Country-Specific Environment and Investment Recovery Risks Associated with Overseas Expansion
First written in FY2017-Q1. 4 of 12 entries say "Restated". Latest entry: 2026-07-09.
Treasure Factory moved to the "Worse" side of this theme in 2022, 3 years after the typical company in this theme (2019).
The whole theme swung hardest in 2025: 72 of 118 companies on the "Worse" side.
46 other companies' latest entry also says "Worsened".
- FY2026ReframedAnnual report
「The Group has operated reuse businesses in Thailand since 2016 and Taiwan since December 2022, and announced the establishment of a subsidiary in August 2025 in connection with its expansion into the United States. Before expanding overseas, it conducts thorough research and consideration of conditions in the relevant region, including market size, the competitive environment, and laws and regulations. However, overseas operations entail risks such as business risks arising from legislative or policy changes, potential tax risks, and the risk of violating or otherwise running afoul of applicable laws and regulations.」
The scope of the overseas expansion risks has broadened beyond Thailand and Taiwan to multiple regions, including preparations for expansion into the United States. - FY2024RestatedAnnual report
「The Group has operated a reuse business in Thailand since 2016 and began operating in earnest in Taiwan by opening its first store there in December 2022. Before expanding overseas, it conducts thorough research and consideration of conditions in the relevant region, including market size, the competitive environment, and laws and regulations. However, overseas operations entail risks such as business risks arising from legislative or policy changes, potential tax risks, and the risk of violating or otherwise running afoul of applicable laws and regulations.」
The Group continues to describe risks relating to laws and regulations, taxation, compliance, human resources, infrastructure, social disruption, and other matters, based on its overseas operations in Thailand and Taiwan. - FY2023ReframedAnnual report
「The Group has operated a reuse business in Thailand since 2016 and began operating in earnest in Taiwan by opening its first store there in December 2022. Before expanding overseas, it conducts thorough research and consideration of conditions in the relevant region, including market size, the competitive environment, and laws and regulations. However, overseas operations entail risks such as business risks arising from legislative or policy changes, potential tax risks, and the risk of violating or otherwise running afoul of applicable laws and regulations.」
The scope of the overseas expansion risks has shifted from Taiwan at the planned-store stage to operating risks following the start of the Taiwan business. - FY2022ReframedAnnual report
「The Group has operated a reuse business in Thailand since 2016 and established a new local subsidiary in Taiwan in April 2021 to prepare for future store openings. Before expanding overseas, it conducts thorough research and consideration of conditions in the relevant region, including market size, the competitive environment, and laws and regulations. However, overseas operations entail risks such as business risks arising from legislative or policy changes, potential tax risks, and the risk of violating or otherwise running afoul of applicable laws and regulations.」
The scope of the overseas expansion risks has broadened from the Thai business alone to operations in multiple countries, including the Taiwan subsidiary and plans to open stores in Taiwan. - FY2019RestatedAnnual report
「The Group has operated a reuse business in Thailand since 2016. Before expanding overseas, it conducts thorough research and consideration of conditions in the relevant country, including market size, the competitive environment, and laws and regulations. However, overseas operations entail risks such as business risks arising from legislative or policy changes, potential tax risks, and the risk of violating or otherwise running afoul of applicable laws and regulations.」
The risks of overseas operations based on the Thai business, including legislative changes, taxation, regulations, human resources, infrastructure, and social disruption, are reiterated in the same sense as previously. - FY2018ReframedAnnual report
「The Group has operated a reuse business in Thailand since 2016. Before expanding overseas, it conducts thorough research and consideration of conditions in the relevant country, including market size, the competitive environment, and laws and regulations. However, overseas operations entail risks such as business risks arising from legislative or policy changes, potential tax risks, and the risk of violating or otherwise running afoul of applicable laws and regulations. The business may also be affected by rising labor costs, difficulties in recruitment, underdeveloped infrastructure, and social or economic disruption caused by terrorism, war, disease, disasters, or other factors.」
The overseas expansion risks that were not presented as a separate item in the previous fiscal year have again been presented separately as risks relating to legislative changes, taxation, regulations, human resources, infrastructure, and other matters, based on the Thai business. - FY2017DroppedAnnual reportThe risks associated with overseas expansion, including natural disasters, politics, laws and regulations, foreign exchange, and investment recovery, which had been presented as separate items through the previous quarter, are not presented as separate items in the section on business and other risks in this annual securities report.
- FY2017-Q3RestatedAnnual report
「The Group operates businesses overseas. Overseas expansion entails various inherent issues, including natural disasters, political turmoil, laws and regulations, and foreign exchange in the countries concerned. If such events occur, they may affect the Group's results of operations. In addition, if events occur that exceed expectations based on preliminary research, the business investment may not be fully recovered, which may affect the Group's results of operations.」
The risks associated with overseas expansion, including natural disasters, political conditions, laws and regulations, foreign exchange, and investment recovery, are reiterated in the same sense as previously. - FY2017-Q2RestatedAnnual report
「The Group operates businesses overseas. Overseas expansion entails various inherent issues, including natural disasters, political turmoil, laws and regulations, and foreign exchange in the countries concerned. If such events occur, they may affect the Group's results of operations. In addition, if events occur that exceed expectations based on preliminary research, the business investment may not be fully recovered, which may affect the Group's results of operations.」
The risks associated with overseas expansion, including natural disasters, political conditions, laws and regulations, foreign exchange, and investment recovery, are reiterated in the same sense as previously. - FY2017-Q1First statedAnnual report
「The Group operates businesses overseas. Overseas expansion entails various inherent issues, including natural disasters, political turmoil, laws and regulations, and foreign exchange in the countries concerned. If such events occur, they may affect the Group's results of operations. In addition, if events occur that exceed expectations based on preliminary research, the business investment may not be fully recovered, which may affect the Group's results of operations.」
The risks associated with overseas expansion, including natural disasters, political conditions, laws and regulations, and foreign exchange, as well as the risk that investments may not be recovered due to events exceeding expectations, are explicitly identified.