Dependence on the partnership with Belle International Holdings Limited and the Chinese joint venture
First written in FY2017. 9 of 21 entries say "Mitigated", first in FY2021-Q3. Latest entry: 2026-04-14.
No other company in this theme has enough history to compare yet.
- FY2026-H1MitigatedAnnual report
「In connection with this share transfer, BCL was excluded from our consolidated subsidiaries, and BCAL was excluded from the scope of the equity method.」
In relation to capital and performance dependence on the China joint venture with Belle, the share transfer was completed, and the entities were excluded from the scope of consolidation and the equity method. Recognition of equity-method investment losses also ceased. - FY2025MitigatedAnnual report
「We have decided to transfer the shares in the China joint venture. As for the outlook for the China business, we will maintain our MOUSSY and SLY brand licensing agreements and exclusive distribution agreement with Belle and continue our collaborative relationship.」
In response to capital and business dependence on the China joint venture, a policy was presented to transfer the joint-venture shares to Belle, eliminating investment and store-operation risks while continuing the relationship through brand licensing and exclusive distribution agreements. - FY2025-H1MaterialisedAnnual report
「Accordingly, we recognised an equity-method investment loss of ¥365 million from the China business as a non-operating expense.」
The impact associated with dependence on the China joint venture with Belle materialised as lower revenue and profit and an equity-method investment loss of ¥365 million. - FY2025-Q1MaterialisedAnnual report
「The China joint venture with our strategic business partner Belle International Holdings Limited (hereinafter, "Belle") recorded lower revenue and profit as inventory valuation losses in the China business increased due to the impact of weaker personal consumption in China in the previous fiscal year, while we promoted store scrapping and rebuilding. Accordingly, we recognised an equity-method investment loss of ¥464 million from the China business as a non-operating expense.」
The risk associated with dependence on the China joint venture materialised in the form of increased inventory valuation losses, lower revenue and profit, and an equity-method investment loss of ¥464 million. - FY2024MitigatedAnnual report
「We hold an investment equivalent to 20.11% of our issued shares, excluding treasury shares, from MUTUAL CROWN LIMITED, a wholly owned subsidiary of Belle. We operate our China business through a joint venture with Belle. Revenue from the Belle group was ¥5,435 million, accounting for 9.0% of consolidated revenue. In response to these risks, our group is working to maintain a smooth and favourable relationship with Belle. We are also taking steps to continue the brand licensing agreement with Belle for 10 years.」
The Belle group's share of revenue was disclosed at 9.0%. In addition to maintaining the partnership, continuing the brand licensing agreement for 10 years was presented as a risk mitigation measure. - FY2024-Q2MitigatedAnnual report
「The China joint venture with our strategic business partner Belle International Holdings Limited (hereinafter, "Belle") recorded increases in revenue and profit compared with the previous fiscal year as sales conditions recovered.」
The China joint venture with Belle recorded year-on-year increases in revenue and profit, and its recovery from the substantial declines in revenue and profit and the equity-method investment loss in the previous fiscal year has continued. - FY2024-Q1MitigatedAnnual report
「With the end of China's zero-COVID policy, economic activity in China began to recover, and the China business recorded year-on-year increases in revenue and profit.」
The China joint venture with Belle recorded year-on-year increases in revenue and profit, recovering from the substantial declines in revenue and profit and the equity-method investment loss recorded in the previous fiscal year. - FY2023WorsenedAnnual report
「We operate our China business through a joint venture with Belle, and revenue from the Belle group was ¥5,258 million, accounting for 8.9% of consolidated revenue.」
While revenue dependence on the Belle group was disclosed at 8.9%, the China joint venture recorded substantial declines in revenue and profit due to the Shanghai lockdown and other factors, and recognised an equity-method investment loss of ¥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.」
In relation to dependence on the China joint venture with Belle, the impact of movement restrictions and other factors materialised as substantial declines in revenue and profit and an equity-method investment loss of ¥728 million. - FY2023-Q2MaterialisedAnnual report
「In addition, the China joint venture with our strategic business partner Belle International Holdings Limited (hereinafter, "Belle") was affected by the Shanghai lockdown. Although we strengthened e-commerce initiatives, including livestream commerce through new e-commerce channels such as TikTok, the China business recorded year-on-year declines in revenue and profit.」
At the China joint venture with Belle, the impact of the Shanghai lockdown materialised as lower revenue and profit. - FY2023-Q1MaterialisedAnnual 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.」
At the China joint venture with Belle, the impact of movement restrictions associated with infectious diseases materialised as year-on-year declines in revenue and profit, showing once again in the results the impact of the external environment on the partnership business. - FY2022-Q3MitigatedAnnual report
「Regarding the Chinese joint venture with strategic business partner Belle International Holdings Limited (Belle), the China business remained firm, supported by growth in e-commerce, despite the spread of COVID-19 in some regions.」
The China joint venture with Belle remained solid as e-commerce growth offset the spread of infectious diseases in some regions, and its recovery from the decline in joint-venture revenue seen in the previous quarter continued. - FY2021WorsenedAnnual report
「We hold an investment equivalent to 20.11% of our issued shares, excluding treasury shares, from MUTUAL CROWN LIMITED, a wholly owned subsidiary of Belle. We operate our China business through a joint venture with Belle. Revenue from the Belle group was ¥6,340 million, accounting for 12.5% of consolidated revenue.」
The Belle group's share of revenue increased from 10.7% in the previous fiscal year to 12.5%, indicating a higher numerical dependence on the China joint venture and Belle. - FY2021-Q3MitigatedAnnual report
「As the spread of COVID-19 in China came under some control and personal consumption began to recover, sales at the retail company, an equity-method affiliate, and the wholesale company, a consolidated subsidiary, showed signs of recovery.」
At the China joint venture with Belle, revenue at the retail and wholesale companies, which had declined year on year in the previous quarter, showed signs of recovery. - FY2021-Q2MaterialisedAnnual report
「COVID-19 resurged in some regions of China in June and affected results by dampening consumer sentiment. Although e-commerce sales increased substantially, sales at the retail company, an equity-method affiliate, and the wholesale company, a consolidated subsidiary, declined year on year.」
In relation to dependence on the China joint venture with Belle, the impact of the renewed spread of infectious diseases materialised as lower revenue at the joint-venture retail and wholesale companies. - FY2021-Q1MaterialisedAnnual report
「Physical store closures in January and February due to COVID-19 affected results. Although nearly all stores had resumed operations by the end of March, sales at the retail company, an equity-method affiliate, and the wholesale company, a consolidated subsidiary, declined year on year.」
In relation to dependence on the China joint venture with Belle, the impact of physical store closures materialised as lower revenue at the joint-venture retail and wholesale companies. - FY2020SoftenedAnnual report
「We hold an investment equivalent to 20.14% of our issued shares, excluding treasury shares, from MUTUAL CROWN LIMITED, a wholly owned subsidiary of Belle. We operate our China business through a joint venture with Belle. Revenue from the Belle group was ¥7,021 million, accounting for 10.7% of consolidated revenue.」
Revenue from the Belle group was ¥7,021 million, accounting for 10.7% of consolidated revenue. Although the percentage indicating dependence declined from the previous 11.6%, the risk associated with dependence on the capital and business partnership remains. - FY2018WorsenedAnnual report
「We hold an investment equivalent to 20.1% of our issued shares from Mutual Crown Limited, a wholly owned subsidiary of Belle International Holdings Limited (hereinafter, "Belle"). At present, Belle is classified as one of our "other affiliated companies." We operate our China business through a joint venture with Belle. Revenue from the Belle group was ¥7,889 million, accounting for 11.6% of consolidated revenue.」
Revenue from the Belle group increased from ¥6,078 million, or 8.7%, in the previous fiscal year to ¥7,889 million, or 11.6%, increasing revenue dependence. - FY2017First statedAnnual report
「We hold an investment equivalent to 20.52% of our issued shares from Mutual Crown Limited, a wholly owned subsidiary of Belle International Holdings Limited (hereinafter, "Belle"). At present, Belle is classified as one of our "other affiliated companies." We operate our China business through a joint venture with Belle. Revenue from the Belle group was ¥6,078 million, accounting for 8.7% of consolidated revenue.」
The capital and business relationship with Belle and the revenue dependence on the China joint venture were quantified, and the possibility that changes in the partnership policy could affect the business was described.