Dependence on the exclusive Korean distributor
First written in FY2022. 7 of 14 entries say "Mitigated", first in FY2025-H1. Latest entry: FY2026-H1.
Cube moved to the "Worse" side of this theme in 2023, 1 year after the typical company in this theme (2022).
The whole theme swung hardest in 2017: 4 of 15 companies on the "Worse" side.
5 other companies' latest entry also says "Mitigated".
- FY2026-H1MitigatedAnnual report
「Korean wholesale 639,570 27.1 419,589 18.9」
Korean wholesale sales declined from ¥639.570 million to ¥419.589 million, and the share declined from 27.1% to 18.9%. Concentration in specific customers and Korean wholesale decreased. - FY2025MitigatedAnnual report
「Sales of our products in Korea are conducted through JC FAMILY CO., LTD. as the master distributor. Sales to this customer accounted for 27.2% of our total sales in the fiscal year ended December 2025.」
The sales ratio for JC FAMILY declined from 30.3% to 27.2%. The company states that it will reduce dependence by accelerating expansion outside Korea and globalizing its sales channels. - 2026-03-05MitigatedGeneral Meetings of Shareholders
「Korean wholesale 1,323,492」
The revenue breakdown for the fiscal year ended December 2025 confirms sales from Korean wholesale, but does not indicate a change in dependence based on a comparison of revenue mix. Specific changes directly updating the existing sales-dependence risk are therefore limited. - FY2025-H1MitigatedAnnual report
「Korean wholesale 643,249 28.1 639,570 27.1」
The Korean wholesale share declined from 28.1% to 27.1% year on year. Expansion of domestic retail and the addition of Chinese wholesale reduced concentration in Korean wholesale. - FY2025-H1MitigatedAnnual report
「Korean wholesale 643,249 28.1 639,570 27.1」
The Korean wholesale share declined from 28.1% to 27.1% year on year. Expansion of domestic retail and the addition of Chinese wholesale reduced concentration in Korean wholesale. - FY2024WorsenedAnnual report
「Sales of our products in Korea are conducted through JC FAMILY CO., LTD. as the master distributor. Sales to this customer accounted for 30.3% of our total sales in the fiscal year ended December 2024.」
Sales to JC FAMILY increased from ¥1,421.869 million to ¥1,476.054 million, and the share rose from 29.3% to 30.3%, increasing concentration in a specific customer. - FY2024-H1MaterialisedAnnual report
「Korean wholesale 819,231 32.4 643,249 28.1」
Korean wholesale sales declined from ¥819.231 million to ¥643.249 million, and the share declined from 32.4% to 28.1%. The impact of dependence on Korean wholesale continues to appear as Korea’s golf boom cools. - FY2024-Q1MaterialisedAnnual report
「Korean wholesale 658,101 46.9 476,292 38.9」
Korean wholesale sales declined from ¥658.101 million to ¥476.292 million, and the share declined from 46.9% to 38.9%. The effect of dependence on Korean wholesale continued to appear as Korea’s golf boom cooled. - FY2023-Q3MaterialisedAnnual report
「The Korean golf boom during the COVID-19 pandemic has cooled, and Korean wholesale sales declined year on year as a result. This was the main reason that total revenue also declined year on year. Korean wholesale 1,818,311 42.5 1,265,308 33.1」
The decline in Korea’s golf boom continued to reduce Korean wholesale sales, from ¥1,818.311 million to ¥1,265.308 million, and its share from 42.5% to 33.1%. - FY2023-Q2MaterialisedAnnual report
「The Korean golf boom during the COVID-19 pandemic has begun to cool, and Korean wholesale sales declined year on year as a result. This was the main reason that total revenue also declined year on year. Korean wholesale 1,219,759 42.1 819,231 32.4」
The cooling of Korea’s golf boom resulted in lower Korean wholesale sales. Korean wholesale declined from 42.1% to 32.4% of sales year on year. - FY2023-Q1WorsenedAnnual report
「Korean wholesale 658,101 46.9」
Korean wholesale increased from 37.7% of sales in the previous fiscal year to 46.9% in the first quarter, increasing concentration in Korean wholesale, including the master distributor. - FY2022First statedAnnual report
「Sales of our products in Korea are conducted through JC FAMILY CO., LTD. as the master distributor. Sales to this customer accounted for 37.7% of our total sales in the fiscal year ended December 2022.」
Sales to the Korean master distributor accounted for 37.7% of total sales. A deterioration in the customer’s performance or policy changes that reduce transactions are identified as risks.