Worth reading
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Direction inferred from the company’s description.Scale
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Displayed only when the document provides numerical figures.Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Annual updateKey initiatives
01Aggressive expansion into the Chinese market
02Rebranding for the domestic market
03Advancing reforms to the earnings structure
04Full-scale entry into fine jewelry
05Increase apparel sales in China
06Maintain apparel sales in Japan
07Reduce inventories
08Reduce logistics costs
09Reduction of selling, general and administrative expenses
Non-financial targetsIndicator name Number of stores in China / Target value Sales at 6 stores / Timing During the current fiscal year (fiscal year ending March 2027)
Size of the Target MarketMarket Japanese apparel market / Scale ¥8.1 trillion / Source JETRO/EU-Japan Centre materials, Market Japanese apparel e-commerce market / Scale ¥2.7 trillion, with an e-commerce penetration rate of 33% / Source Calculated based on the Ministry of Economy, Trade and Industry's Survey of the E-Commerce Market and other sources, Market Chinese apparel market / Scale ¥22 trillion, with an e-commerce penetration rate of 41% and an e-commerce market of ¥9.0 trillion / Source Converted into yen based on figures published by China's National Bureau of Statistics. The Chinese apparel e-commerce market is our estimate based on market size and the e-commerce penetration rate, Market Domestic jewelry market / Scale ¥1.2 trillion: fashion jewelry approximately 15% (¥180 billion), bridal jewelry approximately 20% (¥240 billion), and fine jewelry approximately 65% (¥780 billion) / Source Calculated with reference to various industry materials. The composition ratios by market segment are our estimates
Risks identified by the company
Overseas expansion and cross-border e-commerce: overseas regulations, tariffs, foreign exchange fluctuations, international logistics disruptions, changes in local regulations, and other factors
Social media and digital marketing: changes in social media algorithms, rising advertising costs, account suspensions, and other factors
Product supply and supply chain: overseas logistics disruptions, geopolitical risks, shortages of raw materials, and other factors
Business environment and raw material price fluctuations: surging prices of raw materials such as gemstones and precious metals
Product quality: increases in returns due to product defects, claims for damages, damage to the brand, and other factors
Business structure, human capital and organizational structure: personnel shortages and inadequate organizational structures
Compliance: violations of laws and regulations, inadequate information management, inappropriate business operations, and other factors
Financial covenants: the possibility that financial covenants may be imposed when financing is obtained from financial institutions
| Item | Details |
|---|---|
| Plan name | Fiscal Year Ending March 2026 Business Plan and Matters Concerning Growth Potential |
| Plan period | Fiscal years ending March 2026 to March 2028 |
| Progress against the plan | Annual update |
| Non-financial targets | Indicator name Number of stores in China / Target value Sales at 6 stores / Timing During the current fiscal year (fiscal year ending March 2027) |
| Key initiatives | Aggressive expansion into the Chinese market, Rebranding for the domestic market, Advancing reforms to the earnings structure, Full-scale entry into fine jewelry, Increase apparel sales in China, Maintain apparel sales in Japan, Reduce inventories, Reduce logistics costs, Reduction of selling, general and administrative expenses |
| Size of the Target Market | Market Japanese apparel market / Scale ¥8.1 trillion / Source JETRO/EU-Japan Centre materials, Market Japanese apparel e-commerce market / Scale ¥2.7 trillion, with an e-commerce penetration rate of 33% / Source Calculated based on the Ministry of Economy, Trade and Industry's Survey of the E-Commerce Market and other sources, Market Chinese apparel market / Scale ¥22 trillion, with an e-commerce penetration rate of 41% and an e-commerce market of ¥9.0 trillion / Source Converted into yen based on figures published by China's National Bureau of Statistics. The Chinese apparel e-commerce market is our estimate based on market size and the e-commerce penetration rate, Market Domestic jewelry market / Scale ¥1.2 trillion: fashion jewelry approximately 15% (¥180 billion), bridal jewelry approximately 20% (¥240 billion), and fine jewelry approximately 65% (¥780 billion) / Source Calculated with reference to various industry materials. The composition ratios by market segment are our estimates |
| Risks identified | Overseas expansion and cross-border e-commerce: overseas regulations, tariffs, foreign exchange fluctuations, international logistics disruptions, changes in local regulations, and other factors, Social media and digital marketing: changes in social media algorithms, rising advertising costs, account suspensions, and other factors, Product supply and supply chain: overseas logistics disruptions, geopolitical risks, shortages of raw materials, and other factors, Business environment and raw material price fluctuations: surging prices of raw materials such as gemstones and precious metals, Product quality: increases in returns due to product defects, claims for damages, damage to the brand, and other factors, Business structure, human capital and organizational structure: personnel shortages and inadequate organizational structures, Compliance: violations of laws and regulations, inadequate information management, inappropriate business operations, and other factors, Financial covenants: the possibility that financial covenants may be imposed when financing is obtained from financial institutions |
| Publication date | 29 May 2026 |
Items this document does not state (17)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorSegment targetPlan assumptionsResults under the previous planReason for revision or withdrawalDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In response to increasingly diverse preferences for women's apparel, the importance of seasonal responsiveness, and accelerating changes in social media and product trends, we need to propose products in a timely manner without leaving excess inventory. In light of the contraction of women's apparel sections in department stores, the shrinking bridal jewelry market, and rising precious metal prices, we will strengthen sales in China, e-commerce, rebranding, and fine jewelry.
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