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

Reference Materials
October 5, 20151

1. Jewelry Market Trends
Substantial increase in demand in the lead up to the consumption tax rate hike; despite
the subsequent correction and decline, slight increase in market scale◆ Domestic jewelry retail market in 2014 attained 972.6 billion yen, 101.1 % on Y-o-Y basis, slightly

increased from preceding year
◆ Sales of expensive jewelries soared before tax increase, raising unit price◆ High stock prices projected to support stable market until Tokyo Olympic Games to be held in 2020
Transition and forecast of jewelry retail market size
(Billions of yen)
1,100

1,000

105.5%
YoY
105.6%

101.1%

99.2%

2013

2014

2015
(forecast)

102.6%

100.2%

2016(forecast)

2017(forecast)

103.0%
98.0%

900

800

700

600
2018
(forecast)

2019(forecast)

2020(forecast)

Source: Summary of the “Jewelry Market in Japan: Key Research Findings 2015” 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
metropolitan
citiesRegionalandsuburban
cities

Shopping centers; railway
station and fashionbuilding stores

Departmentstores

Street-level
路面店stores

5. Principal Operating Indicators (Consolidated)(Yen, %)End of FY2014(2015/2)

End of FY2015(2016/2)
ForecastYoY

Ordinary income margin (%) *12.3

12.8+0.5

Shareholders’ equity ratio (%)

75.1

75.1±0ROE (%)

8.1

9.0+0.9

ROA (%)

6.1

6.7+0.6

ROI (%)

14.9

15.7+0.8

Net income per share (Yen)

135.0

154.2+19.2

Shareholders’ equity per share(Yen)

1,722

1,800+78

Cash dividends per share (Yen)3240+86. Net Sales by Business (Consolidated)
1H FY 2014 (2014/8)(Millions of yen, %)Actual results
Jewelry businessdomain

Share(%)

1H FY 2015 (2015/8)
YoY(%)

Actual results

Share(%)

YoY(%)

12,704

53.3

+14.0

13,55556.4+6.7

11,11046.7－3.5

10,492

43.6

－5.6

5,755

46.5

－4.8

5,260

44.7

－8.6

2,522

20.4

－12.6

2,370

20.2

－6.1

4,106

33.1

+5.9

4,127

35.1

+0.5

23,815

100.0

+5.1

24,048

100.0

+1.0

(*1)
Apparel businessdomain (*1)(The AS’TY Group)(*2)(MISUZU)

(*2)
(age)

(*2)
Total

(*1 Net sales to outside customers)(*2 Figures before accounting for intrasegment net sales and transfers and the Apparel Business composition
ratio calculated on a simple sum basis.)

7. Sales by Marketing Channel (Consolidated)(Millions of yen, %)1H FY 2014 (2014/8)
Actual results

1H FY 2015 (2015/8)

Share (%)

Actual results

Share (%)

Specialty stores

14,652

61.5

14,81961.6

Department stores

5,816

24.4

6,254

26.0

Generalmerchandising stores

1,445

6.1

1,436

6.0

Other

1,902

8.0

1,539

6.4

Total

23,815100.0

24,048100.0

8. Overview of Capital Investment as well as
Depreciation and Amortization (Consolidated)
1H FY 2014(2014/8)(Reference)
FY 2014(2015/2)

1H FY 2015 (2015/8)

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

Actual results

Actual results

YoY (%)

Amount(Millions of yen)

Actual results

Capitalinvestment

470

350

－25.6

1,163

Depreciation
andamortization

300

349

+16.4

656

Capitalinvestment

153

266

+73.4

465

Depreciation
andamortization

215

220

+2.4

451

Jewelry BusinessApparel Business9. Overview of Employees (Consolidated)(Persons, %)1H FY2014 (2014/8)

1H FY2015 (2015/8)

Regular employees
2,001(1,668)

2,101(1,757)

Part-timers

986

950

Total

2,987

3,051

Ratio of female employees

83.4

83.6

(The number in a parenthesis representfemale employees )* Ratio of female employees excluding part-time employees.

10. Jewelry Business: Sales by Brand and Product(Millions of yen, %)1H FY2014(2014/8)

FY2015 (2016/2)

1H FY2015 (2015/8)

Actual results

Actual results

PlanYoY (%)

YoY (%)

4ºC Jewelry

6,558

6,834+4.2

16,247+4.9

4ºC BRIDAL

3,140

3,403+8.4

7,027+10.4

canal4ºC

1,366

1,784+18.44,435+19.2

EAU DOUCE4ºC

217

269+23.7

595+14.2

RUGIADA

246

216－12.0353－30.6

MAISON JEWELL

7699+30.3

239+25.3

deux et deux5341－21.8

93－15.0

4ºC Bags

472

533

+13.0

1,111+13.5

Luria 4ºC2219+7,441.0

638+360.4

11. Jewelry Business: Number of Customers andAverage Spending per Customer by Brand and Product
1H FY2015 (2015/8)

FY 2014 (2015/2)(Existing stores, %)Number ofcustomers

Average spending
per customer

Number ofcustomers

Average spending
per customer

4ºC Jewelry+9.7－4.9+6.8－3.8

4ºC BRIDAL－8.5－4.5+2.0+0.8

canal4ºC+16.8－4.5+4.8－0.1

EAU DOUCE4ºC+10.1－11.6+10.0－9.1

RUGIADA－10.7+3.7－5.9+1.2

MAISON JEWELL+13.2+9.2+11.2+15.0

deux et deux+100.0－34.7+72.7－21.2

4ºC Bags+22.0+1.7－2.0+7.9

12. Jewelry Business : Sales by Store Channel
1H FY2014(2014/8)

1H FY2015 (2015/8)

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

Actual results

BudgetShare (%)

vs. Budget(%)

YoY (%)

Actualresults

Roadside stores

670569571

4.2+0.3－13.5

Bridal stores

2,586

2,692

2,743

20.4+2.6+5.7

Fashion buildings

2,733

3,165

3,270

24.3+2.7+19.6

Department stores

5,815

6,243

6,253

46.4+0.1+7.5

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

FY 2015 (2016/2)

1H FY2015 (2015/8)

FY 2014 (2015/2)

Forecast

4ºC

8993944ºC BRIDAL

444647

canal4ºC

3640

44

EAU DOUCE4ºC

81213

RUGIADA

976

MAISON JEWELL

444deux et deux

2224ºC Bags

344753

Luria 4ºC

71218

14. Apparel Business : The AS’TY Group: Sales by Business Type(Millions of yen, %)1H FY2014(2014/8)

FY2015 (2016/2)

1H FY2015 (2015/8)

Plan

YoY (%)

Actual results

Actual results

Apparel manufacturingbusiness

3,935

3,497－11.1

6,751－12.6

Wholesale business

1,362

1,315－3.5

2,716－4.8

Developer business

462448－3.0903+0.1

YoY (%)

15. Apparel Business : MISUZU Co., Ltd.: Sales by Brand(Millions of yen, %)1H FY2014(2014/8)

1H FY2015 (2015/8)

FY 2015 (2016/2)

Plan

YoY (%)

Actual results

Actual results

LD Prime

1,339

1,209－1.8

2,585－7.9

Rew de Rew

535481－2.7

1,057－8.6

Double dazzle

184195－1.4

406+3.1

DADA

303

286+2.3

519+14.5

YoY (%)

16. Apparel Business : MISUZU Co., Ltd.: Number of Stores(Stores)

FY 2015 (2016/2)

1H FY2015 (2015/8)

FY 2014 (2015/2)

Forecast

Rew de Rew

403736

LD prime

181716

Double dazzle

666DADA1188

cosmic ray

111Total

766967

17. Apparel Business : age Co., Ltd.: Sales by Store Type(Millions of yen, %)1H FY2014(2014/8)

1H FY2015 (2015/8)

FY 2015 (2016/2)

Plan

Actual results

Actual results

PALETTE

3,396

3,538+4.2

7,113+3.8

Agency sale of 4ºC brandproducts

115

159+37.5356+25.6

RAPPORT

448

448

+0.1

927－2.2

YoY (%)YoY (%)

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

FY 2015 (2016/2)

1H FY2015 (2015/8)

FY 2014 (2015/2)

Forecast

PALETTE

605760Agency sale of 4ºC brandproducts

161616RAPPORT

111Total777477

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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.