Apparel market's low-price orientation, selective consumption and intense competition
First written in FY2018-Q3. 15 of 31 entries say "Restated". Latest entry: 2026-08-07.
The whole theme swung hardest in 2020: 5 of 6 companies on the "Worse" side.
1 other company's latest entry also says "Mitigated".
- 2026-08-07MitigatedFinancial results presentation
「猛暑、酷暑の常態化から前期に引き続きファン付きウェアの受注が堅調で、ワーキングウェアが伸長。」
ファン付きウェアやワーキングウェアの受注堅調が続き、縫製事業の需要面で一部改善が示された。 - FY2026ReframedAnnual report
「In the apparel market, as the number of garment factories in major producing countries continued to decline, companies increasingly considered rebuilding their supply chains against a backdrop of heightened geopolitical risks and changes in the trade policies of various countries.」
The description of the market environment has broadened from its previous focus on low-price orientation and selective consumption to structural changes surrounding the apparel market, including the decline in factories in major producing countries, geopolitical risks, changes in trade policies, and supply-chain restructuring. - FY2026-H1MitigatedAnnual report
「During the interim consolidated accounting period, orders for workwear increased against a backdrop of higher demand for fan-equipped clothing due to the extreme heat, and production capacity at our Bangladesh factory, which had been expanded as part of our previous initiatives, increased.」
Regarding apparel-related demand, the disclosure cites increased orders for fan-equipped clothing and workwear against a backdrop of extreme heat, indicating some improvement in the market environment. - FY2025MitigatedAnnual report
「Demand for apparel products remained generally steady, and inventory adjustments in the apparel industry caused by climate factors leveled off in early autumn, enabling the sewing business to maintain solid orders.」
The disclosure explains that, compared with the uncertainty surrounding inventory across the distribution chain and demand through the previous fiscal year, inventory adjustments caused by climate factors leveled off and demand and orders remained solid. - FY2025-H1MitigatedAnnual report
「In addition to demand for apparel products remaining generally steady, orders remained solid because inventory across the distribution chain in the apparel industry was cleared as expected.」
The disclosure indicates that the persistently high inventory across the distribution chain, which had been an issue through the previous fiscal year, was cleared as expected, while apparel demand and orders remained solid. It indicates some improvement in the market environment. - FY2024WorsenedAnnual report
「The clearing of inventory across the distribution chain in the apparel market stalled for a period because of the warm winter, and we expect it to level off in the second half of the fiscal year ending March 2025. Although demand for apparel products continues to trend toward recovery, customers of our Group are increasingly placing orders cautiously while monitoring conditions to minimize the risks of stockouts and excess inventory, as consumers have become even more selective in their consumption.」
While demand is trending toward recovery, the disclosure indicates that the warm winter delayed the clearing of inventory across the distribution chain, which is expected to continue through the second half of the fiscal year ending March 2025. Selective consumption and restrained ordering also intensified, making the market environment more uncertain than previously. - FY2024-Q3WorsenedAnnual report
「Demand for apparel products continued to trend toward recovery, but additional orders remained weak because of the warm winter. In addition, as inventory across the distribution chain had not been cleared throughout the industry and unsettled weather also had an impact, customers increasingly placed orders cautiously while monitoring conditions to minimize the risks of stockouts and excess inventory.」
While the recovery trend in demand continued, the disclosure cites weaker additional orders due to the warm winter, unresolved inventory across the distribution chain, and restrained ordering against a backdrop of unsettled weather, indicating increased uncertainty in the market environment. - FY2024-Q2RestatedAnnual report
「Demand for apparel products continued to trend toward recovery. In addition, by working to further improve productivity and quality at production sites and developing a production system capable of responding flexibly to customer needs regarding production lots, delivery times and costs, we were able to maintain solid orders.」
The disclosure continues to cite a recovery trend in demand for apparel products and solid orders. It also notes uncertainty in the external environment, including a slowdown in the global economy and weak consumer trends. - FY2024-Q1MitigatedAnnual report
「Against a backdrop of the normalization of social and economic activity, demand for apparel continued to remain firm.」
Against a backdrop of the normalization of social and economic activity, apparel demand is described as firm, indicating some improvement in the market environment that had included sluggish demand and persistently high inventory levels through the previous fiscal year. The disclosure also mentions changes in ordering behavior accompanying greater visibility into inventory management and the progress of digital transformation. - FY2023Expected recovery in demand and persistently high inventory levelsAnnual report
「In the apparel industry, we recognize that inventory held across the distribution chain remains high because the industry increased inventories substantially in reaction to a period when customers were unable to procure products in a timely and appropriate manner. Although inventory adjustments are expected to take some time, we expect orders to recover in the second half of the fiscal year ending March 2024.」
While demand is trending toward recovery, the disclosure indicates high inventory levels across the distribution chain and prolonged inventory adjustments, and newly indicates an expected recovery in orders in the second half of the fiscal year ending March 2024. - FY2023-Q3RestatedAnnual report
「Regarding orders during the third quarter of the current cumulative consolidated period, demand for apparel products continued to recover. In addition, by leveraging our Group's diverse production-site network and meeting the needs of customers considering a transfer of production from China to ASEAN amid disruptions caused by lockdowns under China's zero-COVID policy and renewed infections following their removal, we achieved solid orders.」
While the recovery trend in demand for apparel products continued, the disclosure indicates disruptions in China caused by lockdowns and other factors. This remains within the scope of the existing market-environment theme, with no substantive change in its significance. - FY2023-Q2RestatedAnnual report
「Regarding orders and sales during the second quarter of the current cumulative consolidated period, demand for apparel products continued to recover. In addition, orders and sales remained strong as we leveraged our Group's diverse production-site network, a key strength, to optimize production locations and product categories.」
The disclosure continues to cite a recovery trend in demand for apparel products and strong orders and sales supported by the use of a diverse production-site network. - FY2023-Q1MitigatedAnnual report
「Regarding orders and sales during the first quarter of the current cumulative consolidated period, signs of a recovery in demand for apparel products began to emerge. In addition, the strengths of our Group, which has a diverse and flexible network of production sites, were demonstrated in meeting customer needs amid concerns over the prolonged COVID-19 pandemic and geopolitical risks, and orders and sales remained generally strong.」
The disclosure indicates signs of a recovery in demand for apparel products and generally strong orders and sales, compared with the previous sluggish demand and challenging market environment, suggesting some improvement in the business environment. - FY2022WorsenedAnnual report
「During the consolidated fiscal year under review, the apparel industry, which is one of our Group's major customers, was heavily affected by the COVID-19 pandemic. Declining consumer sentiment and sluggish demand persisted, and companies struggled because stores could not operate as usual. In addition, a global container shortage and other factors caused disruptions to international logistics and supply-chain breakdowns, making the inability to transport goods as planned the norm. Geopolitical risks also materialized, including political upheaval in Myanmar and Russia's invasion of Ukraine,」
In the apparel industry, the prolonged sluggish demand caused by COVID-19 was compounded by geopolitical risks including container shortages, logistics disruptions, supply-chain breakdowns, political upheaval in Myanmar and the invasion of Ukraine, further broadening the challenging environment. - FY2022-Q3WorsenedAnnual report
「However, the prolonged impact of COVID-19 forced the Group to operate under difficult conditions, including sluggish demand, operating restrictions at some factories, higher costs due to soaring raw-material prices caused by high crude oil prices and other factors, and global logistics disruptions, and full-scale recovery in performance was not achieved.」
The disclosure indicates that, amid continued sluggish demand and operating restrictions at factories in the apparel industry, higher raw-material prices and logistics disruptions added to costs, and full-scale recovery in performance has not been achieved. - FY2022-Q2RestatedAnnual report
「The environment surrounding the apparel industry, which is one of our Group's major customers, has become challenging, as the COVID-19 pandemic caused store sales to decline substantially because of requests to refrain from going out and requests for businesses to suspend operations.」
The disclosure continues to cite the decline in sales caused by COVID-19 and the apparel industry's challenging environment. - FY2022-Q1RestatedAnnual report
「With regard to order trends, demand for production-site transfers has increased in the apparel industry, which is one of our Group's major customers, due to geopolitical risks such as the COVID-19 pandemic and political upheaval.」
The challenging environment surrounding the apparel industry, our major customer, continues. The disclosure indicates demand for production-site transfers due to geopolitical risks such as the COVID-19 pandemic and political upheaval. - FY2021-Q3WorsenedAnnual report
「In the apparel industry, which is one of our Group's major customers, the impact of the spread of COVID-19 remained substantial, and consumer sentiment did not recover. Differences in performance between companies widened depending on their ability to accurately identify and respond to consumer needs, as well as differences in sales formats and other factors, making the environment surrounding the industry even more challenging.」
The disclosure indicates that the impact of the spread of COVID-19 and the failure of consumer sentiment to recover continued, while performance became increasingly polarized, making the apparel industry's environment even more challenging than previously. - FY2021-Q2RestatedAnnual report
「In the apparel industry, which is one of our Group's major customers, the impact of COVID-19 continued, and consumer sentiment remained sluggish even after economic activity resumed. Differences in performance emerged depending on companies' adaptation to and promotion of the new normal, as well as differences in sales formats and other factors, and a considerable amount of time is expected to be required for the industry as a whole to recover.」
The disclosure continues to cite the impact of COVID-19, sluggish consumer sentiment, the ongoing adaptation to the new normal, and the situation in which recovery across the apparel industry is expected to take time. - FY2021-Q1RestatedAnnual report
「In the apparel industry, which is one of our Group's major customers, store sales declined substantially because of the COVID-19 pandemic, requests to refrain from going out and requests for businesses to suspend operations. Even after economic activity resumed, consumer sentiment had not recovered, and the industry was still in the process of adapting to changes for a new era described as the new normal, leaving it in a persistently challenging environment.」
The disclosure indicates a substantial decline in store sales due to COVID-19, the failure of consumer sentiment to recover, and the ongoing adaptation to the new normal, while the apparel industry's challenging environment continues. - FY2020WorsenedAnnual report
「In addition, the COVID-19 pandemic led to a further deterioration in conditions, including major declines in store sales caused by requests to refrain from going out and requests for businesses to suspend operations, as well as disruptions to supply chains.」
In addition to consumers' focus on low prices and selective consumption and the diversification of sales channels, the decline in sales and supply-chain disruptions caused by COVID-19 have been added, further worsening the apparel industry's challenging environment. - FY2020-Q3RestatedAnnual report
「In the apparel industry, which is one of our Group's major customers, sales channels have continued to diversify and consumers' focus on low prices and selective consumption has continued. The decline in consumer sentiment caused by the consumption tax increase and unsettled weather has also been a negative factor, leaving the industry in an overall challenging environment.」
The disclosure identifies the diversification of sales channels, consumers' focus on low prices and selective consumption, and the decline in consumer sentiment caused by the consumption tax increase and unsettled weather as additional negative factors, although they remain within the existing theme of the apparel industry's challenging environment. - FY2020-Q2RestatedAnnual report
「In the apparel industry, which is one of our Group's major customers, sales channels have continued to diversify and consumers' focus on low prices and selective consumption has continued. The decline in consumer sentiment caused by natural disasters such as typhoons and torrential rain, as well as unsettled weather, has also been a negative factor, leaving the industry in an overall challenging environment.」
The disclosure indicates that consumers' focus on low prices and selective consumption and the challenging competitive environment have continued. It also identifies the decline in consumer sentiment caused by natural disasters such as typhoons and torrential rain, as well as unsettled weather, as negative factors. - FY2020-Q1RestatedAnnual report
「In the apparel industry, which is one of our Group's major customers, sales channels have continued to diversify, and consumers' focus on low prices and selective consumption has continued. As the domestic market also contracts, differences in the performance of industry players have become pronounced, and conditions generally remain difficult.」
The disclosure continues to cite the diversification of sales channels, consumers' focus on low prices and selective consumption, the contraction of the domestic market, and the apparel industry's challenging environment. - FY2019RestatedAnnual report
「In the apparel industry, which is one of our Group's major customers, sales channels continued to diversify, and consumers' focus on low prices and selective consumption remained strong. In addition, natural disasters such as earthquakes and torrential rain lowered consumer sentiment, while the warm winter weakened demand for seasonal products, leaving the industry in an overall challenging environment.」
The disclosure cites consumers' focus on low prices and selective consumption, the diversification of sales channels, and downward pressure on demand from natural disasters and the warm winter, while continuing to indicate a challenging environment for the apparel industry. - FY2019-Q3RestatedAnnual report
「In the apparel industry, which is one of our Group's major customers, sales channels have continued to diversify and consumers' focus on low prices and selective consumption remains strong. In addition, temperatures were higher than usual in early autumn, weakening demand for winter clothing, and the industry is generally operating in a challenging environment.」
The disclosure adds the diversification of sales channels, consumers' focus on low prices and selective consumption, and weaker demand for winter clothing due to higher temperatures, while the existing risk of a challenging apparel industry environment continues. - FY2019-Q2RestatedAnnual report
「In the apparel industry, which is one of our Group's major customers, demand for summer products increased as temperatures rose. However, sales channels have continued to diversify in response to changes in consumer sentiment, and consumers have continued to favor low prices and selective consumption, leaving the industry in an overall challenging environment.」
Reference has been added to the diversification of sales channels, but consumers' focus on low prices and selective consumption and the apparel industry's challenging environment continue to be highlighted. These are not described as quantified risks or actual events that have occurred. - FY2019-Q1RestatedAnnual report
「In the apparel industry, which is one of our Group's major customers, personal consumption remained relatively steady, but consumers continued to favor low prices and selective consumption amid limited prospects for a significant improvement in incomes. Differences in the performance of industry players have also become pronounced, and conditions generally remain difficult.」
The disclosure continues to cite consumers' focus on low prices and selective consumption, as well as the apparel industry's challenging competitive environment. There has been no substantive change in the content from the previous disclosure. These are not described as quantified risks or actual events that have occurred. - FY2018-Q3First statedAnnual report
「In the apparel industry, which is one of our major customers, personal consumption has remained firm, but consumers are increasingly focused on low prices and selective consumption because of uncertainty about their incomes. Among fast-fashion brands and department-store apparel businesses, differences in the performance of industry players have become pronounced, and conditions generally remain difficult.」
Consumer trends and the competitive environment in the apparel industry, our major customer, are identified as external business risks.