RYOHIN KEIKAKU (7453): 2026 autumn/winter new merchandise exhibition: Targets further growth by introducing new categories

研报英文原文证据摘录

RYOHIN KEIKAKU (7453): 2026 autumn/winter new merchandise exhibition: Targets further growth by introducing new categories

J P M O R G A N Asia Pacific Equity Research

31 July 2026

RYOHIN KEIKAKU (7453) Overweight

7453.T, 7453 JP

2026 autumn/winter new merchandise exhibition: Price (30 Jul 26):¥4,224

Targets further growth by introducing new categories Price Target (Dec-26):¥4,800

Key points: Introduction and expansion of novel merchandise, stronger sales Japan Equity Research

promotion communication, pricing strategies

Retail

Dairo Murata AC

(81-3) 6736 8620

• Twice yearly merchandise exhibitions: Ryohin Keikaku held a Q&A session dairo.murata@jpmorgan.com

with the heads of the three merchandise categories and the merchandise Ami Terai

development team. Our impression is positive, as we confirmed the following (81-3) 6736-8660

points: (1) Ryohin Keikaku is strategically introducing novel merchandise and ami.terai@jpmorgan.com

strengthening existing products based on its merchandise concepts; (2) it aims Kazuha Matsuo

to expand sales by improving operational precision and strengthening sales (81-3) 6736-8614

kazuha.matsuo@jpmorgan.com

promotion communication; and (3) while maintaining prices for core items via JPMorgan Securities Japan Co., Ltd.

its upstream efforts, it expects to maintain markup rates across all categories

by releasing new items with high markup rates and value-added to offset the

impact of higher raw material prices and forex.

• Regarding (1), in the apparel segment, Ryohin Keikaku previously focused on

strengthening existing products by reducing SKUs, but after determining that

it reduced SKUs too much, especially for womenswear in 2025, it plans to

replace existing products with new products while maintaining the total