良品計画（7453）
Contents
1.2.
3. SR Inc SR Inc
4. Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved nngT 7453 Shared Research Repot 2014 6 11_ 1980 GMS 9 31 40
5. SR sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved ae 7453 Shared Research Report 2014 6 11 2014 2
6. nngT 7453 Shared Research Repot 2014 6 11_ 8 92 44 DO 2014 2 20 MUJI Global Sourcing PRIVATE LTD i 1 8058
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11. 14 302 2 7 6 009 5 0 6 041 2 5 3 4 2014 2 116 27 425 3 4 2 185 10 4 161 106 6 7 13 957 6 1 46 816 64 3 4 141 124 0 45
12. 3 550 m 50 100 MUJI to Go MUJI COM 2014 2 7 Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 7453 Shared Research Report 2014 6 11 WEB WEB Muji net
13. 7453 Shared Research Repot 201476 11 MUJI 2014 2 73 0 66 7 2014 2 64 3
14. 1 9843 IKEA Sh sfed esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 7453 Shared Research Repot 2014 6 11 2011 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
15. 5 270g 400g SR http www muji net lab report 091209 01 html http www sharedresearch jp 2000
16. GSP Generalized System of Preferences i WEB E 2017 2
17. sSh afedi 7453 03 3989 4403 1989 6 30 HP httD ryohin keikaku jp esearch IR IR http www sharedresearch jp Shared Research Report 170 8424 4 26 3 1 1995 8 1 2 IR SS http ryohin keikaku jp ir IR Copyright C Shared Research Inc All Rights Reserved 2014 6 11 Sh afedi esearch 7453 Shared Research Report 2014 6 11 SR
18. 60 2013 8 2015 2 1009 2005 2005 7 1 1994 MUJI 2000 5 2007 12
19. 2013 Shared Gxcscarch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 7453 Shared Research Report 2014 6 11 6 6 3 2002 2014 2 2014 2
20. 2014 4 3 2017 2 450 2014 2 195 30 2017 2 200 1 2 2018 2
21. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 7453 Shared Research Report 2014 6 11 gt 200 300 5 000 3 000 4 000 20 10 4 20 3 5 amp 99 2014 2 159
22. Shared Researcn SR Inc SR Inc SR Inc SR Inc SR Inc
23. 2010 2 2011 2 2012 2 2013 2 2014 2 45 4 45 5 45 8 46 4 46 1 8 6 8 2 8 7 9 7 9 5 5 9 5 5 4 8 4 1 3 7 267 251 220 191 172 1m 53 0 50 3 49 3 49 4 51 7 1 2217 2 101 2 129 2 150 2 174 1 19 19 18 17 17 1 41 9 43 8 43 2 43 5 42 0 2010 8 2011 8 2012 8 2013 8 2014 8 51 70 51 9 51 2 49 3 16 20 14 2 13 6 11 6 10 6 4 7 4 7 4 4 550 246 242 215 1m 82 9 76 1 73 8 77 8 1 2554 5 2 507 2 716 2 759 1 23 23 22 23 1 31 9 34 9 37 9 36 0 2010 2 2011 2 2012 2 2013 2 2014 2 32 00 32 6 32 6 32 7 32 3 8 60 9 1 9 4 9 3 8 3 9 4 9 6 10 1 10 6 10 4
24. 1991 1 MUJI WEST SOHO 1997 RYOHIN KEIKAKU EUROPE LTD 1998 RYOHIN KEIKAKU FRANCE S A S 1 1991 1995 2001 2003 2004 2005 Shared WeseaTch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Sh sfed esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 7453 Shared R
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28. WEB http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 7453 Shared Research Report 2014 6 11 SR WEB 2008 2 1 2
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30. 1 9983 1 2698 100 1 9843 2000 2 134 2002 2 55 2001 2003 MUJI GRAM MUJI GRAM
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33. 2014 11 esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared 7453 Shared Research Report 2014 6 11 10 2 11 2 12 2 13 2 74 565 77 271 81 596 87 376 101 665 45 4 45 5 45 8 46 4 46 1 14 134 13 900 15 438 18 351 20 916 8 6 8 2 8 7 9 7 9 5 EBITDA 17 212 16 683 18 143 21 027 24 460 EBITDA 10 5 9 8 10 2 11 2 11 1 4 6 4 6 5 0 5 8 7 7 ROA 7 8 8 0 8 9 9 9 13 2 ROE 10 3 10 3 11 1 12 5 17 0 1 72 1 72 1 78 1 70 1 70 5 9 5 5 4 8 4 1 3 7 62 0 66 1 76 0 88 5 97 7 9 791 13 658 17 924 23 043 30 815 263 7 298 3 329 0 319 8 287 7 184 6 113 0 194 4 192 3 141 8 CF 0 56 0 36 0 47 1 45 0 67 20 7 1 5 19 1 22 0 21 5 CF
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36. 7 521 10 7 6 2014 2 8 681 1 088 4 64 19 11 680 17 69 Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 7453 Shared Research Report 2014 6 11 330 30 8 4 12 19 3 550 48 6 120 48 8 ft cd 2017 2 3 000 1 000 350 ROE15
37. SR Inc 3 31 12 03 5834 8787 http www sharedresearch D Email info sharedresearch D http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
38. 5 89 17 79 2014 2 2010 6 2013 1 Cafe amp Meal MUJI 18 2014 2 MUJI HOUSE SE
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41. 4 101 6 934 1 438 4 102 a Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 7453 Shared Research Report 2014 6 11 1980 1980 1990 12
42. Sh ared Gcsearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 7453 Shared Research Repot 2014 6 11 DC GDC SR GDC MD 20
43. 2000 13 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 7453 Shared Research Repot 2014 6 11 9 2001 2 5 100 70 2 1 2
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51. MUJI EUROPE HOLDINGS MUJI EUROPE HOLDINGS http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 7453 Shared Research Repot 2014 6 11 2007 2014 2 8 12 06 2 07 2 08 2 09 2 10 2 11 2 12 2 13 2 14 2 142 683 854 874 1 031 1 253 2 331 273 214 219 258 278 359 1 4 4 4 4 5 8 SR 12 3 4 2014
52. 2 MUJI Card MUJI net 10 4 10 15 2011 2 2014 2 ASEAN 05 2 06 2 07 2 08 2 09 2 10 2 11 2 12 2 13
53. 28 12 2012 2 105 12 2012 2 38 15 144 38 2 1 117 35 0 1 050 18 7 65 38 05 2 06 2 07 2 08 2 09 2 10 2 11 2 12 2 13 2 14 2 15 2 128 468 140 890 157 063 163 757 163 757 164 341 169 748 178 186 188 350 220 620 252 700 72 9 7 115 43 00 04 33 50 57 171 342 71724 78 434 87 482 87 297 88 890 89 776 92 477 96 589 100 974 118 955 133 100 56 744 62 444 69 580 74 912 74 866 74 565 77 27
54. 14 1 8028 6 1979 2 GMS PB 1978 1980 1988 PB 1983 1983 1985 1985 140
55. 240 8 2014 2 7 1 IT MUJI Passport WEB 2021 2 10 WEB E E http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 7453 Shared Research Report 201476 11 SW Strengths WeaknesseS Strengths BP 2013 MUJI BtoC 24
56. MUJI passport SNS WEB 30 40 36 9 78 8 2012 6 2006 2007 2008 2009 2011 2012 32 5 33 4 34 1 34 8 37 3 36 9 75 70 75 78 81 78 8 25 30 25 22 21 21 2 10 9 10 9 9 6 5 6 20 38 32 31 29 24 26 5 30 31 30 32 31 33 29 3 40 23 27 29 30 39 38 6 SR 2006 4 30 40
57. UR IDEE 7 2013 2 2014 2 100 MUJI HOUSE 60 1009 MUJI EUROPE HOLDINGS LIMITED 66 RYOHIN KEIKAKU EUROPE LTD 66 MUJI RYOHIN KEIKAKU FRANCE S A S 66 MUJI MUJI ITALIA S p A 66 MUJI MUJI Deutschland GmbH 669 MUJI MUJI HONG KONG CO LTD 100 MUJI MUJI SINGAPORE PRIVATE LTD 100 MUJI MUJI MALAYSIA SDN BHD 100
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59. 1949 1973 1993 2002 2008 1957 1976 1993 2000 2008 1993 97 1997 2000 2001 08 4 1954 1978 2005
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69. 1993 1994 Ryohin Keikaku Europe Ltd 1995 1998 1999 comKIOSK 2000 2001 2003 MUJI Singapore Pte Ltd 2004 MUJI ITALIA S p A MUJI Korea Co Ltd 2005 iF 5 2006 1 MUJI AWARD 01 2007 MUJI MUJI SOHO 1 2008 MUJI MU11 MUJI to GO 2009 2011 1 FoundMUJ I
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72. 2013 479 2012 3 901 3 3 2011 2012 2 2013 2013 3 1 459 1 8
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74. 124 0 106 19 SR 1980 1980
75. SR 2012 2 55 28 2013 2 67 41 2014 2 78 50 2012 2 1 79 2013 2 0 4 2014 2 3 89 WEB WEB CM
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77. 4 1989 1 1990 1990 UN 1993 1 000 2 3 SC
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80. 2014 11 GDC 2 ASEAN 2014 2 2017 2 1 0 2014 2 3 99 2013 10 MD 2015 2 Phase 1 2014 DC Distribution Center Phase 2 2015 DC GDC Global Distribution Center Phase 3 2016 GDC
81. 2014 2 2014 2 29 2014 2 3 1000 2015 2 3 66 89 2003 100 2004 JV 609 2013 1009 5 69 1 6 2014 2 2014 2 9 933 25 2 250 9 6 2 59
82. 64 4 896 4 344 4 945 5 481 4 895 6 939 5 371 5 765 7 434 9 207 14 491 14 936 16 862 18 767 20 046 21 332 18 370 18 186 22 685 26 865 1 150 5 5 600 349 386 411 426 977 603 578 625 2 349 600 349 386 411 426 982 608 578 625 2 349 161 240 276 244 67 407 1 340 15 092 15 286 17 249 19 178 20 472 22 314 18 979 18 765 23 310 29 214 6 766 6 766 6 766 6 766 6 766 6 766 6 766 6 766 6 766 6 766 10 106 10 122 10 118 10 123 10 122 10 122 10 122 10 119 10 116 10 825 30 583 38 086 44 870 53 009 57 030 61 474 66 280 72 183 30 207 93 845 249 238 1 237 969 963 964 3 964 3 961 3 927 7 578 6 38 324 1 535 1 322 673 302 829 1 192 1 641 91 434 913 314 1 586 1 240 1 987 2 416 870 2 291 249 238 429 2 138 1 338 1 383 1 344 1 380 2 254 2 876 45 315 53 922 61 582 69 936 71 528 77 066 78 502 83 528 96 050 111 015 5 248 7 293 7 721 8 197 8 847 9 791 13 658 17 924 23 043 30 815 161 240 276 244 67 407 1 340 16 961 24 063 18 277 16 688 12 246 15 920 1 184 15 966 21 1
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93. MUJI MUJI Korea Co Ltd 60 MUJI 100 MUJI MUJI Global Sourcing Private Limited 100 MUJI Retail Thailand Co Ltd 50 MUJI MUJI RETAIL AUSTRALIA PTY LTD 100 MUJI sh ared WeseaTch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 7453 Shared Research Report 2014 6 11 MUJI U S A Limited 100 MUJI 100 MUJI http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 7453 Shared Research Report 2014 6 11 10 2 11 2 12 2 13 2 14 2 170 190 174 870 172
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100. 0 1 1 1991 7 1 MUJI WEST SOHO 155 mm 1991 MUJI 50 50 1997 RYOHIN KEIKAKU EUROPE LTD
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103. 2012 1 MUJI Pavilion MUJI SOMAJ Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 7453 Shared Research Report 2014 6 11 2014 2 28 7 03 5 38 State Street Bank and Trust Company standing proxy HSBC 4 16 3 84 Nomura Bank Luxembourg S A S A Nomura Multi Currency Japan Stock Leaders Fund 3 11 The Chase Manhattan Bank N A London Secs Lending Omnibus Account 2 43 2 25 2 00 JUNIPER 1 89 State Street Bank and Trust Company standing Droxy Mizuho BK 1 54 SR 1998 1999 2013 2
104. 2014 1 100 3 1009 2015 2 3 66 89 MUJI 2017 2 40 2015 2 2016 50 sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Res
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134. w sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 7453 Shared Research Repot 2014 6 11 Economist Intelligence Unit 1 2 2012 10 9 2012 2013 2014 2015 2016 2 265 900 2 628 400 3 086 500 3 573 000 4 133 700 10 9 10 5 11 1 10 2 10 0 Economist Intelligence Unit 2013 SR 2016 4 1 2016 15 000 2011 119 2016 41 Fung Business Intelligence Centre 86 596
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