Post on 12-Feb-2017
Main business is BtoB that is commission of Web site development & operation of apparel brand EC
No.10Reference : START TODAY HP
Corporate Outline
Company START TODAY CO., LTD.
Foundation 1998
CEO Yusaku Maezawa
Stock 1,359 Million Yen (March 2015)
Distribution Base Narashino city Chiba prefecture in Japan
Headcount 642 (March 2015)
Business
-B to B business Commission of Web site development & operation of apparel brand EC online shop- Media business Fashion coordinate service “WEAR”
Main business model
No.10Reference : START TODAY IR
It is main business model that earn commission feeby operating other apparel brand EC.
Apparel goods
ZOZOTOWN
$(Charge)
ZOZOTOWN
Commissioned shop
Purchase shop
Apparel goods Apparel goods
$ $
$
CommissionOperation
Platform
Apparel brand User
Released many apparel site and expanded overseasbut shifted apparel EC business.
No.10Reference : OKA-Lab made from START TODAY HP
Service history ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10 ‘12 ‘14 ‘16
STMonline (CD EC site)
ZOZOTOWN (Apparel EC site)
ZOZOTOWER (EC site)
ZOZORESIDENCE (SNS)
ZOZONAVI (Shop search)
ZOZOQ&A (Q&A site)
ZOZOGALLERY (Idle screen)
ZOZOPEOPLE (Information site)
ZOZOVILLA (Highend EC)
ZOZOOUTLET (Outlet)
ZOZOTOWN.COM (Global site)
ZOZOTOWN CHINA (China site)
Open store at eBay (Korea)
ZOZOUSED (Used clothing EC)
LA BOO (Girls EC)
WEAR (Coordinate App)
Apparel free market App
End
ZOZOTOWNEPROZE
End
End
End
End
End
End
94%
6%
Apparel Other
Number of goods handled at ZOZOTOWN
No.10
* Number of searched goods at 26 March 2016 Other category includes interior, dish / kitchen, chandlery / hobby / sports, cosmetic / perfume and BGM / book / magazine.
START TODAY Handles mainly apparel goods.
747,681
47,662
Reference : OKA-Lab made from START TODAY HP
No.10
Sales (million yen) Operating profits (million yen)Line chart : operating profit margin (%)
7 8 9 10 11 12 13 14 150
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
7 8 9 10 11 12 13 14 150
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Sales growth rate steady a little and Operating profitsgrows largely.
Reference : START TODAY IR
No.10
Cost rate / selling rate / Operating profit margin (%)
Operating profit margin grows by cut down cost rate largely.
Reference : START TODAY IR
7
8
9
10
11
12
13
14
15
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Cost rate Selling rate Operating profit margin
Segment sales (million yen)
No.10
START TODAY cuts down cost rate by shifting to commissioned shop business that do not have stock.
Reference : START TODAY IR
7 8 9 10 11 12 13 14 150
5,00010,00015,00020,00025,00030,00035,00040,00045,000
Commissioned shop Purchase shopEC consultant Other
Reference : “Ranking of EC sales (2014)”, Japan net economic journal each corporate IR
Corporate EC Sales (million yen, 2014)
No.10
In apparel EC sales, START TODAY leads largely competitors.
*START TODAY date is 2015 sales
START TODAY
Fast Retailing
MARUI
TSI HD
AdastriaUNITED
ARROWSWORLD
BAYCREW'S
MAGA SEEK
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000
Apparel company sales (million yen)
No.10
In apparel, START TODAY operating profit is large comparatively but sales is small.
Operating profit (million yen)
Reference : each corporate IR
Fast Retailing
WORLD
Wacoal
AOKI HD
TSI HD
UNITED ARROWS
CROSS COMPANY
Right On
KONAKA
HONEYS
SACS BAR
LOOK
START TODAY
0 500,000 1,000,000 1,500,000 2,000,000
0 40,000
80,000
120,000
160,000
No Date
No Date
No Date
Company EC sales (million yen)
No.10
Sales of other EC like Total EC & HE is big and company sales is also bigger than START TODAY.
Company sales (million yen)
Reference : “EC sales ranking (2014)”, Japan net economic journal each company IR
* START TODAY date is 2015 sales Yahoo date is 2015 consumer segment sales, Rakuten date is 2015 Japan EC segment sales
Amazon Japan(all)
Rakuten(all)
Askul(desk equip.)
Yahoo Japan(all)
SENSHUKAI(all)
YODOBASHI(HE)
NISSEN(all)
Dinos Cecile(all)
JOSHIN DENKI(HE)
ITOYOKADO(all)
Japanet TAKATA(HE)
MonotaRO ( construction )KITAMURA(HE)
START TODAY(apparel)
Big Camera(HE)
BE FORWARD(car)
DHC(cosmetic/healthcare)
0 1000 2000 3000 4000 5000 6000 7000 8000 9000 0 500,000 1,000,000 1,500,000
Reference : EC trade field survey (1998-2014), Ministry of Economy, Trade and Industry
Japan EC market size (100 million yen)Line chart : E-commerced rate (%)
No.10
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 140
20000
40000
60000
80000
100000
120000
140000
0.02.04.06.08.010.012.014.016.018.020.0
Japan EC market size is growing but E-commerced rate is 4% and low yet.
Reference : EC trade field survey (2014), Ministry of Economy, Trade and Industry
Segment market size of Japan EC (100 million yen)
No.10
Other Japan EC market size is also growing.
ApparelHE
Food & DrinkChandlery & Interior
Book / Movie / MusicCosmetic & Drug
AutomobileDesk equip.
Other
0 2,000 4,000 6,000 8,000 10,000 12,000 14,000
'14 年 '13 年
[Company]-Released many apparel site and expanded overseas but shifted apparel EC business.-Handles only apparel goods-cuts down cost rate by shifting to commissioned shop business that do not have stock.
[Competitor]-In apparel, START TODAY sales is smaller yet.-Total EC and HE EC sales is big.
[Customer]-Japan EC market size is growing but E-commerced rate is 4% and low yet.-Other Japan EC market size is also growing.
[Problem]
Handles only apparel goods and problem is diversification of business.
START TODAY problem
No.10
ProductExisting New
Market
Existing
-Increase inflow from other EC site by joining T-point and electronics mass merchant point.
-Increase handling overseas brands.
Handle other goods (home electronics, cosmetic, healthcare food and interior etc.)
New
-Expand to apparel real mall business
-Expand to overseas apparel EC (M&A of overseas company)
-
START TODAY diversification of business
No.10
Problem solving direction
AEON segment sales(million yen)
No.10
(Ref.)AEON Developer business earns stable profit and profit margin is also high.
Reference : AEON IR(2015)
-40,000 -20,000 0 20,000 40,000 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0
Operating profit(million yen)
Operating profit margin(%)
SM ・ DS
GMS
Service & Shop
Drug retail
Overseas
Small shop
Financial service
Developer
Other
0 2,000,000 4,000,000
TUTAYA book shop
No.10
(Ref.) Pull in more customers by luxury and comfortable shop concept.
TUTAYA electrics