customers.</li>
<li>Other big platforms are following suit, including arch rival Rakuten as the online fashion space sees intensifying competition and platforms seek to tie merchants closer to them.</li>
<li>Zozo is also launching a new measuring service shortly, this time for hands, tying with Bulgari no less, demonstrating again its ability to bind consumers and merchants to the platform.</li>
</ul>


Zozo opens its first popup physical store and starts a new platform service to make it easy for retailers’ shop staff to sell and communicate with Zozo customers.
Other big platforms are following suit, including arch rival Rakuten as the online fashion space sees intensifying competition and platforms seek to tie merchants closer to them.
Zozo is also launching a new measuring service shortly, this time for hands, tying with Bulgari no less, demonstrating again its ability to bind consumers and merchants to the platform.


Zozo Gets Physical: Launches OMO Platform, Opens First Pop-Up Store

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<p>Zozo had a mildly weak quarter but is being heavily punished for not revising up with the stock down 13.6%. today. Valuations remain stretched and we believe that any deceleration on reopening would further punish the stock as the operating leverage enjoyed under lockdown is underappreciated.</p>

Zozo had a mildly weak quarter but is being heavily punished for not revising up with the stock down 13.6%. today. Valuations remain stretched and we believe that any deceleration on reopening would further punish the stock as the operating leverage enjoyed under lockdown is underappreciated.

Japan

ZOZO Inc operates internet shopping sites for apparel.  The Company also provides communication services relating to apparel such as blogs by fashion moguls and internet chat room for users.

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ZOZO Inc (3092 JP)

Baycrews Grows Online Sales to 50% of Turnover

Baycrews is leading the fashion sector on developing more direct online sales, pulling traffic away from the big online malls like Zozo. This is...

Michael Causton

Kansai Super (9919) Merger OKed. OK Tender Going Nowhere. OK Going Home.

Kansai Super (9919)'s merger with H2O sub Izumiya and Hankyu Oasis will go through tomorrow, after the Supreme Court decided against OK Corp, who...

Travis Lundy

Koei Tecmo (3635 JP) - Complex But Lower Impact Move To Stay in TSE Prime (Buyback+CB Issuance)

Koei Tecmo (3635) was one of the largest TSE1 stocks remaining unlikely to meet the criteria required to remain in TSE Prime. They now have a...

Travis Lundy

Zozo Gets Physical: Launches OMO Platform, Opens First Pop-Up Store

Zozo remains a solid bet. Yes the big surge to online during Covid will wane but Zozo is demonstrating renewed capacity to bind merchants and...

Michael Causton

Zozo – Cautious Before the Reopening

Zozo is being heavily punished for not revising up with the stock down 13.6%. today. Valuations remain stretched and we believe the operating...

Mio Kato

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