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Adjuvant Holdings (4929) · RiskRestated

Contraction of the Domestic Beauty Market Due to Population Decline, the Declining Birthrate and Population Aging

First written in FY2016. 16 of 24 entries say "Restated". Latest entry: 2026-07-17.

24entries
11years
1from disclosures
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How it moved
ProgressHeldSoftenedWorseRestatedFY2017-Q2 – FY2020-Q3WorsenedFY2022 – FY20232016: 320162017: 420172018: 420182019: 320192020: 320202021: 220212022: 220222023: 120232024: 020242025: 020252026: 22026
Same theme, other companies
Structural contraction of the beauty industry market due to population declineA theme 5 companies write about · 5 as a headwind · 0 as a tailwind

3 other companies' latest entry also says "Restated".

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
Full recordFilings, disclosures and news, newest first
  1. 2026-07-17RestatedEarnings

    「Although Japan's domestic beauty market is expected to trend downward because of population decline and the declining birthrate and aging population, demand for value-added services is expanding against a backdrop of growing consumer preference for individuality.」

    The company maintains its outlook for market contraction due to population decline and the declining birthrate and aging population, while also noting expanding demand for value-added services.
  2. FY2026RestatedAnnual report

    「The beauty industry in which our Group operates is expected to face increasingly difficult conditions because of the decline in the beauty-conscious population accompanying population decline, the decrease in the number of customers per store and stagnant consumer spending trends, among other factors.」

    The company is reaffirming the difficult conditions in the domestic beauty market resulting from population decline, a smaller beauty-conscious population, fewer customers per store and stagnant consumer spending trends.
  3. FY2023WorsenedAnnual report

    「While the domestic beauty industry is expected to see its market remain flat and then contract as a result of population decline, the declining birthrate and ageing population, and other factors, we believe that rising consumer prices have had a broad impact on the economy and people's lifestyles, and that a challenging environment for salon operations, including longer intervals between visits, will continue.」

    In addition to the previously recognized market contraction caused by population decline and the declining birthrate and ageing population, the company explicitly identifies rising consumer prices and longer intervals between visits as factors contributing to a challenging environment for salon operations.
  4. FY2022WorsenedAnnual report

    「While the domestic beauty industry is expected to see its market remain flat and then contract as a result of population decline, the declining birthrate and ageing population, and other factors, the spread of COVID-19 has had a broad impact on the economy and people's lifestyles, and we believe that a challenging environment for salon operations, including longer intervals between visits, will continue.」

    In addition to the previously recognized market contraction caused by population decline and the declining birthrate and ageing population, the company continues to recognize the challenging environment resulting from COVID-19 and longer intervals between visits.
  5. FY2022-Q3MitigatedAnnual report

    「During the first nine months of the current consolidated fiscal year, the Japanese economy showed signs of recovery in economic activity as COVID-19 vaccinations progressed and restrictions on activities were eased, but concerns remained about the spread of infections caused by variants, and it remained necessary to monitor developments in Japan and overseas.」

    Economic activity has shown signs of recovery as vaccinations have progressed and restrictions on activities have been eased, while concerns about the spread of infections caused by variants remain.
  6. FY2022-Q2WorsenedAnnual report

    「During the first six months of the current consolidated fiscal year, the Japanese economy remained in a difficult situation as the resurgence of COVID-19 led to states of emergency and priority preventive measures being implemented in many prefectures. Although conditions have improved as vaccinations have progressed, concerns remain about the spread of infections caused by variants, and it remains necessary to monitor developments in Japan and overseas.」

    The company cites the resurgence of COVID-19, the implementation of states of emergency and other measures, and concerns about the spread of infections caused by variants, and continues to remain alert to the business environment in Japan and overseas.
  7. FY2021-Q3WorsenedAnnual report

    「In the beauty industry, demand for beauty services has not recovered because people have fewer opportunities to go out, recovery in the number of salon visitors has slowed, and ADJUVANT salons that sell our products have been similarly affected.」

    The company describes the specific adverse conditions resulting from COVID-19, including fewer opportunities to go out, the failure of beauty demand to recover and a slowdown in the recovery in salon visits.
  8. FY2021-Q2RestatedAnnual report

    「In the beauty industry, salons gradually resumed operations after restrictions imposed under the state of emergency, but they were also affected by a decline in customer visits, and ADJUVANT salons that sell our products were similarly affected.」

    The decline in customer visits continued even after restrictions on salon operations were lifted, and the impact on ADJUVANT salons continues.
  9. FY2020WorsenedAnnual report

    「While the domestic beauty industry is expected to see its market remain flat and then contract as a result of population decline, the declining birthrate and ageing population, and other factors, the spread of COVID-19 has had a broad impact on the economy and people's lifestyles, and we believe that a challenging environment for salon operations, including longer intervals between visits, will continue.」

    In addition to the previously recognized market contraction caused by population decline and the declining birthrate and ageing population, the company describes the spread of COVID-19 and longer intervals between visits as factors contributing to deterioration in the domestic salon operating environment.
  10. FY2020-Q3RestatedAnnual report

    「The beauty industry continues to face a challenging environment for salon operations, including declining average customer spend and longer intervals between visits, and ADJUVANT salons that sell our products have been similarly affected.」

    The company is reaffirming the challenging environment for salon operations caused by declining average customer spend and longer intervals between visits, and the impact on ADJUVANT salons.
  11. FY2020-Q1RestatedAnnual report

    「The beauty industry continues to face a challenging environment for salon operations, including declining average customer spend and longer intervals between visits, and ADJUVANT salons that sell our products have been similarly affected.」

    The company is reaffirming the challenging environment for salon operations caused by declining average customer spend and longer intervals between visits, and the impact on ADJUVANT salons.
  12. FY2019RestatedAnnual report

    「The beauty industry in which our Group operates is expected to face increasingly difficult conditions because of the decline in the beauty-conscious population accompanying population decline, the decrease in the number of customers per store and stagnant consumer spending trends, among other factors.」

    The company reiterates the difficult conditions in the domestic beauty market resulting from population decline, a smaller beauty-conscious population, fewer customers per store and stagnant consumer spending.
  13. FY2019-Q3RestatedAnnual report

    「The beauty industry continues to face a challenging environment for salon operations, including declining average customer spend and longer intervals between visits, and ADJUVANT salons that sell our products have been similarly affected.」

    The company reiterates the challenging environment for salon operations caused by declining average customer spend and longer intervals between visits, and the impact on ADJUVANT salons.
  14. FY2019-Q2RestatedAnnual report

    「The beauty industry continues to face a challenging environment for salon operations, including declining average customer spend and longer intervals between visits, and ADJUVANT salons that sell our products continue to be similarly affected.」

    The challenging environment for salon operations caused by declining average customer spend and longer intervals between visits, and its impact on ADJUVANT salons, continue.
  15. FY2019-Q1RestatedAnnual report

    「The beauty industry continues to face a challenging environment for salon operations, including declining average customer spend and longer intervals between visits, and ADJUVANT salons that sell our products have been similarly affected.」

    The company reiterates the challenging environment for salon operations caused by declining average customer spend and longer intervals between visits, and the impact on ADJUVANT salons.
  16. FY2018RestatedAnnual report

    「The beauty industry in which our Group operates is expected to face increasingly difficult conditions because of the decline in the beauty-conscious population accompanying population decline, the decrease in the number of customers per store and stagnant consumer spending trends, among other factors.」

    The company reiterates the risk of contraction in the domestic market resulting from population decline, a smaller beauty-conscious population, fewer customers per store and stagnant consumer spending.
  17. FY2018-Q3RestatedAnnual report

    「The beauty industry continues to face a challenging environment for salon operations, including declining average customer spend and longer intervals between visits, and ADJUVANT salons that sell our products have been similarly affected.」

    The company reiterates the challenging environment for salon operations caused by declining average customer spend and longer intervals between visits, and the impact on ADJUVANT salons.
  18. FY2018-Q2RestatedAnnual report

    「The beauty industry continues to face a challenging environment for salon operations, including declining average customer spend and longer intervals between visits, and ADJUVANT salons that sell our products have been similarly affected.」

    The company reiterates the challenging environment for salon operations caused by declining average customer spend and longer intervals between visits, and the impact on ADJUVANT salons.
  19. FY2018-Q1RestatedAnnual report

    「The beauty industry continues to face a challenging environment for salon operations, including declining average customer spend and longer intervals between visits, and ADJUVANT salons that sell our products have been similarly affected.」

    The company continues to describe the challenging environment for salon operations caused by declining average customer spend and longer intervals between visits, and the impact on ADJUVANT salons.
  20. FY2017RestatedAnnual report

    「The beauty industry in which our Group operates is expected to face increasingly difficult conditions because of the decline in the beauty-conscious population accompanying population decline, the decrease in the number of customers per store and stagnant consumer spending trends, among other factors.」

    The company reiterates the difficult domestic market environment resulting from population decline, a smaller beauty-conscious population, fewer customers per store and stagnant consumer spending.
  21. FY2017-Q3RestatedAnnual report

    「The beauty industry continues to face a challenging environment for salon operations, including declining average customer spend and longer intervals between visits, and salons that sell our products, including A・C・S salons, have been similarly affected.」

    The challenging environment for salon operations caused by declining average customer spend and longer intervals between visits continues.
  22. FY2017-Q2RestatedAnnual report

    「The beauty industry continues to face a challenging environment for salon operations, including declining average customer spend and longer intervals between visits, and salons that sell our products, including A・C・S salons, have been similarly affected.」

    The company continues to describe the challenging environment for salon operations caused by declining average customer spend and longer intervals between visits.
  23. FY2017-Q1WorsenedAnnual report

    「The beauty industry continues to face a challenging environment for salon operations, including declining average customer spend and longer intervals between visits, and salons that sell our products, including A・C・S salons, have been similarly affected.」

    In connection with the risk of contraction in the domestic beauty market, the company currently identifies declining average customer spend and longer intervals between visits as specific adverse factors.
  24. FY2016First statedAnnual report

    「The domestic beauty industry is expected to see its market remain flat and then contract as a result of population decline, the declining birthrate and ageing population, and other factors.」

    The company recognizes stagnation and contraction in the domestic market as external business risks.
Moved together

"Overseas economic uncertainty stemming from Brexit and other factors" moved the same way as this thread, in the same document, in 4 of its 24 moves.

42★12
  1. ★This thread
  2. 1Overseas economic uncertainty stemming from Brexit and other factors4×
  3. 2Risk of deterioration in salon operations and performance due to the spread of COVID-192×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
Adjuvant Holdings's next results are scheduled for 2026-10-21. Read the earnings preview It last moved in the Earnings of 2026-07-17: "Restated".
News
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Contraction of the Domestic Beauty Market Due to Population Decline, the Declining Birthrate and Population Aging | ADJUVANT HOLDINGS CO.,LTD. (4929) | Komori