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JSC Business UNIQLO Doyoung Park Osaka Gakuin University Economy Back in Deflation Japanese government announced, November, 2009 GDP Deflator + 0.2% Domestic Demand Deflator – 2.6% Lowest deflator since 1958 Long-term business slump DEFLATION Price drop – income drop – Business down Japan in Bubble ’80-90 Huge benefits from international trades Weak Yen $1 = 250 Yen Plaza Agreement 1987 Strong Yen $1 = 160 Yen Bank of Japan decreased the interest Money flood to the market Heating stock market and real estate Buying the world Bubble at the Peak Total real estate value of Japan in 80-90 2000 trillion yen If you sell 1 Japan, you can buy 4 Americas. 1 small apartment in Tokyo 20 billion yen Heating stock market Nikkei 38000 Luxurious Japan Louis Vuitton in Japan Sales of LV Japan 1/3 of all LV Group Actually 70% of sales by Japanese Crazy for luxuries Ginza and Omotesando in Tokyo Wind of Change Versace retreated from Japanese market Oct. 2009 Versace’s own problems Change of Japanese consumers After Bubble Busted Lost Decade Stock and real estate bubble busted Nikkei 38000 to 10000 20 billion yen apt to 2 billion Deflation Another Lost Decade World Financial Crisis Long term deflation Consumers’ mind changed New winner has come! Uniqlo the Market Leader 2008 Sales volume 1,885 billion yen (+ 17.5%) Net benefit 409 billion yen (+ 45.6%) History of Uniqlo Est. 1984 – Uniqlo 1992 Cheap price and high quality Role model GAP American style fashion Focusing on design Image marketing Big hit on fleece 2 million pc. 1997, 8.5 million pc. 1998 51 colored fleece 26 million sold 2000 Low Price! 990 yen Low Price! 4990 yen Low Price! 1290 yen Crisis in Uniqlo Sales drop in 2002 Price competition Economy recovered Cliché items Fortified marketing for sophisticated image Hired famous stars for CM models Image campaign Image Campaign New functional items and image of urban style Norika Fujiwara and Skinny Jeans Heat Tech Bra Top Uniqlo Rush New items – functional and fashonable Business slump since 2008 H&M Hennes & Mauritz Swedish apparel company Landed Japan 2008 Two stores at Ginza and Harajuku H&M Premier FAST FASHION