Japan
Uniqlo owner posts robust first half
The Japan-based Fast Retailing has reported a “record” first half revenue of 1.60 trillion yen (9.77 billion euros), up by 9.0% year-on-year, mainly due to a strong performance from Uniqlo overseas
Japan Retail: trade did not improve at the end of 2023, but a recovery is not out of the picture
As anticipated in the previous edition of the WF Retail Japan, trade (physical and online) did not improve at the end of 2023. What’s more, the country unexpectedly slipped into recession amid sluggish consumption and pressure on retail costs due to the weak yen. However, it’s expected that the easing of consumer inflation and the recovery of wages due to labour shortages could occur in the first half of 2024 and both consumer and retailer sentiment is on an upward trend. So perhaps a modest recovery could take place soon
Parent company of Uniqlo posts solid performance
Fast Retailing posted a revenue growth of 13.2% in the three months to the start of November 2023, as compared to the same period of 2022, driven by the performance of Uniqlo abroad
Japan Retail: footwear trade is not expected to improve until the end of the year
Despite some positive news on the growth of department store sales and the return of foreign tourists, rising consumer prices set alarm bells ringing in September, suggesting that Japanese consumers in general are cutting back on spending and may be at their breaking point. In addition, the reduction in the volume of footwear imports and the impact of the country’s monetary policy on the cost of imported goods is another sign that footwear retail is unlikely to improve by the end of the year. The Government has been taking measures, but the outcome shouldn’t be seen until 2024
Changes at Uniqlo's leadership team
Fast Retailing has announced the appointment of its Founder Tadashi Yanai as CEO of Uniqlo. Meanwhile, Board Director Daisuke Tsukagoshi will serve as the retailer's COO
Uniqlo's parent company posts revenue growth
The Japanese-based company posted a 21.4% increase in revenue from September 2022 to May 2023, as compared to the same period of last year, highlighting the performance of Uniqlo abroad in the third quarter
Japan Retail: mixed signs cast a shadow over a clear outlook for the rest of the year
The growth rate of footwear consumer prices has largely outpaced that of the overall prices. This is not a good sign for the footwear sector, as discretionary items are always the first to be discarded by consumers, but it is not all bad news. The truth is consumer confidence has rebound at the start of the year, private consumption has shown some resilience and the return of tourists is a welcoming sign. Perhaps most surprising is the fact that the volume of imports has not been affected by the weakening of the yen. It remains to be seen how the outlook will unfold
Mizuno with record annual revenue
The Japan-based sportswear company announced that its fiscal 2022 revenue grew by 22.8% over the prior year, reaching the “record” amount of 212.0 billion Japanese yen (1.50 billion USD)
Loewe opens first leather goods repair store
The Spanish luxury label has opened in Osaka (Japan) its first store entirely dedicated to the repair and maintenance of leather articles. A leather artisan will be in the store ready to repair and renew damaged products brought in
Asics net sales grow by 45%
The Japan-based sportswear company posted a net sales growth of 44.6% in the first quarter of 2023, as compared to the same period of last year, driven by the rebound of the Asia region
Japan retail: unlocking consumer confidence is key for retail
The volume of footwear imports closed 2022 about 10 percentage points below the 2015 baseline, suggesting that the impact of the imported inflation on prices has been clouding the real performance of retail sales in the category. Both the government and some companies have offered inflation allowances or anti-inflation subsidies, but given the saving Japanese mindset, it can be expected that any additional disposable income will not necessarily be used for discretionary shopping, such as clothing and footwear. To boost consumption, it is therefore needed to unlock consumer confidence, which improved only marginally In February, and appears now to be flattening
VF Corp opens design collective and regional office in Tokyo
The owner of brands such as Timberland and Vans, among others, has announced the launch of the Tokyo Design Collective alongside an office in the city's Harajuku district to boost its creative reach
Asics plans to further grow in India
The Japan-based sportswear company has reported that India saw the highest growth globally in 2022 due to the post-pandemic running and fitness boom
Mizuno's Innovation Centre in full swing
After three years since the announcement of the investment, the Osaka-based sportswear company reported that its Innovation Centre, called Mizuno Engine, is now operating
Japan Retail: apparel and footwear retail will hardly remain safe amidst such troubling waters
The further easing of COVID-19 border control measures brought tourists back to the stores, but the anticipated consumption-led recovery is being curbed by the high wholesale inflation, as the weak yen is inflating the costs of imports. On the other end, if the yen depreciation is fostering exports, the fear of a global economic slowdown is a bearer of bad news. Both the Apparel & Accessories Retail and the Consumer Confidence indicator are currently trending down, and not to increase prices is no longer an option. As for online commerce, now that the pandemic boosting effect is over, the competitiveness between this channel and physical retail is at stake, however, it is yet soon to claim a winner-
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