From our Representative Director Investors

We would like to express our sincere gratitude to our shareholders and investors for their continued support and consideration.

The fiscal year ending March 2025 was the first year of our medium-term management plan, which will conclude in the fiscal year ending March 2029. We have been working hard to achieve two goals in our business activities: to further strengthen our outdoor brand, “The North Face,” and to expand our original brand, “Goldwin,” in the global market.

The sales for “The North Face” exceeded 100 billion yen for the first time since it began importing and selling in 1978, growing 104% year-on-year. Although the rise in temperatures in October and November last year had an impact on winter merchandise, the company was able to increase sales throughout the year as it promoted structural reforms away from a focus on winter items to a stable year-round model.

“Goldwin” opened new directly managed stores in Chengdu, Sichuan Province, Hangzhou, Zhejiang Province last year, and in Nanjing, Jiangsu Province this April. Although the macro economy in mainland China continues to be weak, in our target premium sports market, sales to customers who value functionality and aesthetics have been steady, and each store exceeded expectations in terms of sales, profitability, and repeat customer rates. The brand as a whole is performing well, up 143% year-on-year.

As a whole, our sales reached a record high of 132.3 billion yen (104.3% compared to the same period last year) due to the increase in inbound demand in Japan and stable domestic consumption. Although operating income and ordinary income decreased compared to the previous year due to the head office relocation and the contribution of one-time expenses for the J-ESOP (Employee Stock Ownership Plan) in advance, our business continues to grow.

The fiscal year ending March 2026 is positioned as the first year for “establishing a new foundation for growth.” We will continue to invest in human resources for global expansion, and accelerate the review of our personnel system, organization, and channel structure to improve the brand’s experience value and diversify revenue opportunities through the synergy between the “things business” and the “experience business,” aiming to strengthen our revenue structure.

In addition, in order to increase the investment appeal of our shares and to hope that you will become even more fans of our products, we have decided to split our shares with a record date of September 30, 2025 and an effective date of October 1, 2025, and to present a shareholder discount coupon that can be used at the Goldwin Online Store as an interim benefit with a record date of September 30. Details will be announced on our website.

We sincerely ask for your continued understanding and support.