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

Reference Materials
October 11, 2016

11．Jewelry Market Trends
Expectations of inbound demand growth; overall market scale projected to reach¥1 trillion 2019
◆ Domestic jewelry retail market scale in 2016 is estimated to come in at ¥989.4 billion, up
2.1% compared with the previous year
◆ Bridal jewelry in a contraction phase due to a downturn in the number of married couples◆ Expectations of inbound demand growth through to the 2020 Tokyo Olympics; forecast offirm trends
Transition and forecast of jewelry retail market size

(Billions of yen)

1,100

1,000

105.5％
YoY
105.6％

101.1％

99.6％

2013

2014

2015

102.1％

100.2％

2016(forecast)

2017(forecast)

98.0％

103.0％

900

800

7006002018(forecast)

2019(forecast)

2020(forecast)

Source: Summary of the “Jewelry Market in Japan: Key Research Findings 2016” 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 andunrivalled customer service
・Largely marketed through street-level stores
・A classical-taste brand that harmoniously combines a sense of sophisticationand fun・Sold mainly through department stores・Casual jewelry brand for everyday use
・Principally marketed through railway station and fashion building stores
・Jewelry brand that blends the craftsmanship of Japan with the finish ofEurope
・Primarily sold through department stores
・Jewelry brand that emphasizes the importance of personal relationships andthat special person
・Largely sold through suburban shopping centers
・Bridal / pair ring specialty store
・Marketed throughout regional cities
・Specialty jeweled purse (bags and small leather items) brand・Principally marketed through departments stores, railway stations andfashion building stores4. Jewelry Business:
Approach toward Channel Strategies by Brand

Major
metropolitancities

Regionalandsuburbancities

Shopping centers; railway
station and fashionbuilding stores

Department
storesStreet-level
路面店
stores5．Net Sales by Business (Consolidated)(Millions ofyen, %)1H FY 2015 (2015/8)
Actual results

Share(%)

1H FY 2016 (2016/8)
YoY(%)

Actual results

ShareYoY(%)(%)

Jewelry businessdomain(*1)

13,55556.4+6.7

14,541

63.4+7.3

Apparel businessdomain (*1)

10,492

43.6

－5.6

8,393

36.6

－20.0

(The AS’TY Group)
(*2)

5,260

44.7

－8.6

5,194

54.7

－1.3

(MISUZU)
(*2)

2,370

20.2

－6.1

―――(age)
(*2)

4,127

35.1

+0.5

4,310

45.3

+4.4

Total

24,048

100.0

+1.0

22,935

100.0

－4.6

(*1. Net sales to external customers)(*2. Figures are before accounting for intersegment net sales and transfers; the Apparel Business composition ratio is calculatedusing the simple sum)

6．Sales by Marketing Channel (Consolidated)
1H FY 2015 (2015/8)

1H FY 2016 (2016/8)(Millions of yen, %)Actual results

Share (%)

Actual results

Share (%)

Specialty stores

14,824

61.6

13,36758.3

Department stores

6,254

26.0

6,093

26.6

Generalmerchandisingstores

1,436

6.0

1,457

6.4

Other

1,534

6.4

2,018

8.7

Total

24,048100.0

22,935100.0

7．Overview of Capital Investment as well as
Depreciation and Amortization (Consolidated)
1H FY 2015(2015/8)(Reference)
FY 2015(2016/2)

1H FY 2016 (2016/8)

Amount(Millions of yen)Amount(Millions of yen)

Actual results

Actual results

YoY (%)

Amount(Millions of yen)

Actual results

Capitalinvestment

350

532+152.0

1,000

Depreciation
andamortization

349

362+3.7

726

Capitalinvestment

266

62

－76.6

450

Depreciation
andamortization

220

176

－20.0

446

Jewelry BusinessApparel Business8． Overview of Employees (Consolidated)
1H FY2015 (2015/8)

Regular employees(The number in a parenthesis represent
female employees ) (Persons)

1H FY2016 (2016/8)

2,101 (1,757)

1,893 (1,598)

Part-timers (Persons)950807

Total (Persons)

3,051

2,700

Ratio of female employees (%)

83.6

84.4

* Ratio of female employees excluding part-time employees.

9． Jewelry Business: Sales by Brand and Product(Millions of yen, %)1H FY2015(2015/8)
Actual results

FY2016 (2017/2)

1H FY2016 (2016/8)
Actual results

YoY (%)

PlanYoY (%)

4ºC Jewelry

6,506

6,459－0.7

16,050+2.0

4ºC BRIDAL

3,401

3,282－3.5

7,660

+6.7

canal4ºC

1,6582,066+24.6

5,140+18.5

EAU DOUCE4ºC

240

281+16.8

680+24.4

RUGIADA

19681－58.4

197－35.4

MAISON JEWELL

92

128+38.6219+11.0

deux et deux3932－19.3

100+32.7

4ºC Bags

495

513+3.6

1,100+4.3

Luria 4ºC

206

565+173.2

1,230+97.6

EC Business

374

549

+47.0

1,445+17.8

Overseas・Advance
Sales・Other

345

585+69.6

176－71.2

Total

13,555

14,541+7.3

34,076+6.9

10．Jewelry Business: Number of Customers andAverage Spending per Customer by Brand and Product
1H FY2016 (2016/8)

FY 2015 (2016/2)(Existing stores, %)Number ofcustomers

Average spending
per customer

Number ofcustomers

Average spending
per customer

4ºC Jewelry+9.3－2.7－0.6－0.2

4ºC BRIDAL+9.4－1.4－2.8－4.1

canal4ºC+8.6－1.7+5.7－1.6

EAU DOUCE4ºC+6.2－2.6+5.4－8.9

RUGIADA－7.8+2.2－17.9+2.5

MAISON JEWELL+1.7+13.2+11.8+15.0

deux et deux

+48.8－21.5－1.7－17.9

4ºC Bags－2.2+8.3－8.7+6.7

Luria 4ºC+11.5+11.3+3.1+10.4

11． Jewelry Business : Sales by Store Channel
1H FY2015(2015/8)

1H FY2016 (2016/8)

Actual results(Millions of yen)

Actual results(Millions of yen)

YoY (%)

Share (%)

Roadside stores571

526－7.8

3.6

Bridal stores

2,795

2,692－3.4

18.6

Fashion buildings

3,358

4,092+21.9

28.1

Department stores

6,114

6,092

△0.3

41.9

EC Business

374

549

+47.0

3.8

Overseas・Advance Sales・Other345

585

+69.6

4.0

Total

13,555

14,541+7.3

100.0

12．Jewelry Business :Number of Stores Handling Domestic Brands(Stores)

FY 2016(2017/2)

1H FY2016 (2016/8)

FY 2015 (2016/2)

Forecast4ºC

9393924ºC BRIDAL

484949canal4ºC

4547

48

EAU DOUCE4ºC

132730RUGIADA

654

MAISON JEWELL

445deux et deux

2224ºC Bags495251

Luria 4ºC

192731

Total

280306312(* Composite stores that handle multiple brands are recorded as a single store by each individual brand.)13．Apparel Business :The AS’TY Group: Sales by Business Type
1H FY2015(2015/8)

FY2016 (2017/2)

1H FY2016 (2016/8)(Millions of yen, %)Plan

Actual results

Actual results

Apparel manufacturingbusiness

3,497

3,465－0.9

7,131+2.9

Wholesale business

1,315

1,279－2.8

2,755+0.4

Developer business

448

450+0.4

902±05,260

5,194－1.3

10,788+2.1

Total

YoY (%)YoY (%)

14．Apparel Business :age Co., Ltd.: Sales by Store Type
1H FY2015(2015/8)

FY2016 (2017/2)

1H FY2016 (2016/8)(Millions of yen, %)Plan

Actual results

Actual results

PALETTE

3,538

3,726+5.3

7,635+7.6

Agency sale of 4ºC brandproducts

159

162+1.9397+8.5RAPPORT448437－2.5

900－2.0

Other*(18)

(16)

―(20)

―Total4,127

4,309+4.4

8,912+6.6(* Including negative point allowance )YoY (%)YoY (%)

15．Apparel Business :age Co., Ltd.: Number of Stores(Stores)

FY2016 (2017/2)

1H FY2016 (2016/8)

FY2015 (2016/2)

Forecast

PALETTE

586061

Agency sale of 4ºC brandproducts

171718RAPPORT

11

1Total767880

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in general to the following point of contact:

YONDOSHI HOLDINGS INC.
Corporate Planning Division (Kozuka)
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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.