Expansion of the Chinese retail business through a joint venture with Belle International Holdings Limited
First written in FY2017-Q3. 18 of 37 entries say "Advanced", first in FY2017. Latest entry: 2026-05-29.
No other company in this theme has enough history to compare yet.
- 2026-05-29RestatedGovernance
「We sell products wholesale to Baoli Shoes (Shanghai) Co., Ltd., a subsidiary of Belle. We also license the use of our brand trademarks to Baroque China Apparel Limited, another Belle subsidiary, and receive royalty income in return.」
The continuing relationship with the Belle group after dissolution of the China joint venture was reconfirmed through wholesale sales and trademark licensing and royalty income. - FY2026ReframedAnnual report
「With respect to the overseas business, the China business was de-risked through the sale of the China joint venture with Belle last year and has transitioned to stable royalty income.」
The store-expansion business of the China joint venture was completed through the share transfer and converted into a royalty-income business conducted through brand licensing and related arrangements. - FY2026-H1AchievedAnnual report
「At a meeting of the Board of Directors held on 25 April 2025, the company resolved to transfer all shares of BAROQUE CHINA LIMITED, formerly a consolidated subsidiary, and BAROQUE CHINA APPARELS LIMITED, formerly an equity-method affiliate, to ABLE CONCORD LIMITED. It entered into a share transfer agreement dated 2 May 2025 and transferred all shares on 20 May 2025.」
The previously decided share transfer relating to the China joint venture with Belle was completed on 20 May 2025, and the companies were removed from the scope of consolidation and equity-method accounting. The store-expansion model for the China joint venture was completed upon execution of the transfer. - FY2025ReframedAnnual report
「To eliminate the risks associated with the China business on a one-time basis, the company decided to transfer its shares in the China joint venture. Looking ahead, it will maintain its brand licensing agreement for “MOUSSY” and “SLY” and its exclusive distribution agreement with Belle, continuing their collaboration. The policy is not to withdraw from the Chinese market, but to eliminate the risks for the time being and pursue new opportunities.」
The China joint venture was restructured from an operating model centered on expanding its store network to one in which the joint venture shares were transferred to Belle, with the parties continuing to collaborate through licensing and exclusive distribution agreements. The share transfer price was RMB102 million, and the joint venture agreement ended on 27 May 2025. - FY2025-H1RestatedAnnual report
「In the China joint venture with strategic business partner Belle International Holdings Limited, the company continued its strategy of maintaining stores primarily in Beijing and Shanghai while closing unprofitable stores in regional areas. However, the China business reported decreases in both sales and profit due to weaker consumer spending in China and increased inventory valuation losses. In connection with this, the company recorded an equity-method investment loss of ¥365 million in the China business as a non-operating expense.」
The company continued selective operations by maintaining stores primarily in Beijing and Shanghai and consolidating unprofitable regional stores. However, weaker consumer spending in China and increased inventory valuation losses resulted in lower sales and profit and an equity-method investment loss of ¥365 million. - FY2025-Q1ReframedAnnual report
「In light of China's economic growth reaching a plateau, the company will shift its strategy from “sales growth” to “profit generation.” At the same time, China's apparel market is the world's second largest after the United States, and the company will continue to position it as an important profit-generating business in its overseas operations.」
The China business shifted from a strategy focused on expanding sales and store count to one that places greater emphasis on generating profit. Its position as an important profit-generating business remains unchanged. - FY2024AdvancedAnnual report
「In the China joint venture with strategic business partner Belle International Holdings Limited, wholesale sales increased to 105.3% of the same period of the previous year as sales conditions recovered, and the China business reported year-on-year increases in both sales and profit. The number of stores decreased by 82 from the end of the previous fiscal year, reflecting the closure of unprofitable stores mainly in regional areas while maintaining stores primarily in Beijing and Shanghai.」
The China business recovered to year-on-year increases in both sales and profit, with wholesale sales at 105.3% of the same period of the previous year, while the number of stores decreased by 82. Selective operations progressed through the consolidation of unprofitable stores mainly in regional areas while maintaining stores primarily in Beijing and Shanghai. - FY2024-Q3AdvancedAnnual report
「In the China joint venture with strategic business partner Belle International Holdings Limited, wholesale sales increased to 115.6% of the same period of the previous year as sales conditions recovered, and the China business reported year-on-year increases in both sales and profit. The number of stores decreased by 58 from the end of the previous fiscal year, reflecting the closure of unprofitable stores mainly in regional areas while maintaining stores primarily in Beijing and Shanghai.」
The China joint venture reported year-on-year increases in both sales and profit as wholesale sales rose to 115.6% of the same period of the previous year on the recovery in sales. The number of stores decreased by 58 from the end of the previous fiscal year, but stores were maintained primarily in Beijing and Shanghai as selective operations progressed through the consolidation of unprofitable regional stores. - FY2024-Q2Chinese business recovered and shifted toward selective store managementAnnual report
「In the China joint venture with strategic business partner Belle International Holdings Limited, the China business reported year-on-year increases in both sales and profit as sales conditions recovered. The number of stores decreased by 39 from the end of the previous fiscal year, reflecting the closure of unprofitable stores mainly in regional areas while maintaining stores primarily in Beijing and Shanghai.」
The China business reported year-on-year increases in both sales and profit, while the number of stores decreased by 39 from the end of the previous fiscal year. The company moved toward selective operations by consolidating unprofitable stores mainly in regional areas while maintaining stores primarily in Beijing and Shanghai. - FY2024-Q1Chinese business recovered, but store count declinedAnnual report
「In the China joint venture with strategic business partner Belle International Holdings Limited, economic activity in China began to recover as the country ended its zero-COVID policy, and the China business reported year-on-year increases in both sales and profit.」
The China business reported year-on-year increases in both sales and profit as economic activity recovered following the end of the zero-COVID policy. Meanwhile, the number of China retail stores decreased to 294 from 326 at the end of FY2023. - FY2023WorsenedAnnual report
「The China joint venture with strategic business partner Belle International Holdings Limited was heavily affected by the spread of COVID-19 in China, including store closures and other consequences of the Shanghai lockdown, as well as intermittent movement restrictions in various parts of China even after the lockdown was lifted. Store closures following the closure of commercial facilities and weaker consumer sentiment had a significant impact on the China business. Although the company strengthened e-commerce initiatives, including live commerce through e-commerce channels such as TikTok, the China business reported substantial year-on-year decreases in both sales and profit. As a result, the company recorded an equity-method investment loss of ¥940 million from the China joint venture.」
The China joint venture reported substantial year-on-year decreases in both sales and profit due to movement restrictions, store closures and weaker consumer sentiment. The equity-method investment loss increased from ¥142 million in the previous fiscal year to ¥940 million. - FY2023-Q3WorsenedAnnual report
「The China joint venture with strategic business partner Belle International Holdings Limited was heavily affected by the spread of COVID-19 in China, including store closures and other consequences of the Shanghai lockdown, as well as intermittent movement restrictions in various parts of China even after the lockdown was lifted. Store closures following the closure of commercial facilities and weaker consumer sentiment had a significant impact on the China business. Although the company strengthened e-commerce initiatives, including live commerce through e-commerce channels such as TikTok, the China business reported substantial year-on-year decreases in both sales and profit. As a result, the company recorded an equity-method investment loss of ¥728 million from the China joint venture.」
The China joint venture reported substantial year-on-year decreases in both sales and profit due to the impact of movement restrictions and other measures in various regions even after the Shanghai lockdown was lifted. The equity-method investment loss increased from ¥581 million to ¥728 million. - FY2023-Q2Shanghai lockdown led to lower sales and profitAnnual report
「The China joint venture with strategic business partner Belle International Holdings Limited was affected by the Shanghai lockdown. Although it strengthened e-commerce initiatives, including live commerce through new e-commerce channels such as TikTok, the China business reported year-on-year decreases in both sales and profit. As a result, the company recorded an equity-method investment loss of ¥581 million from the China joint venture.」
The China joint venture was affected by the Shanghai lockdown and reported year-on-year decreases in both sales and profit despite strengthening its e-commerce channels and live commerce. It recorded an equity-method investment loss of ¥581 million. - FY2023-Q1Chinese business reported lower sales and profit, while expanding its e-commerce channelsAnnual report
「The China joint venture with strategic business partner Belle International Holdings Limited was affected by movement restrictions and other measures accompanying the spread of COVID-19 in China. Although it focused on e-commerce sales and expanded its channels to TikTok and other platforms, the China business reported year-on-year decreases in both sales and profit.」
The China joint venture focused on e-commerce sales and expanded its channels to TikTok and other platforms, but reported year-on-year decreases in both sales and profit due to the impact of movement restrictions and other measures. The number of China retail stores also decreased to 330 from 332 at the end of FY2022. - FY2022AdvancedAnnual report
「The China joint venture with strategic business partner Belle International Holdings Limited performed strongly in the first half. Although the second half was affected by movement restrictions and other measures accompanying the spread of COVID-19 in China since the previous autumn, e-commerce growth helped the China business achieve substantial year-on-year increases in both sales and profit.」
The China joint venture achieved substantial year-on-year increases in both sales and profit despite the impact of movement restrictions in the second half, supported by e-commerce growth. The number of stores in the China retail business increased from 299 to 332. - FY2022-Q3AdvancedAnnual report
「In the China joint venture with strategic business partner Belle International Holdings Limited, hereinafter “Belle,” the China business remained solid, supported by e-commerce growth despite the spread of COVID-19 in some regions. The number of stores in the China retail business operated by the joint venture with Belle was 313.」
The China joint venture remained solid due to e-commerce growth despite the spread of infections in some regions, and the number of China retail stores increased from 304 at the end of the previous quarter to 313. - FY2022-Q2AdvancedAnnual report
「In the China joint venture with strategic business partner Belle International Holdings Limited, hereinafter “Belle,” sales at the retail company, an equity-method affiliate, and the wholesale company, a consolidated subsidiary, increased year on year as consumer spending in China remained firm. In the U.S. business, demand for the core premium Japanese-made denim expanded further, and both wholesale and e-commerce sales grew.」
In the China joint venture, sales at the retail and wholesale companies increased year on year while consumer spending in China remained firm. The number of stores in the China retail business increased from 291 in FY2022-Q1 to 304. - FY2022-Q1Chinese joint-venture store count declinedAnnual report
「The number of stores in the China retail business operated by the joint venture with Belle was 291.」
The number of stores in the China joint venture decreased from 299 at the end of FY2021 to 291. Meanwhile, consumer spending in China remained firm, and sales at the retail and wholesale companies increased year on year. - FY2021AdvancedAnnual report
「In the China apparel business, the company will seek to strengthen and restructure its operating framework while maintaining continued growth. It aims to maintain growth of around 20 stores annually and achieve steady growth in the China apparel business.」
The number of stores in the China joint venture increased from 285 at the end of the previous fiscal year to 299, and the company presented a target of around 20 stores of annual growth together with a policy to restructure its operating framework. - FY2021-Q3AdvancedAnnual report
「In the China joint venture with strategic business partner Belle International Holdings Limited, hereinafter “Belle,” sales at the retail company, an equity-method affiliate, and the wholesale company, a consolidated subsidiary, showed signs of recovery as the spread of COVID-19 in China came under control and consumer spending began to recover. In addition, online sales in China increased, supported by growth in live commerce and other channels.」
In the China joint venture, sales at the retail and wholesale companies moved onto a recovery trend, while online sales in China increased on growth in live commerce and other channels. The number of stores in the China retail business increased from 279 to 292. - FY2021-Q2Chinese joint-venture store count and sales declinedAnnual report
「In the overseas business, sales in the China joint venture with strategic business partner Belle International Holdings Limited, hereinafter “Belle,” moved onto a recovery trend after stores resumed operations in April. However, the re-expansion of COVID-19 infections in some regions of China in June dampened consumer sentiment. Although online sales increased substantially, sales at the retail company, an equity-method affiliate, and the wholesale company, a consolidated subsidiary, decreased year on year. The number of stores in the China retail business operated by the joint venture with Belle was 279.」
In the China joint venture, online sales increased substantially, while sales at the retail and wholesale companies declined year on year as the re-expansion of infections weakened consumer sentiment. The number of stores also decreased from the previous 287 to 279. - FY2021-Q1AdvancedAnnual report
「The number of stores in the China retail business operated by the joint venture with Belle increased to 287.」
The number of stores in the China joint venture increased from 285 at the end of the previous fiscal year to 287. Meanwhile, sales at the China joint venture decreased year on year due to the impact of physical store closures. - FY2020Chinese store count increased while the store-opening pace was moderatedAnnual report
「In the China business, the company will strengthen its e-commerce business against a backdrop of rising brand recognition while pursuing stable growth by limiting the net increase in its store network to around 20 to 30 stores annually.」
The number of stores in the China joint venture increased from 267 to 285, while the company presented a policy of limiting future net store growth to around 20 to 30 stores annually. The focus is shifting toward strengthening e-commerce and achieving stable growth. - FY2020-Q3AdvancedAnnual report
「In the overseas business, sales at the retail company, an equity-method affiliate, in the China joint venture with Belle International Holdings Limited increased as spring and summer apparel performed well both in stores and online, supported in part by a higher mix of products developed in Japan. Despite the impact of a weaker renminbi, profit at the wholesale company, a consolidated subsidiary included in the consolidated results, increased substantially. The number of stores in the China retail business operated by the joint venture with Belle increased to 267.」
In the China joint venture, the mix of products developed in Japan was increased, spring and summer apparel performed well in stores and online, and profit at the wholesale company rose substantially despite the impact of a weaker renminbi. The number of China retail stores increased to 267. - FY2020-Q2AdvancedAnnual report
「In the overseas business, sales at the retail company, an equity-method affiliate, in the China joint venture with strategic business partner Belle International Holdings Limited increased as spring and summer apparel performed well, including online, supported in part by a higher mix of products developed in Japan. Sales at the wholesale company, a consolidated subsidiary, also increased in line with higher procurement by the retail company.」
In the China joint venture, the mix of products developed in Japan was increased, spring and summer apparel retail sales, including e-commerce, performed strongly, and the wholesale company also reported higher sales. - FY2020-Q1AdvancedAnnual report
「In the overseas business, sales at the retail company, an equity-method affiliate, in the China joint venture with strategic business partner Belle International Holdings Limited were on a recovery trend. Although sales of winter products struggled, strong early sales of spring apparel supported the recovery. Sales at the wholesale company, a consolidated subsidiary, also increased as the retail company stepped up sales of spring apparel.」
In the China joint venture, sales of spring apparel moved onto a recovery trend despite weak sales of winter products, and the wholesale company also reported higher sales. The number of stores in the China retail business increased from 238 to 251. - FY2019-Q3AdvancedAnnual report
「In the overseas business, the retail company, an equity-method affiliate, worked to improve procurement efficiency in the China joint venture with strategic business partner Belle International Holdings Limited. As a result, sales growth at the wholesale company, a consolidated subsidiary, slowed, while retail sales continued to grow despite the deterioration in China's economy.」
The China joint venture worked to improve procurement efficiency, and retail sales grew despite the deterioration in China's economy. The number of stores also increased from 236 at the end of the previous quarter to 238. - FY2019-Q2AdvancedAnnual report
「In the China joint venture with strategic business partner Belle International Holdings Limited, the retail company, an equity-method affiliate, worked to improve procurement efficiency. As a result, sales growth at the wholesale company, a consolidated subsidiary, slowed, while retail sales continued to grow steadily.」
The China joint venture worked to improve procurement efficiency, and retail sales grew. The number of stores in the China retail business also increased from 227 at the end of the previous quarter to 236, while sales growth at the wholesale company slowed. - FY2019-Q1RestatedAnnual report
「In the overseas business, the joint venture in China with strategic business partner Belle International Holdings Limited continued to strengthen the development of products tailored to Chinese consumer preferences, and the retail company, an equity-method affiliate, achieved strong sales growth.」
The company continues to state its policy of strengthening the development of products for Chinese consumers and expanding the China joint venture business. The China retail business had 227 stores, unchanged from the end of the previous fiscal year. - FY2018AdvancedAnnual report
「In the overseas business, the joint venture established together with strategic business partner Belle International Holdings Limited achieved strong sales growth by continuing to open stores, primarily for “MOUSSY,” as in the previous year.」
The number of stores in the China joint venture increased from 217 at the end of the third quarter to 227 at fiscal year-end. The company also presented a policy of opening around 40 stores, with greater emphasis on e-commerce and profitability. - FY2018-Q3AdvancedAnnual report
「In the overseas business, the joint venture with Belle International Holdings Limited achieved strong sales growth by continuing to open stores actively in the Chinese market while substantially increasing products developed to match Chinese consumer preferences. The company will continue to open stores actively and pursue further business expansion.」
The China joint venture continued opening new stores and substantially expanded products developed for Chinese consumers. The number of stores operated by the China joint venture increased from 197 to 217. - FY2018-Q2AdvancedAnnual report
「In the overseas business, the joint venture established together with strategic business partner Belle International Holdings Limited achieved strong sales growth by accelerating new store openings, primarily for the two core brands, “MOUSSY” and “SLY,” as in the previous year. The company will continue to open around 60 new stores annually and pursue further business expansion.」
The number of stores operated by the China joint venture increased from 190 at the end of the first quarter to 197. The policy of opening around 60 stores annually remains in place. - FY2018-Q1AdvancedAnnual report
「In the overseas business, the joint venture established together with strategic business partner Belle International Holdings Limited achieved strong sales growth by accelerating new store openings, primarily for the two core brands, “MOUSSY” and “SLY,” as in the previous year.」
The number of stores operated by the China joint venture increased from 187 at the end of the previous consolidated fiscal year to 190, and the company stated that it had accelerated new store openings. - FY2017AdvancedAnnual report
「At the end of the consolidated fiscal year, the number of domestic stores was 358, comprising 263 directly operated stores and 95 franchise stores. The number of overseas stores was 10, comprising 2 directly operated stores and 8 franchise stores, bringing the total to 368 stores. The China retail business operated by the joint venture with Belle International Holdings Limited had 187 stores.」
The number of stores in the China joint venture increased from 176 at the end of the third quarter to 187. The company also presented a plan for around 60 new store openings annually in China. - FY2017-Q3First statedAnnual report
「The joint venture established together with strategic business partner Belle International Holdings Limited achieved strong sales growth by continuing to open new stores, primarily for the two core brands, “MOUSSY” and “SLY,” as in the previous year.」
New store openings, primarily for the two core brands, continued, bringing the number of stores in the China retail business to 176.