Kazumasa Terada, the founder and CEO of Samantha Thavasa resigned in May 2019.
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The Japanese bag and accessories retailer, known as much for its celebrity ties as its products, has seen a downturn in its fortunes in recent years, prompting the resignation of the 53-year old.
Terada had owned 62% of the company’s stock but sold around half in May 2019.
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In 2017, Terada claimed the company had fixed its problems and was on course to hit sales of ¥100 billion in 2020 but sales fell to ¥27.7 billion in FY2018, down 13.7% although the firm did return to profit.
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)