いつも(7694) – [Delayed]Financial Results Briefing Materials(for the Fiscal Year ended March 31,2022)

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開示日時:2022/06/10 12:00:00

損益

決算期 売上高 営業益 経常益 EPS
2019.03 440,405 6,816 8,104 12.9
2020.03 526,161 17,000 20,461 26.65
2021.03 879,717 52,644 55,743 79.83

※金額の単位は[万円]

株価

前日終値 50日平均 200日平均 実績PER 予想PER
1,176.0 1,569.24 2,720.315

※金額の単位は[円]

キャッシュフロー

決算期 フリーCF 営業CF
2019.03 -8,666 3,276
2020.03 19,574 23,481
2021.03 64,913 66,815

※金額の単位は[万円]

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D 2 C ・ E – C O M M E R C E M A R K E T I N GQ4 and Full Year 2022Financial Results13, May 2022i t s u m o . i n c | T i c k e r : 7 6 9 4Contents01.Corporate Profile02.Q4 and Full Year 2022 Financial Results03.Growth Strategy04.New Management Setup05.Appendix25183437© 2022 itsumo. inc.1Corporate ProfileCorporate ProfileCompanyitsumo. inc.FoundedFebruary 14, 2007Location1-12- 1 Yurakucho Chiyoda-ku Tokyo, JAPANCapital736.752 million yenEmployee (Consolidated)255( April 2022)*OperationSubsidiaryComprehensive E-Commerce support for domestic manufactures. Producing original brand products and its sales over the Net (D2C)itsumo commerce, itsumo capital,BLAN* T h e n u m b e r o f e m p l o y e e s m e a n s c o n s o l i d a t e d o n e a n d i t e x c l u d e s p a r t – t i m e r s .© 2022 itsumo. inc.2Corporate ProfileExcellence of Our Business Deal with A Variety Types of Product CategoriesCosmeticBaby ItemGroceriesInteriorCommoditiesHEAApparelPetAll-Around Support on EC Value Chain OEMEC StrategyWebsite ManagementDigitalMarketingCustomer ServiceWarehouseFulfillmentFacilitate A Broader Deployment of Plural EC channelsCustomerʼsOwn EC SiteRakutenAmazonYahoo!PayPay➕Overseas Malls© 2022 itsumo. inc.3Corporate ProfileExcellence of Our Business ModelEC Marketplace ServiceEC Marketing Service❶ “HANRO” ❷ “Brand Value Up” Act over EC OperationsAcquisition & Development of In-House BrandEC Consulting / EC OperationsWebsite ManagementWebsite ManagementClientsʼ own EC websiteDomesticEC platformEC websiteoverseasManufacturerDevelopmentProductionEC StrategyMarketingCustomer ServiceWarehouseFulfillmentDevelopmentOEM+EC StrategyMarketingCustomer ServiceWarehouseFulfillmentitsumo. acts over EC operations of itsumo. functions as a Factory-manufactures (Factory-Outlet)Outlet Store for its manufactureEC Platforms Run byManufactures/MakersSupport a part or plural EC value chainsEC StrategyWebsite ManagementServiceProvide a wide variety of solutions backed by its seasoned know-howDigital MarketingCustomer ServicePaymentAbundant deals over 10,000 *CollectreceivablesDistributionCollectreceivablesDistributionWarehouse・Fulfillmentdeals*The company’s accumulated number of End UserEnd UserRevenueTypePurchase&DistributionDevelopment&DistributionRevenue by Service/ Performance-Based RevenueRevenueType© 2022 itsumo. inc.4D 2 C ・ E – C O M M E R C E M A R K E T I N GQ4 and Full Year 2022 Financial Results5Q4 and Full Year 2022 Financial ResultsQ4 and Full Year 2022 Topics and Performance HighlightsTOPICS• Achieved the highest total gross sales and profits• Total gross sales of 11.6 bill. JPY, up 32.5% from the same period the previous year• Founded itsumo commerce, achieved an incremental of approx. 2 bill. JPY via brand value up project• Founded itsumo capital and kicked off incubation supportEC Marketplace ServiceEC Marketing Service• up 34.7% (YoY)• Newly added 26 brands[Act over EC Operations]Newly added 15 brans[Brand Value Up]Newly added 11 brands by acquisitions• up 23.7% (YoY)client ARPU• Amplified service lineups boosted its improve • Recurring revenue of 92.8%(from the previous quarter of 89.3%)© 2022 itsumo. inc.6Q4 and Full Year 2022 Financial ResultsChange in Total Gross Sales and Total Gross MarginMaintain a higher growth rate after stay-at-home demand has run its course, total gross sales and total gross margin show healthy growth.注1Top LineSalesCAGR50.3%8,797 11,652 To t a l G r o s s M a r g i nC A G R38.8%2,120 3,079 2,282 829 4,404 5,261 1,463 1,166 **Due to the change in the fiscal year end, the fiscal year ending March 2019 will be the 15 months from January 2018 to March 2019.© 2022 itsumo. inc.7Q4 and Full Year 2022 Financial ResultsP/L HighlightsGross SalesEC Marketing ServiceEC Marketplace ServiceGross MarginEC Marketing ServiceEC Marketplace ServiceGross Margin RatioSG&AOperating IncomeOrdinary IncomeAdjusted EBITDA Note 2Net Income/Net income attributable to the parent companyBacked by a sound growth of business, hit a record high in total gross sales, total gross margin , operating income and ordinary income.注1In Millions of YenFY2021Actual(Non-Consolidated)FY2022Actual(Consolidated)Change (%)ChangeAttainment toGuidance (%)8,7971,7927,0042,1201,26785324.1%1,59452654757441911,6522,2179,4353,0791,6381,44126.4%2,474604583787361+32.5%+23.7%+34.7%+45.2%+29.3%+68.8%-+55.2%+14.8%+6.6%+37.0%△ 14.0%+2.3 points+1.1 points+2,855+425+2,430+958+370+587+880+77+35+212△ 58101.8%96.1%103.2%106.2%105.1%107.6%106.3%106.2%104.8%96.4%Note 193.4%© 2022 itsumo. inc.8Note 1: Net income is lower than expected due to extraordinary loss recording in anticipation of office relocation in 2023Note 2: Adjusted EBITDA=Operating Income+Depreciation+goodwill amortization+acquisition fees. Adjusted EBITDA is not subject to auditing firmQ4 and Full Year 2022 Financial ResultsEC Marketplace Service Performance Digest EC Marketplace ServiceBacked by a steady growth of existing brands, newly added brands, a fairly good start to Brand Value Up project, gross sales increased by 34.7%, YoY. Gross SalesYoY 34.7 %1,959 7,004 7,476 “HANRO” Act over EC Operations |Official Brand Site••Existing brands showed a steady growth, and that of the average growth rate is up 61.4% YoY ( in total up 6.7% YoY).11 new brands are in operation from the current fiscal yearBrand Value Up(Acquisition/Development of In-House Brand)• New businesses kicked off this current fiscal year, 10 brands will be contributed to profits in the 2H853 1,441 • Corporate structural reform of BLAN Note 3 paid off and it highlycontributed to both our sales and profit.N o t e 1 : Gross sales and gross margin by service lines are not subject to auditing firm.N o t e 2 : From this quarter, we initiated consolidated accounting, year-to-year comparison indicates non-consolidated figures.N o t e 3 : B L A N is consolidated in FY2022© 2022 itsumo. inc.9Q4 and Full Year 2022 Financial ResultsPerformance of Newly Added BrandsEC Marketplace ServiceHANRO (Act over EC Operations) soundly grew, newly added 15 brands as scheduled. Brand Value Up (Acquisition) went below the forecast, only 11 brands though in terms of revenue, it greatly surpassed our estimates.“HANRO” Act over EC Operations | Official Brand Site Note 1Brand Value Up(Acquisition/Development of In-House Brand) Note 2Contracted # of Brands (Actual)15Acquired # of Brands(Actual)11and that of 11 brands initiated its operations in Q4 2022and that of 10 brands initiated its operations in Q4 2022• Achieved the target number of brand contracts as • Although we shorted the initial target, the contribution planned•In its 1st year, the contribution to profits is limited though, we expect growth from the upcoming fiscal year, and it will become our growth driver in the future.to profits is significantly higher than our internal plan due to the driving force of BLAN.• Continue to invest to achieve sustainable growth, such as strengthening the management base and developing new products through M&A.Note1: The number of contracted brands at the end of 2021 (Requires 3-6 months on average from contact to store open)Note2: The number of contracted brands at the end of 2021 (Requires 1-3 months on average from contact to site transferring)© 2022 itsumo. inc.10Q4 and Full Year 2022 Financial ResultsEC Marketplace Service“HANRO” Act over EC Operations | Official Brand SiteIn its first year, “HANRO” has a limited contribution to profits meanwhile the longer the operating period, the more it contributes to sales.Note: Only brands that have been contracted as of March 2022 are included in the total and moved-out ones are not included.© 2022 itsumo. inc.11Q4 and Full Year 2022 Financial ResultsEC Marketing Service Performance DigestE C M a r k e t i n g S e r v i c eEnhancing customer success management paid off, about 87.5%Note 1 of customer shows positive response to our business. ARPU of clients successfully went upward backed by customer’s positive trend to deploy multi-channelGross SalesYoY 23.7 %70.7%1,792 1,267 73.9%2,217 1,638 EC Marketing Service• Recurring revenue Note 4 soundly grew and gross margin ratio up 3.2 points, YoY• Recurring revenue ratio ticks up 89.3%(Q3 2022)to 92.8%• Proactive hiring is efficiently commensurate with existing (Q4 2022)operationNote 1: Internal CSS run by April 2021 to March 2022Note 2: Gross sales and gross margin by service lines are not subject to auditing firm.Note 3 From this quarter, we initiated consolidated accounting, year-to-year comparison indicates non-consolidated figures.Note 4: Recurring revenue means the sales in EC Marketing Service, and it is the sales related to the contracted clients, it includes pay-as-you-go sales.© 2022 itsumo. inc.12Q4 and Full Year 2022 Financial ResultsChange in SG&A (Account Period) Continue to invest in recruiting human resources for its sustainable growth. The number of employees increased 45.7% from 175 to 255. Labor charge (including hiring relevant costs) increased 46.4% in accumulated total. SG&AOthers96841019154Labor ChargeAdvertisementDepreciation, goodwill, MA costsCommission paid88661130151117651231176119751172196114931346220116971244228F Y 2 0 2 1F Y 2 0 2 2202798469357165877379289Note 1: Labor charge includes bonus and hiring relevant costs.Note 2: Commission paid means primary settlement fees for EC Market Place service.Note 3: The above numbers are account period ones.Note 4: From Q3, we initiated consolidated accounting. FY2021 and Q1-Q2 of FY2022 are non-consolidated ones© 2022 itsumo. inc.13Q4 and Full Year 2022 Financial ResultsChange in Adjusted EBITDA (Account period)In relevant to Brand Value Up is rolling, depreciation of goodwill and acquisition expenses are accounted Change in Adjusted EBITDA Note 1 (Account period)19316117148178209261138F Y 2 0 2 1F Y 2 0 2 2Note 1: Adjusted EBITDA=Operating Income+Depreciation+goodwill amortization+acquisition fees. Adjusted EBITDA is not subject to auditing firmNote 2: The above numbers are account period ones.Note 3: From Q3, we initiated consolidated accounting. FY2021 and Q1-Q2 of FY2022 are non-consolidated ones.© 2022 itsumo. inc.14Q4 and Full Year 2022 Financial ResultsBalance SheetCash and Cash EquivalentsAccount ReceivableInventoryCurrent AssetFixed AssetTotal AssetTotal Current LiabilitiesTotal Fixed LiabilitiesTotal Liabilities and Net AssetsIncreased inventory to maximize sales opportunities and exercised borrowing to accelerate M&AIn Millions of YenFY2021Non-ConsolidatedFY2022Consolidated Change*2,8286415034,0893424,4311,7116932,0274,1228728416,0608666,9262,5831,9352,407+1,293+230+337+1,971+523+2,495+872+1,241+380* From Q3, we initiated consolidated accounting, year-to-year comparison indicates non-consolidated figures.© 2022 itsumo. inc.15Q4 and Full Year 2022 Financial ResultsCash FlowCash flow from operating activities decreased due to an increment of brand partners and inventories in anticipation of future demand. Cash flow from investing activities increased due to initiation of brand value-up business.zIn Millions of YenFY2021Non-ConsolidatedFY2022ConsolidatedChange* (%)Cash and cash equivalents at beginning of yearCash flow from operating activities Cash flows from investment activitiesCash flow from financial activitiesChange in cash and cash equivalentsCash and cash equivalents at end of year1,011 668△ 251,1031,7452,757 2,757 399△ 9251,890 1,3644,122+172.5%△ 40.2%+3512.5% +71.4% △ 21.8% +49.5%* From Q3, we initiated consolidated accounting, year-to-year comparison indicates non-consolidated figures.© 2022 itsumo. inc.16Q4 and Full Year 2022 Financial ResultsChange in gross sales and gross margin by service line (Account Period) N o t e 1- 3Gross SalesEC Marketplace ServiceGross MarginApprox. 1.5 x1,149 809 Approx. 1.6 x2452222262603011841,992 1,770 1,566 1,676 2,113 2,222 1,585 1,553 385409515482519542601552294217185156253282378353392394453397F Y 2 0 2 1F Y 2 0 2 2F Y 2 0 2 1F Y 2 0 2 2Note 1: As for the figure of total gross sales and total gross margin by service are not subject to auditing firm.Note 2: The above numbers are account period ones.Note 3: From Q3, we initiated consolidated accounting. FY2021 and Q1-Q2 FY2022 are non-consolidated ones.© 2022 itsumo. inc.17D 2 C ・ E – C O M M E R C E M A R K E T I N GGrowth Strategy18Growth StrategyDestination: ”itsumo.5x”Seek for a higher sustainable growth, endeavor to attain 5 times growth in 5 years“Creating the Future of Japan with EC”, this is our mission.In an effort to realize this mission, we uphold the theme of “itsumo. 5x” as its mid-growth strategy.Seek for a higher sustainable growth, endeavor to attain 5 times growth in 5 years.We grow at an accelerated pace with capitalizing on its core competency “Driving Sales in E-Commerce”.© 2022 itsumo. inc.19Growth StrategyDestination: Challenge to “itsumo.5x”Maturing our core competence “Driving Sales in E-Commerce”, challenging to a new business gradually PlatformSocial Commerce/Live-Commerce/Overseas ExpansionBrand Partners for D2CActing over EC Operations for ManufacturesG e n e r a t e s a l e s o p p o r t u n i t i e sDriving sales force and strengthen client baseE s t a b l i s h o u r o w n s a l e s s c h e m eExpand profit lines by product developmentA c c e l e r a t e d o m e s t i c E C b u s i n e s sDriving clients’ EC sales and systemizing sales schemeE n f o r c i n g s t r o n g p r o f i t s c h e m eMaking full use of its full-fledged of EC value chainEC Operations SupportEC ConsultingB u i l d u p k n o w – h o w t o b e s u c c e s s f u l i n E – C o m m e r c eSupporting business development of our clients as well as enhancing our know-how.© 2022 itsumo. inc.20Growth Strategy“itsumo.5x”: Develop EC value chain in a cross-sectoral mannerEnrich its service lineup and develop a further business growthM u l t i p l a t f o r m × M u l t i c a t e g o r yM u l t i p l a t f o r mOwn EC siteRakutenAmazonYahoo!PayPayMallsoverseasEC Value ChainEnrich Service LinupOngoing serviceService under developmentPlanned serviceEC StrategyD e v e l o p m e n tS i t eM a n a g e m e n tD i g i t a lM a r k e t i n gDevelopmentM&ACustomerServiceSocialCommerceBusinessSuccession・M&AEC StrategyWarehouse/WMSFulfillmentLiveCommerceSocial GoodRegional RevitalizationTax DonationProgramSiteManagementOverseasExpansionBrandingPlatformCloud FundingCosmeticGroceries InteriorBabyItemW a r e h o u s e &・ D i s t r i b u t i o nC u s t o m e r S e r v i c eCommodities HEDApparelPetM u l t i c a t e g o r yDigitalMarketingOverseasWholesale Online shop InfluencerMarketingFintechSNSMarketingHRD forE-CommerceSiteDesigningIncubation© 2022 itsumo. inc.21Growth StrategyDestination: Challenge to “itsumo.5x”Capitalize on our unique EC value chain leads to success of three principal business groupsCapitalize on EC Value chainExpandEC Value ChainNew BusinessGrowthBusinessLive CommerceSocial CommerceOverseas ExpansionAcquisition/M&A(Brand Value Up)Development of Private BrandCore BusinessEC Marketing ServiceEC Marketplace Service© 2022 itsumo. inc.22Growth Strategy“itsumo.5x”: Diversified revenue modelDiversified revenue model and existing business chances lead to business portfolio with a more consistent earningsTargetB2BB2CBusiness ModelRevenue ModelNew BusinessLive CommerceSocial CommerceOverseas Expansion # of clients × unit price# of clients × sales ×commissionsOpen stores over EC platformsSales commissionsPerformance-based sales GrowthBusinessAcquisition/M&A(Brand Value Up)Development of Private Brand# of brand partners × GMVDevelopment and sales of product# of brand partners × GMVDevelopment and sales of productEC Marketing Service# of clients × unit priceSales commissionsPerformance-based salesCore BusinessEC Marketplace Service# of brand partners × GMVPurchase and sales of productCommissions© 2022 itsumo. inc.23Growth Strategy“itsumo.5x”: Make our business model evolved by infusing strategy costsInject approximate1 billion yen of strategy costs as well as accelerate operating efficiency by investing management infrastructure. Reserved 3 billion yen of credit facility for M&AFY2022 Increment of Strategy CostsExpected EffectNew BusinessGrowth BusinessLive CommerceSocial CommerceOverseas ExpansionAcquisition/M&A(Brand Value Up)Development of Private Brand500~600 million yenCore BusinessEC Marketing ServiceEC MarketplaceService300~400million yenDiversified Business Model└ Strengthen monetization model└ Expansion of sale via increment of newly added brand partnersRealize a continuous higher growth and profitability, seek for a further expansion of profit, exercise HRinvestmentInvest to Management Infrastructure100million yenAccelerate decision making and streamline businessM&ARange of investment~3 billion yenExpected Effect:• Enforce our EC value chain• Acquisition of eligible brand partners, expand its business scale, diversify revenue model© 2022 itsumo. inc.24Growth StrategyDestination: Challenge to “itsumo.5x”Exercise the three objectives below, strive for 30 billion yen of total gross sales in 3 years and that of 50 billion yen in 5 year.‐ bill. yenGoals in upcoming 3 yearsTarget:5 bill. yenTotalGross Sales50 bill. yenTotal Gross Salesover 30 bill. yen成長事業❷ Growth BusinessA Trustworthy D2C Brand Partner ②19.5 bill.yenTarget:10 bill. yen新規事業❸ New BusinessA Leading EC PlatformerMake full use of its seasoned ex periences in E- comme r ce sectorand its profi ting capability, embark on new fi eld of business③Accelerate M& A initiated in FY2022. Ex pand brand partners as well as enhance theirbusiness opportunitie sコア事業①❶ Core BusinessE-Commerce PartnerAchiev e a higher growth and consiste nt rev enue. Driv ing core business by inv esting human resource s .96 bill.yenTarget:15 bill. yenTotal GrossSales11.6 bill. yen▲Current❸❷❶© 2022 itsumo. inc.25Growth StrategyFY2023 Guidance and the Current Status Note:1-3 Total Gross Sales14.3 bill.YoY 23.1%Total Gross Margin3.6 bill.YoY 17.1%Adjusted EBITDA0.4 bill.YoY ▲ 47.0%M&A relevant revenue is excluded the above1,0642,1641,9593,1393,7623,2424,3364,6073,8137941,0479971,0731,0621,3491,1541,7291,2181,6421,4781,963F Y 2 0 2 1F Y 2 0 2 2F Y 2 0 2 3N o t e 1 : A s f o r t h e f i g u r e o f t o t a l g r o s s s a l e s a n d t o t a l g r o s s m a r g i n b y s e r v i c e a r e n o t s u b j e c t t o a u d i t i n g f i r m .N o t e 2 : T h e a b o v e n u m b e r s a r e a c c o u n t p e r i o d o n e s .N o t e 3 : From Q3, we initiated consolidated accounting. FY2021 and Q1-Q2 FY2022 are non-consolidated ones.© 2022 itsumo. inc.26Growth StrategyFY2023 Guidance and the Current StatusForecasting up 23.1% in total gross sales. Implement an aggressive investment to strengthen our tree key indicators of finance.FY2021FY2022FY2023In Millions of YenActual(Non-Consolidated)Actual(Consolidated)Change (%)Guidance(Consolidated)Change (%)Gross SalesEC Marketing ServiceEC Marketplace ServiceGross MarginEC Marketing ServiceEC Marketplace ServiceSG&AOperating IncomeOrdinary IncomeAdjusted EBITDA*Net Income/Net income attributable to the parent company8,797 1,7927,0042,1201,2678531,594526 54757441911,6522,2179,4353,0791,6381,4412,474604583787361+32.5%+23.7%+34.7%+45.2%+29.3%+68.8%+55.2%+14.8%+6.6%+37.0%△14.0%14,345 2,69611,6493,6062,0501,5553,449156 146 417101+23.1%+21.6%+23.5%+17.1%+25.2%+7.9%+39.4%△ 74.1%△ 74.9%△ 47.0%△ 71.9%N o t e : A d j u s t e d E B I T DA = O p e r a t i n g I n c o m e + D e p r e c i a t i o n + g o o d w i l l a m o r t i z a t i o n + a c q u i s i t i o n f e e s A d j u s t e d E B I T DA i s n o t s u b j e c t t o a u d i t i n g fi r m© 2022 itsumo. inc.27Growth StrategyChange in productivity per person As a rapid progress of manpower in E-Commerce , total gross margin per employee is increasingA progress of manpower in EC brings us a healthy growth of total grossmargin N o t e : C a l c u l a t e d b y d i v i d i n g t h e g r o s s m a r g i n f o r e a c h p e r i o d b y t h e n u m b e r o f e m p l o y e e s a t t h e e n d o f t h e f i s c a l y e a r ( e x c l u d i n g p e r s o n n e l i n i n d i r e c t d e p a r t m e n t s )© 2022 itsumo. inc.28Growth StrategyEC Marketplace ServiceMarket Size of Japanese EC Channel and Our Growth Rate of Salesitsumo. surpasses Japanese market growth rate of EC platform and its own EC websiteSourse: Based on the research of Fuji Keizai Group “2021 Current Status of Mail-Order and E-Commerce Business and Future, itsumo.inc customized.325.7%264.6%123.5%112.5%119.5%103.8%100.0%199.8%137.5%154.3%168.0%95.6%93.6%N o t e : C o m p a r i s o n o f m a r k e t g r o w t h r a t e s w h e n t h e n u m e r i c a l v a l u e o f e a c h i n d e x a s o f 2 0 1 9 i s 1 0 0 %© 2022 itsumo. inc.29Growth StrategyEC Marketplace ServiceUnique Identity for EC Marketplace ServiceBrand-Value-Up (Acquisition/Development of In-House Brand)ManufactureBrand ABrand Aʼs Own EC siteFabrication PlantBrandsDisposalDeliverOEMBrand ABrand Aʼs Own EC Siteitsumo. acts over EC operations for manufactures as D2CMarketingProduct ManagementOnline site ManagementEnhance efficiency and expand sales by deploying Omni- channelsProduct DevelopmentOwn EC siteRakutenAmazonYahoo! / PayPay➕Overseas mallsServiceCustomer FulfillmentWarehouse | DistributionCollect receivablesEndUser1 Target1 ターゲット企業2 Traits of Our Business2 当社サービスの特徴3 Same Pillars | Competitors3 類似企業・競合他社• 自社ブランドを保有する事業(会社)• Private brand entity• 年商5千万~5億円程度• 500K to 5 million USD (50-500 million JPY) • 商品のジャンル問わず自社EC・of revenueAmazonなど1チャネルから可能• Support any channels no matter of product • 従業員を含めた株式譲渡も対応categories• Support stock transfer or employee transfer• 経験豊富な社内デューデリジェンスチームによりスピーディーなブランド取得が可能• Nail down acquisitions in a most rapid way• 販売支援実績から取得ブランドの目利きが可• Seasoned experiences promptly identify 能quality of brands• マルチチャネル展開が可能• Business evolution by Omni-Channel• EC戦略立案~運用、物流までワンストップで• Encompass entire EC value chain対応が可能海外での類似企業Overseasアメリカ:THRASIO、perch、HeydayなどUS: THRASIO, perch, HeydayPlural unlisted startups successfully raising いる企業が複数存在over 1 billion USD非上場にて1,000億を超える資金調達をして© 2022 itsumo. inc.30Growth StrategyE C M a r k e t i n g S e r v i c eA Maneuver to Accelerate Sales by Brand-Value-Up (Acquisition) A wide range of service coverage, customer data and professional teams realize a rapid sales expansion and ameliorate costs. In a nod to enforce its in-house brand operation, encourage hiring through this fiscal year.A Maneuver to Accelerate Sales via Acquisition (Image)Acceler at e pr ofit s t hr ough O m ni-C hannel and m ar ket ing Expanding SalesAm elior at e oper at ing cost s by opt im izing int er nal st r uct ur es and dist r ibut ionImprovement of operating costs事 業 売 上ProfitOperating costsM a r k e t i n g f e eS i t e o p e r a t i o n f e eD i s t r i b u t i o n f e eM a n u f a c t u r i n g f e eOwnEC SiteS a l e sOther malls① Turnaround profits through Omni-ChannelProfit② Based on a throughout research of competitors and its market status, execute product development and rebranding as well as upgrade conversion rate and ARPU of client by renovation of EC sites.Marketing feeSite operating feeDistribution feeManufacturing feeOwn EC SiteOperating costs③ Optimize brands’ marketing costs with our operating skills and technologies④ Streamline distribution functions of EC business, and accelerate cost improvement in administrative dept. by uniform managementBefore Sell-OutAfter Sell-Out© 2022 itsumo. inc.31Growth StrategyEnforcement of EC Marketing ServiceE C M a r k e t i n g S e r v i c eProviding clients with EC support services by channel or project every month, stably generate profit with buildup approach. Enlargement of recurring revenue and encourage clients shift to performance-based service contract generate a steady-paying EC Market Service:Gross Sales1,378 1,792 2,696 2,217 FY2020FY2021FY2022FY2023 (Plan)Provide for customer-oriented EC value chain service, encourage deployment of Omni-Chanel and improve client ARPUExpedite Recurring RevenueBacked by a positive customer satisfaction rating, our recurring revenue are steadily growing and seek for strong profitability.Accelerate Performance-Based Sales ContractsShifting from flat-fee billing system to pay-as-you-go one© 2022 itsumo. inc.32Growth StrategyGlobal E-CommerceEC Marketplace ServiceFusion of real and online shopping opens doors to global expansion. Penetrate ”Japan Brand“ broadly into ASEAN regions and seeking for monetizing in the early stage.Model: Malaysia3Export products to onsite distribution baseDistribution Base Overseas4Ship to overseas clientsShopee, TikTok shopping et.al.5Sales at overseas major retailersRevenue Model:Product salesRevenue Model:WholesaleLive-Commerce via real shops Japan・National brand・Private brand12Bunching them to our affiliated domestic storehouses6Promotion va Instagram, Facebook, TikTok© 2022 itsumo. inc.33D 2 C ・ E – C O M M E R C E M A R K E T I N GNew Management Setup34New Management SetupNew Management Setup – BODsMamoru SAKAMOTOC E OTomoyuki MOCHIZUKIE D PD i r e c to r o f A c c o u n t D e p t . D i r e c to r o f B u s i n e s s D e p t.Michiyuki SUGIURAC F O .D i r e c t o r o f C o r p o r a te D e p t .Planned to be appointedPlanned to be appointedPlanned to be appointedOsamu TAKAGIExecut ive Dir ect orEC Mar ket ingOsamu FURUYAExecut ive Dir ect orEC Mar ket placeMasaaki TOBIMOTOExecut ive Dir ect orManagem ent St r at egyIn 1998, join ed Funai Soken Holdings Inc. . After servin g at a major con su ltin g firm an d fou n d h is own comp an y , join ed itsu mo.in c in 2010. He ard en tly committed to its E C con su ltin g b u sin ess as well as service d evelop men t for op en in g E C mall stores.In 1995, join ed Accen tu re Co., Ltd . Later, h e en gaged in corp orate revitalization at a major in vestmen t fu n d . After servin g as sen ior execu tiv e officer of Toky o Tatemon o Sen ior Life Su p p ort Co., Ltd . in Jan u ary 2018 an d sen ior execu tiv e d irector of Un imat Preciou s Co., Ltd . in Decemb er 2020, h e join ed itsu mo. in c. in 2021 an d servin g as CE O for itsu mo commerc e.In 2006, join ed N issan Motor Co., Ltd . After exp erien cin g b u sin ess p lan n in g an d organ ization al d evelop men t at a major foreign con su ltin g firm an d a b u sin ess comp an y , h e join ed TORIDOLL Hold in gs Corp oration in 2018. Sin ce 2019, h e h as en gaged in th eir man agemen t an d p erson n el strategy as its execu tiv e officer, CHRO an d gen eral man ager of corp orate man agemen t. In 2022, h e join ed itsu mo.in c. Note: The above will be ratified following the 15th Ordinary General Meeting of Shareholders scheduled in June 2022 and the resolution of the Board of Directors.© 2022 itsumo. inc.35New Management SetupNew Management Setup – OBMsTakeshi ISOZUMIOBMToru KAMIYAMAO BMAudit and Supervisory Committee Member Shoji OKADAO BMAudit and Supervisory Committee MemberSatoshi SHINKUMAO BMAudit and Supervisory Committee MemberPlanned to be appointedPlanned to be appointedAfter join in g Fu n ai Con su ltin g In corp orated (cu rren tly Fu n ai SokenHold in gs In c.) in May 1994 an d served as its execu tiv e d irector, h e fou n d ed iOffice in March 2018 an d in au gu rated as th e CE O. Sin ce Ju ly 2018 , h e h as b een en gagin g as an ou tsid e b oard memb ers of itsu mo . i n c .After join in g N omu ra Secu ritie s Co., Ltd . in Ap ril 2000, h e en gaged in ven tu re in vestmen t, M& A an d fin an cin g. After h e fou n d ed KakeruPartn ers limited liab ility comp an y (GK) in Au gu st 2017, served as an au d itor of itsu mo.in c. in Feb ru ary 2020 an d b ecame a BOD of Au d it an d Su p e rvi so ry Co m mit t e e fro m Ju n e 2 0 2 0.In 1986, join ed Un iverse In formation Sy stems Co., Ltd . After th at, h e was p osition ed in ch arge of its in formation sy stem of FAST RE TAILIN G CO., LTD. In 2019, h e fou n d ed ISE N SE CO., LTD an d in au gu rated as th e CE O.Certified as an attorn ey in 2007. After exp erien cin g legal p ractices at law firms. He join ed TORIDOLL Hold in gs Corp oration an d en gaged in in corp orate legal affairs.Note: The above will be ratified following the 15th Ordinary General Meeting of Shareholders scheduled in June 2022 and the resolution of the Board of Directors.© 2022 itsumo. inc.36D 2 C ・ E – C O M M E R C E M A R K E T I N GAppendix37AppendixBrand-Value-Up Overseas PlayersSame Pillars | Competitors Major EC Aggregators Oversees Brand-Value-Up (Acquisition/Development of In-House Brand)A unicorn startup found in 2018 in MA, USA. Acquire the 3rd party sellers of Amazon FBA and operating D2C E-Commerce. Announce to embarks on Japan.1,000 500A technology-driven E-Commerce unicorn founded in 2019 in Boston, USA. Engaged in large-scale acquisition and operation of Amazon’s top 3rd parties and its related D2C brands.Fund Raised$.3,396 mill.HQsFoundValuation(Oct. 2021)HQsFoundFund RaisedValuation(May. 2021)HQsFoundValuation(Nov,2021)US2018$7.5 billionUS2019$909 million$1.1 billionUS2020$875 millionFund Raised$800 million3,000 mil.750650 370 mil.26026.5 mil.6.52075351002019年20192020年20202021年2021Note: The above numbers and business status are based on our own research and data from Dealroom.Co or Tech Crunch© 2022 itsumo. inc.38Founded in 2020 based in San Francisco, USA. Acquisition of 3rd-party brands in Amazon FBA business as well as incubation and buyout of brand companies. Providing support for capital, tools, information, expertise throughout brand-life-cycle AppendixUnique Identity for EC Marketplace ServiceEC Marketplace Service“HANRO” Act over EC Operations | Official Brand Site)Same Pillars | CompetitorsActing over EC operations for manufactures売上高Sales13.2 bill. USD (8,852 mil. RMB)1,503億円(8,852百万人民元)HQs本社拠点ChinaFound創業年2007 Employees従業員数6,076The largest EC solution provider in China, encompassing total EC value chain service.Acting over official website of brands over domestic major EC channels and malls.In 2015, listed on NASDAQ and in 2021, went public on HKEX.Change in the Number of Brand ブランド数の推移PartnersChange in Sales売上高推移RMBmn8,852 4,94535 Brandsブランドaddedパートナー 35追加4 Yr CAGR: +27%7,278 3,8565,393 2,8762662311854,149 1,8913,390 1,2141331522,1762,2582,5173,4223,907Pattern® is the first E-Commerce accelerator to help your company grow faster, protect your brand, and sell globally on ecommerce marketplaces, D2C, and other digital channels.456 mill. USD (2021 estimated)SalesHQsFoundUS2010EmployeesAbout 1,000Over 500 mill. USDOver 1 bill. USD (estimated in 2022)SalesHQsFoundUS2013EmployeesAbout 900•Pattern® is the first E-Commerce accelerator to help your company grow faster, protect your brand, and sell globally on ecommerce marketplaces, D2C, and other digital channels.SalesHQsFoundOver 500 mill. USDUS2006EmployeesAbout 1.000Source: Form-20F-2020 (SEC), macrotrends、TechCrunch | LEHI Pointe et.al., internal investigationAs Pattern and Spreetail are non-listed companies therefore the numbers shown above are based on our internal investigation•Spreetail is the E2E EC partner for manufacturers who want to accelerate E-Commerce reach, revenue, and reward.© 2022 itsumo. inc.39AppendixEnforcement of EC Marketing ServiceE C M a r k e t i n g S e r v i c eProviding clients with EC support services by channel or project every month, stably generate profit with buildup approach. Enlargement of recurring revenue and encourage clients shift to performance-based service contract generate a steady-paying EC Market Service:Gross Sales1,378 1,792 2,696 2,217 FY2020FY2021FY2022FY2023 (Plan)Provide for customer-oriented EC value chain service, encourage deployment of Omni-Chanel and improve client ARPUExpedite Recurring RevenueBacked by a positive customer satisfaction rating, our recurring revenue are steadily growing and seek for strong profitability.Accelerate Performance-Based Sales ContractsShifting from flat-fee billing system to pay-as-you-go one© 2022 itsumo. inc.40AppendixMechanism of Cross-SellingE C M a r k e t i n g S e r v i c eIn addition to increment of new brands, enlarge service volume of current brands, accelerate Omni-Channel, that encourages long-term contract and consolidate revenue base.The number of manufactures and makersThe number of brands××The number of EC channelsNewly joi nedmanufacturesManufacturesBrand ABrand BAddThe number of servicesECStrategyWebsiteconstructionAddRakutenAmazonAddOmni-Chanel EffectAccelerate ARPUAnd recurring contract© 2022 itsumo. inc.41Appendixitsumo. Group Organization Chartitumo.incEC Marketplace ServiceEC Marketing Service“HANRO” Acting over EC operations for manufacturesEC Consulting / EC OperationsA wholly owned subsidiaryA wholly owned subsidiaryitsumo commerceitsumo capitalEC Marketplace ServiceIncubation: Venture capital investment“Brand Value Up” Acquisition and development of In-house brand42AppendixBusiness PartnersApparel・Cosmetic・HealthFood & BeverageMiscellaneous・HobbyManufactures© 2022 itsumo. inc.43AppendixHistory of Our BusinessSince the institution’s formation, itsumo. has been dedicated to provide for a high-quality EC marketing service. By capitalizing on its over-year purchasing data store and know-how, we launched “HANRO” service (act over EC operation for retailers) in July 2016 , furthermore we initiated “Brand Value Up” strategy in 2021 which acquires in-house brands. We continue to provide for new services that meet the needs of the times.2007201120122013201620202021Initiated servicesto open-up Amazonstore・Initiated Brand Value Up(M&A of inhouse-brands and development)Initiated services to act overEC operation “HANRO”・Founded itsumo commere・Founded itsumo capital③ Brand Value Up; M&A(EC Marketplace Service)SaeslInitiated full-fledged EC operating serviceInitiated services to Open-up Yahoo storeInitiated servicesto embark on global EC sitesInitiated fulfillment service②”HANRO” act over EC operation service(EC Marketplace Service)Initiated websitedesigning serviceFor E-CommerceInitiated services to open-up Rakuten storeInitiated EC consulting servicefor E-Commerce① EC Marketing Service© 2022 itsumo. inc.44AppendixOperation Baseitsumo. deploys EC Big Data System which accumulates long-time customer. This technology leads us to optimize business operations and expand our total gross sales.Marketing Technology to drive SalesOver-Year Purchasing Data StoreEC Big Data SystemBusiness planningwith a higher success rateLeverage EC Big Data to…Market size, Market shareSales Planning | P/LSensitive marketing planningTimely promotion, budget allocation, and valuationWell-informed on EC business and facultyOptimize ROIThe number of deals over10,000*Major EC PlatformsData StoreAnalyzing SchemeMass Data EC Marketplace ServiceExpand our know-how to each business operations and servicesEC Marketing Service* T h e c o m p a n y ’ s a c c u m u l a t e d n u m b e r o f d e a l s© 2022 itsumo. inc.45AppendixEC Marketplace ServiceUnique Identity for EC Marketplace Service“HANRO” Act over EC Operations | Official Brand SiteHANRO (literally means “sales channel” in Japanese) is a mix of wholesale and acting over. This brand-new DX scheme expands market share among online distributors. This service exploits your distribution routs over the Internet, in addition, it enables you to break ground reaching to new customers seamlessly.• Support entire EC Value Chain as an E-Commerce accelerator• Encompass purchasing, online sales and shipping• Encourage embarking on plural EC channels 1Target Client2Traits of Our Service3 Same Pillars | Competitors① Any manufactures or brands which have potentials to become 3.4 mill. to 11 mill. USD (300 mill.-1 bill. JPY) players after providing leverage for 2-3 years.・Secure brand value over EC market・Encourage multi-channel deployment・Wide variety of service capabilities・Competitive edges in volume of brands ② Brands or manufactures which plan for a new ・Less competitors or same pillars in Japanand business performanceonline store opening CHINA: Baozun (NASDAQ:BZUN) Acting over EC retailers in ChinaUS: Providing for E-Commerce consulting service or encourage multi-channel deployment as EC accelerator such as PACKABLE (NYSE:HTPA). Pattern (Utah)© 2022 itsumo. inc.46AppendixEC Marketplace ServiceUnique Identity for EC Marketplace ServiceEマケプレ“HANRO” Act over EC Operations | Official Brand SiteTraits of ServiceChange in sales following install of our leverage3.5xMonetization becomes full-fledged 2-3 years after our prop-up (launching their website)2.0x・During preparatory period, execute market research, develop service lineups and buildup EC strategiesBenchmark・For the 1st year, review website, optimize SEO and build up a track record through test marketing activities・For the 2nd and 3rd year, increase market share and name brand recognition, gain recurring customers and enhance Life-Time-Value1st Year導入1年目2nd year導入2年目3rd Year導入3年目Physical contribution to monetization by New brand partners starts kicking in the 2nd year of our leverage © 2022 itsumo. inc.47AppendixUnique Identity for EC Marketplace ServiceE C M a r k e t i n g S e r v i c eBackup EC Strategies for D2Cs by Monthly Sales × EC ChannelsRakutenAmazonMalls| CBECOwn EC WebsiteSeries “Iron Law” Consulting Menu ・Own EC site ・Intermediate course ・Advanced cSeries “Iron Law” Consulting Menu ・Rakuten course ・Optimize search influx ・Act over RPP ・Act over search function serviceFulfillmentYahoo! (PayPay)Deploy support by channel/countryOwn online siteRakutenAmazonau PAY MarketQoo10US/ Russia/ EUASEAN Counties China© 2022 itsumo. inc.48Production | DesignD 2 C ・ E – C O M M E R C E M A R K E T I N GP l e a s e f e e l f r e e t o c o n t a c t u s w i t h a n y q u e s t i o n s . W e l o o k f o r h e a r i n g f r o m y o u “i – t s u – m o ” ( a n y t i m e i n J a p a n e s e ) !corporate@itsumo365.co.jp49C r e a t i n g t h e F u t u r e o f J a p a n w i t h E C MissionThis is our mission, and we provide small to large manufacturers with comprehensive supporting solutions dedicated to E-Commerce, a fundamental business of 21 century. As a leader of EC business in Japan, we provide you with a throughout support such as building up strategy, construction website, warehousing and fulfillment. itsumo. inc. facilitates you to develop your brands to the world through a fusion of “people” and “technology“ with a seasoned EC sales know-hows.50Forward Looking Statement• This material includes forward-looking statements. These descriptions are only based on the information at the time this material was created. Moreover, these statements neither guarantee future financial results nor business status in the future, as well as they contain risks and uncertainties. Should you be sure that the actual results may differ significantly from the future outlook due to changes in the environment and other factors. • Factors that affect the above actual results include, but are not limited to, domestic and international economic conditions and trends of relevant industry surrounding the Company. • From now on, in the event of new information or incident in the future, the Company is not obligated to update or revise any future information contained in this material. • Furthermore, the information aside from the company contained in this material and these are quoted from public information aswell, we have not verified or guarantee the accuracy, appropriateness of such information.© 2022 itsumo. inc.51

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