Monthly Overview (May 2025)




During this month, the apparel market continued to be firm, mainly for luxury brands, partly due to the effects of boosting inbound demand in line with the steady yen depreciation. However, the general apparel market continued to be sluggish, compared with the last year's revenge spending after the COVID-19 pandemic.

We also implemented measures to attract customers, such as brand campaign for the both of brick-and-mortar stores and EC, and began full-fledged operation of summer products, such as lightweight jackets and functional shirts and blouses that are appropriate for the mid-summer season along with rising temperatures. As a result, full price sales remained at the same level as the previous year, when sales of revenge spending increased.

On the other hand, sales through outlets, EC and other channels fell sharply in line with the sharp decline in carryover inventories. While the ratio of full price sales remained at a high level of 84%, total sales were on the same trend as the previous month, which was below the previous year.

As a consequence of the above, monthly sales at department stores and directly managed stores of full-price for May totaled 100% of the previous year, while sales at outlets and EC accounted for 93% of the previous year, and the total company sales for 98% of the previous year.

Year-on-year Change in Retail Sales

  Mar. Apr. May Jun. Jul. Aug. First half
Total 96% 98% 98%        

By Brand

MACKINTOSH LONDON 108% 103% 102%        
MACKINTOSH PHILOSOPHY 103% 104% 102%        
Paul Stuart 98% 95% 99%        
EPOCA 93% 91% 96%        
Womenswear*1 90% 98% 95%        
Corporate brands*2 107% 97% 96%        
LOVELESS 53% 56% 62%        

By Channel

Department stores 95% 102% 101%        
Directly managed stores 100% 94% 97%        
EC 90% 90% 90%        
Outlet stores 106% 96% 96%        
  • Corporate brands include SANYOCOAT, S.ESSENTIALS, Sanyo Yamacho and ECOALF.
  • Womenswear includes AMACA, EVEX by KRIZIA, TO BE CHIC and TRANS WORK.

Number of Stores

  Feb 2023 Aug 2023 Feb 2024
  Actual YoY Actual YoY Actual YoY
Department stores 738 -59 726 -54 731 -7
Directly managed stores 40 1 40 2 42 2
Outlet stores 31 -2 35 2 34 3
Total 809 -60 801 -50 807 -2
  • Number of shop-in-shops for department stores. Directly managed stores incude shops in department stores based on lease agreement and Marui.

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