I didn't even know this stock existed, and I'm a fan of JP streetwear/athleisure fashion, thanks for yet another great write up.
I've known of Nanamica through streetwear YouTubers in Japan. The purple label does have its own unique hype. The customer adores the minimalistic, quality, Japanese styling, and exclusivity of the brand. If you spot someone wearing a purple label, there is an automatic assumption that this person does his research and is into streetwear/athleisure fashion. It gives you "street cred" basically.
Given, purple label has limited growth outside of JP, Goldwin should copy the Nanamica framework and have a Japanese designer create an exclusive JP styling inspired Goldwin brand that has a Japanese title and call it maybe "black label" or "blue label".
The frustrating thing for this to work out is ensuring demand is always way above supply. This is to ensure the exclusivity or the perceived exclusivity remains. This is the business model Supreme uses. Completely underserve demand with extremely limited supply. This results in a higher priced resale market. This high price gets ppl attracted for the right reasons (fashion) and the wrong reasons (greed). Now you have everyone talking about the brand, and so you raise price and volume a little bit. Then you do collabs and limited drops and ur off to the races. Analogous to the story of the golden goose.
Have you seen in Goldwin's history where they have rushed expansion too fast?
The demand ramp up can be painful for shareholders who are impatient. Do you think Goldwin has what it takes to create an exclusive brand outside of Japan that has the same hype? I'll be looking at YouTube to see what the impression of Goldwin is amongst consumers.
Hi Alex. A great write up, especially on valuation. I did my own write up comparing Mizuno and Asics. I did not include Goldwin thinking their TNF reliance does not make it a good comp. Maybe I should have looked GW at its own right. Thank you.
TNF sales in JP are on slide 3 of the recent Mid Term Plan Part 2 presentation on Goldwin's website. The one called 【Second Part】Five-Year Medium-Term Management Plan (FY2025.3-FY2029.3)
TNF sales in KR are available in both Goldwin's annual securities report (called the Yuho, available on the Japanese IR website) and also from the Korean filings of Youngone, via its IR website and the DART repository of Korean financial filings.
I didn't even know this stock existed, and I'm a fan of JP streetwear/athleisure fashion, thanks for yet another great write up.
I've known of Nanamica through streetwear YouTubers in Japan. The purple label does have its own unique hype. The customer adores the minimalistic, quality, Japanese styling, and exclusivity of the brand. If you spot someone wearing a purple label, there is an automatic assumption that this person does his research and is into streetwear/athleisure fashion. It gives you "street cred" basically.
Given, purple label has limited growth outside of JP, Goldwin should copy the Nanamica framework and have a Japanese designer create an exclusive JP styling inspired Goldwin brand that has a Japanese title and call it maybe "black label" or "blue label".
The frustrating thing for this to work out is ensuring demand is always way above supply. This is to ensure the exclusivity or the perceived exclusivity remains. This is the business model Supreme uses. Completely underserve demand with extremely limited supply. This results in a higher priced resale market. This high price gets ppl attracted for the right reasons (fashion) and the wrong reasons (greed). Now you have everyone talking about the brand, and so you raise price and volume a little bit. Then you do collabs and limited drops and ur off to the races. Analogous to the story of the golden goose.
Have you seen in Goldwin's history where they have rushed expansion too fast?
The demand ramp up can be painful for shareholders who are impatient. Do you think Goldwin has what it takes to create an exclusive brand outside of Japan that has the same hype? I'll be looking at YouTube to see what the impression of Goldwin is amongst consumers.
Hi Alex. A great write up, especially on valuation. I did my own write up comparing Mizuno and Asics. I did not include Goldwin thinking their TNF reliance does not make it a good comp. Maybe I should have looked GW at its own right. Thank you.
Curious to learn where your data comes from for things like Goldwin's TNF sales in KR and JP. I couldn't find this on their investor website.
Hi Patrick, thanks for your comment.
TNF sales in JP are on slide 3 of the recent Mid Term Plan Part 2 presentation on Goldwin's website. The one called 【Second Part】Five-Year Medium-Term Management Plan (FY2025.3-FY2029.3)
TNF sales in KR are available in both Goldwin's annual securities report (called the Yuho, available on the Japanese IR website) and also from the Korean filings of Youngone, via its IR website and the DART repository of Korean financial filings.
Love your candy-themed charts 😅
Great write up!
Fantastic post. Any idea what they paid for the north face license in 1993?
Thanks. What they paid is lost to history. At a guess, it would have been somewhere between peanuts and nugatory.
Fascinating history. I had no idea NTF essentially has split ownership.
Excellent write up.