YONDOSHI HOLDINGS INC.
First Section, Tokyo Stock Exchange (8008)

Reference Materials
April 9, 20181

1．Jewelry Market Trends
Domestic jewelry retail market projected to stably achieve ¥1,001.7 trillion by 2020
◆ Domestic jewelry retail market rose slightly to ¥946.8 billion, up 0.6% YoY◆ Inbound tourism demand grew steadily with the consumer used jewelry purchasemarket again exhibiting signs of an upward trends in 2017
◆ Market trends expected to remain firm in the leadup to the 2020 Olympic andParalympic Games
Transition and forecast of jewelry retail market size

(Billions of yen)
1,100

1,000

YoY
105.6％

101.1％

2013

2014

99.6％

103.9％

100.5％

2019(Forecast)

2020(Forecast)

101.3％
97.1％

100.6％

2016

2017

900

800

7006002015

2018(Forecast)

Source: Summary of the “Jewelry Market in Japan: Key Research Findings 2018” posted on the Institute’s homepage.

2. YONDOSHI HOLDINGS Group Organization

Jewelry BusinessApparel Business3. Jewelry Business: List of Brands
・Flagship brand largely comprised of jewelry and bags
・Sold mainly through department stores・A specialty bridal brand that is distinguished by its spacious
store layout and unrivalled customer service
・Largely marketed through street-level stores
・A classical-taste brand that harmoniously combines a sense ofsophistication and fun
・Sold mainly through department stores・Casual jewelry brand for everyday use
・Principally marketed through railway station and fashionbuilding stores
・Jewelry brand that emphasizes the importance of personal
relationships and that special person
・Largely sold through suburban shopping centers
・Specialty jeweled purse (bags and small leather items) brand・Principally marketed through departments stores, railwaystations and fashion building stores4. Jewelry Business:
Approach toward Channel Strategies by Brand
Bridal stores

Department
storesRailway station andfashion buildingstores
Regional andsuburban cities

EC Business

The official 4ºC BRIDAL
online site

Bridal jewelry

Fashion jewelry

Bag and purse5. Net Sales by Business (Consolidated)
FY 2014 (2015/2)(Millions ofyen, %)Actualresults

FY 2015 (2016/2)

Share
(%)

Actualresults

FY 2016 (2017/2)

Share(%)

FY 2017 (2018/2)

Share

Actualresults

(%)

Share

Actualresults(%)

Jewelrybusinessdomain28,53756.3

31,88060.3

33,16666.6

30,981

64.5

Apparelbusinessdomain22,18843.7

21,003

39.7

16,63033.4

17,08035.5(The AS’TYGroup)

8,787

17.3

8,375

15.8

8,183

16.4

8,797

18.3

(age)

8,057

15.9

8,116

15.4

8,447

17.0

8,282

17.2

(MISUZU)
(*1)

5,344

10.5

4,511

8.5

―――

―

Total

50,726100.0

52,833100.0%

49,797100.0%

48,060100.0%*1 MISUZU Co., Ltd. sold in April 2016

6. Overview of Capital Investment as well as
Depreciation and Amortization (Consolidated)
FY 2015 (2016/2)

FY 2016 (2017/2)

Actual results

Actual results

FY 2017 (2018/2)(Millions of yen, %)Actual results

YoY (%)

Capitalinvestment

1,000

749

473

－36.8

Depreciation
andamortization

726

797

737

－7.6

Capitalinvestment

450

202

728

+359.7

Depreciation
andamortization

446

369

358－2.9

Jewelry BusinessApparel Business7. Overview of Employees (Consolidated) andboard of directors
FY 2015 (2016/2)
Regular employees(The number in a parenthesis represent
female employees ) (Persons)

FY 2016 (2017/2)

FY 2017 (2018/2)

2,050 (1,710)

1,862 (1,567)

1,860 (1,551)

Part-timers (Persons)

991

838

849

Total (Persons)

3,041

2,700

2,709

Ratio of female employees (%) *83.4

84.2

83.4

Percentage of female managers (%)

36.0

34.7

36.7

Average service years of male
employees (Years)
Average service years of female
employees (Years)

15.0

14.8

15.0

5.5

6.0

5.7

* Ratio of female employees excluding part-time employees.

FY 2015 (2016/2)

FY 2016 (2017/2)

FY 2017 (2018/2)

Number of board of directors meetings(Times)

181818

Attendance to the board of directors
meetings (%)

98.1

95.7

99.3

Number of outside directors (Persons)332

Number of meetings with institutional
investors and analysts (Times)

787957

8. Jewelry Business: Sales by Brand and Product(Millions of yen, %)FY 2015 (2016/2)
Actual results

FY 2016 (2017/2)

YoY (%)

Actual results

FY 2017 (2018/2)

YoY (%)

Actual results

YoY (%)

4ºC Jewelry

15,788 (*1)

+7.1 (*1)

15,936－3.9 (*1)

14,719－7.6

4ºC BRIDAL

7,127 (*1)

+11.6 (*1)

5,982－5.2 (*1)

5,492－8.2

4ºC Total*1

22,910+8.5

21,918－4.3

20,212－7.8

canal4ºC

4,338+27.0

4,978+14.8

4,926－1.1

EAU DOUCE4ºC

546+14.2

710+29.9766+7.9

MAISON JEWELL

235+32.0

316+34.4

424+33.9

Luria 4ºC

622+337.0

1,248+100.5

1,835+47.0

EC Business

1,184+40.0

1,545

+30.5

1,643+6.3

4ºC Bag*2

1,054+14.8

1,046－0.7

326－68.8

RUGIADA*3304－33.0

217－28.5――

deux et deux*375－31.055－21.8――Overseas・Advance
Sales・Other609－30.7

1,130+85.6

849－24.9

Total

31,880+11.7

33,166+4.0

30,981－6.6*1 The classification of certain stores handling the 4ºC BRIDAL brand was revised in the fiscal year ended February 28, 2018. Accordingly, results for the fiscal year endedFebruary 29, 2016 are presented as reference data.
*2 The 4ºC bag business was closed effective February 2018.
*3 RUGIADA and deux et deux brands terminated operations in February 2017

9. Jewelry Business: Number of Customers andAverage Spending per Customer by Brand and Product(Existingstores, %)FY 2015 (2016/2)
Number ofcustomers

FY 2016 (2017/2)

Averagespending per
customer

Number ofcustomers

FY 2017 (2018/2)

Averagespending per
customer

Number ofcustomers

Averagespending per
customer

4ºC Jewelry+9.3－2.7－2.3－2.1－5.3－3.6

4ºC BRIDAL+9.4－1.4－5.6－2.2－8.6+0.6

canal4ºC+8.6－1.7+3.6－0.3－6.6+3.5

EAU DOUCE4ºC+6.2－2.6－0.4－6.0+6.1－8.0

MAISON JEWELL+1.7+13.2+14.2+6.4－3.7+2.9

Luria ４℃+11.5+11.3－4.6+5.8－8.9+2.4

Luria 4ºC *1－2.2+8.3－12.9+5.8－46.8+4.1

RUGIADA*2－7.8+2.2+29.7+4.1――

deux et deux*2+48.8－21.5－3.2－19.2――*1 The 4ºC bag business was closed effective February 2018.
*2 RUGIADA and deux et deux brands terminated operations in February 201710. Jewelry Business : Sales by Store Channel
FY 2015(2016/2)

FY 2016(2017/2)

Actual results

Actual results

Actual results

Roadside stores

1,339 (*1)

9336872.2－26.3

Bridal stores

5,888(*1)

5,851

5,293

17.1

－9.5

Fashion buildings

8,127

9,595

9,523

30.7

－0.8

Department stores

14,733

14,112

12,98441.9－8.0

EC Business

1,184

1,545

1,643

5.3

+6.3

Overseas・Advance Sales・
Other609

1,130849

2.8

－24.9

Total

31,88033,16630,981

100.0

－6.6

(Millions of yen, %)FY 2017 (2018/2)
Share (%)

YoY (%)*1 The classification of certain stores handling the 4ºC BRIDAL brand was revised in the fiscal year ended February 28, 2018. Accordingly,
results for the fiscal year ended February 29, 2016 are presented as reference data.

11. Jewelry Business :Number of Stores Handling Domestic Brands
FY 2015 (2016/2)

FY2016 (2017/2)

FY 2017 (2018/2)

FY 2018 (2019/2)
Forecast4ºC

93929292

4ºC BRIDAL

3637

4343

canal4ºC

45

48

48

48

EAU DOUCE4ºC

14252323

MAISON JEWELL

4578

Luria 4ºC

19336158

4ºC Bags*249

490―

RUGIADA*36―――

deux et deux*32―――Total

280289274272(Stores)*1 Composite stores that handle multiple brands are recorded as a single store by each individual brand.
*2 The 4ºC bag business was closed effective February 2018.
*3 RUGIADA and deux et deux brands terminated operations in February 2017.

12. Apparel Business :The AS’TY Group: Sales by Business TypeFY 2015 (2016/2)

FY 2016 (2017/2)

FY 2017 (2018/2)(Millions of yen, %)Actual results

YoY (%)

Actual results

YoY (%)

Actual results

YoY (%)

Apparel manufacturingbusiness

6,928－10.3

6,726－2.9

7,026+4.5

Wholesale business

2,738+5.1

2,619－4.4

3,135+19.7

Developer business901－3.0

911+1.1896－1.6

10,568－8.2

10,256－3.0

11,057+7.8

Total*1 Figures are before accounting for intersegment net sales and transfers.

13. Apparel Business :age Co., Ltd.: Sales by Store TypeFY 2015 (2016/2)

FY 2016 (2017/2)

FY 2017 (2018/2)(Millions of yen, %)Actual results

YoY (%)

Actual results

YoY (%)

Actual results

YoY (%)

PALETTE

7,097+3.7

7,438+4.8

8,338+12.1

Agency sale of 4ºC
brand products

363+29.0364+0.3337－7.5

RAPPORT*1918－3.3

1,026+11.8――

Other*2－18―－18―－6―

Total

8,360

+0.2

8,810

+5.4

8,668

－1.6

*1 RAPPORT closed in February 2017
*2 Other: Including negative point allowance14. Apparel Business :age Co., Ltd.: Number of Stores(Stores)

FY2015 (2016/2)

FY 2016 (2017/2)

FY 2017 (2018/2)

FY 2018 (2019/2)
Forecast

PALETTE

58616570

Agency sale of 4ºC brandproducts

17181717

RAPPORT*1―――

Total

76

798287* RAPPORT closed in February 2017

We kindly request that you direct all inquiries regarding this document and investor relations
in general to the following point of contact:

YONDOSHI HOLDINGS INC.
Corporate Planning Division (Kozuka)
TEL+81-3-5719-3429
FAX+81-3-5719-4462
E-mail ir-yondoshi@yondoshi.co.jp

Disclaimer: Forecasts and forward-looking statements are based on a wide range of assumptions.
YONDOSHI HOLDINSG INC. takes no responsibility for the accuracy of the information contained inthis document and does not guarantee its validity or outcome. Readers are asked to use this information
with the understanding that actual results may differ materially from estimates and forecasts.