Organisational restructuring to promote market-oriented product development and sales

「Under the steady execution of the medium-term management plan, sales of spring and summer products performed well as the group promoted sales initiatives in response to exceptionally hot weather. Although the start of the autumn and winter selling season was difficult because of high temperatures from October through the first half of November, temperatures fell from the latter half of November and an unusually severe winter arrived for the first time in several years. In addition, there was rush demand, mainly from inbound visitors, for brands whose licence agreements expired last December. As a result, sales exceeded those of the previous consolidated fiscal year.」

「Under the management policy based on the First Medium-Term Management Plan, whose final year is the current fiscal year, the company continued to expand sales channels in growth areas such as specialty stores, and strengthen retail businesses including the e-commerce business and the directly operated retail business '+moonbat' (Plus Moonbat). As a result of also working to reduce inventories by curbing purchases of new products on an ongoing basis and optimizing selling, general and administrative expenses and other costs through structural reform, profit and loss substantially exceeded plan after absorbing the increase in sales-related expenses accompanying higher sales.」

「Under the management policy of the First Medium-Term Management Plan formulated in the previous consolidated fiscal year, the group continues to expand sales channels for specialty stores and mass retailers, a growth area, and strengthen its e-commerce business and retail businesses such as its directly operated store business, "+moonbat" (Plus Moonbat), while building a stable earnings base by reducing inventories through continued restraint on purchases of new products and reviewing and reducing selling, general and administrative expenses through structural reforms.」

「Although reductions in selling, general and administrative expenses and other costs through structural reforms advanced since the previous consolidated fiscal year progressed more than expected, profits and losses fell substantially short of the plan due to higher procurement costs resulting from increased raw material and labour costs in manufacturing countries, soaring ocean freight rates and yen depreciation, as well as the impact of recognising losses on licensed products for the Tokyo 2020 Olympic and Paralympic Games.」

「In this environment, under the management policy of the First Medium-Term Management Plan, for which the current consolidated fiscal year is the first year, the group focused on recovering sales by expanding sales channels for specialty stores and mass retailers, a growth area, and strengthening its e-commerce business and retail businesses such as its directly operated store business, "+moonbat" (Plus Moonbat), and sought to mitigate the impact of the spread of COVID-19 by curbing purchases of new products and fundamentally reviewing and reducing selling, general and administrative expenses and other costs through the structural reforms advanced since the previous fiscal year.」

「Under the First Medium-Term Management Plan, for which the current consolidated fiscal year is the first year, the company focused on recovering sales by expanding sales channels for specialty stores and mass retailers, a growth area, and strengthening its e-commerce business and retail businesses such as its directly operated store business, "+moonbat" (Plus Moonbat), as well as improving gross margins across its existing sales channels」

「Under the First Medium-Term Management Plan, for which the current fiscal year is the first year, the company focused on recovering sales by expanding sales channels for specialty stores and mass retailers, a growth area, and strengthening its e-commerce business and retail businesses such as its directly operated store business, "+moonbat" (Plus Moonbat),」

「From the current consolidated fiscal year, the company carried out organisational restructuring to promote market-oriented product development and sales in response to changes in the market environment, including department store closures, expanded sales channels for specialty stores and mass retailers, a growth area, and strengthened its retail business through its e-commerce business and its directly operated store business, "+moonbat" (Plus Moonbat), focusing on recovering sales, but」

「From the current consolidated fiscal year, we reorganized the company to respond to changes in market conditions, including the closure of department stores, our main sales channel, enabling the development and sale of products suited to the market. We strengthened the retail business through the e-commerce business and the company-operated retail business "+moonbat" (Plus Moonbat), while expanding sales channels for specialty stores and mass retailers, which are growth areas, and focused on recovering sales. However, with no end to the spread of COVID-19 in sight, requests to refrain from going out and restrictions on economic activity created an extremely difficult environment in which we were unable to achieve sufficient results.」

「To respond to changes in the market environment, including the closure of department stores, its main sales channel, the company carried out organisational restructuring from the current consolidated fiscal year to promote market-oriented product development and sales, expanded sales channels for specialty stores and mass retailers, a growth area, and began strengthening its retail business through its e-commerce business and its directly operated store business, "+moonbat" (Plus Moonbat).」

「In response to changes in the market environment, including the closure of department stores, its main sales channel, the company carried out organisational restructuring from the current fiscal year to promote market-oriented product development and sales」