Eyewear firm, JINS, hit record sales again in FY2018, rising 12.5% to ¥28.4 billion producing operating profit of ¥2.6 billion, up 22.8%. Its domestic chain now comprises 362 stores and sales of ¥22 billion, up 6.4%.
Sales were boosted by renewed efforts to keep merchandise fresh, notably with new collaborations with two French brands, Le Baigneur and Senteur Et Beaute.
Overseas, JINS has 141 stores in China, 25 in Taiwan, two in Hong Kong and five in the US. Overseas sales jumped 57% to ¥5.1 billion, but the foreign operation still makes a loss due to higher costs in China – ¥45 million last year.
In order to stabilise the Chinese business, JINS is reducing the pace of new stores from 30 a year to 15-20. For this year, JINS expects sales of ¥62.8 billion, up 14.4% and operating profit up 20% to ¥7.2 billion.
Michael Causton is the co-founder and partner at JapanConsuming, a specialist research firm on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market to help subscribers keep up to date with the latest trends and data. JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and consulting on market strategies and future trends.
(Source: Japan Consuming)