ベリテ（9904） - シェアードリサーチ
Contents
1. SR Inc SR Inc2. 2015 1 2 13 19 1 2 4 7 8 2 MD
3. 2 2 28 28 11 11 6 19 12 9 1 2014 1 4 2 SR
4. M amp A As me 2
5. CRM 9 2014 3 2016 3 2016 3 3
6. 2014 3 0 9 1 2 SR
7. 9904 SR Research Report 2015 4 17 SW Strengths Weaknesses Strengths 2012 9 12 1 1 Weaknesses
8. shared esearch lp http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4717 CEO 1978 1997 9 2014 5 2003 3 2008 6 2009 8 2012 7 2014 10 CEO 1984 2006 2007 GIA
9. DIC TOKAI
10. 2008 2013 12 27 100 2014 2 1 100 52 28 2014 8 5 99 26 1009 6
11. Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 50 196 51 6 1 5 1 5 2 Le Couture
12. 2015 3 1 2014 8 14 2015 3 1 2015 3 1 1 747 22 4 125 42 151 66 164 58 1 QIREINI
13. Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4717 CRM 9 2014 3 2 2013 11 14 2014 3 2 2 4 547 1 39 10 284 67 343 74 456 BEAUTY FOR EVERYONE QIREINI
14. 3 7 5 COO Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 LUCU 2015 3 2016 3 2 60
15. 2014 10 29 2015 3 2015 3 1 2 MD 3 3 4 40 60
16. 1 5 79 MD VMD MAHARAJA MiMiKaZaRi Pierce Garden MiMiKaZaRi 2 1 2 2 2 000 3 000 10 000 5 000 20 000
17. 2012 3 MiMiKaZaRi 2013 6 MiMiKaZaRi 2014 11 MiMiKaZaRi sSh ared Pb T ch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved w 9904 SR Research Report 2015 4717 2008 5 TOB
18. VOYAGE GROUP SBS KLab J GCA
19. Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 2010 3 2009 3 FCF Sh ared Pb T ch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4717 1936 1948 5 1962 5
20. 2015 1 2 13 19 1 2 4 7 8 2 MD MD sSh ared lesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
21. 3 31 12 03 5834 8787 http www sharedresearch D Email info sharedresearch p Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
22. 1990 100 1991 9 2005 8 2008 6 DTC 1936 22 1948 1950
23. Re Briller 1 4 6 17 7 27 6 13 7 13 5 24 9 15 3 2014 4 2015 3 1 2015 3 1 1 1 2014 3 1 2 2 2014 4
24. MD 3 2016 3 2015 2 3 3 Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 7 000 6 442 900 ae 5 604 6 5 9275 9445 9515 898 800 42964252 43284 356 5944 459 7 641 40M 4 000 550 600
25. 12 3 1 2 LE COUTURE RE BRILLER 4 Sh ared esearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4717 1 2 3 1 Verite 10 Verite 1
26. 10 2012 59 19 16 6 1 1 3099 http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 1 8233 amp 1 3382 1 3086 1 82
27. SR 1 3 Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 1991 30 150 2013 9 617 1 3 1 2
28. 2000 2006 12 SMBC 2008 4 15 TOB 2008 5 28 SMBC Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 2 2008 5
29. sSh ared 9904 SR Research Report 2015 4 17 MiMiKaZaRi 2 MiMiKaZaRil 20 000 MAHARAJA 10 30 30 40 4000 9 70 3 500 56 6 55 8 57 0 60 50 9 0 50 3 49 3 50 9 50 2 51 3 52 4 5 52 4 9 50 1 5253 6 51 6 50 9 52 2 3 000 6 6 50 40l2 4 2 500 ww 40 2 000 30 1 500 20 1 000 10 500 0 10 01 03 01 03 01 03 01 03 Q1 Q3 01 03 01 03 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15
30. SR 1 800 80 1 5811 596 1 600 1530 1 446 75 1 3821 1 385 419 339 1 400 2741 2561306 1 235 1 2271 263 13331 09 70 2 8 a 1 1691 1481 1401 198 65 1 027 1 036 1 000 60 800 55 600 50 400 49 1 45 200 40 3899 35 01 03 01 03 01 03 01 03 01 03 01 03 01 03 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 SR 3 4 MAHARAJA 2 1 1 4 4 2 Pb T ch lp http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17
31. 1 2 Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4717 j
32. COO sSh ared lesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 MD COO 2012 MiMiKaZaRi COO 2010
33. 2001 1 2009 3 2001 1 20 463 2014 3 11 115 2009 3 2014 3 2 700 2013 3 2 600 http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 2007 1 2006 1 259 1 249 2006 12 3 750
34. 15 000 2 2 1 sSh ared 1 ch lp http Www sharedresearch jp Copyrig
35. 2 6 442 5 268 QIREINI SR 2013 9 82 20 VERITE 75 3 MAHARAJA DIAMOND 5 1 MiMiKaZaRi 2 1 0 19 7 2013 3 18 Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4717
36. sSh ared Pb T ch lp http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 2007 2008 2009 2010 2011 2012 13 708 11 989 10 538 9 283 9 104 8 945 9 110 2 230 2 060 1 868 1 558 1 466 1 430 1 475 16 3 17 2 17 7 16 8 16 1 16 0 16 2 8 087 6 843 5 988 5 302 5 293 5 287 5 419 59 0 57 1 56 8 57 1 58 1 59 1 59 5 4 201 4 573 4 051 3 562 3 558 3 595 3 713 30 6 38 1 38 4 38 4 39 1 40 2 40 8 4 386 2 270 1 937 1 740 1 735 1 692 1 707 32 0 18 9 18 4 1
37. 1 8025 2 8115 DM 1 8165 1 9997 Amazon com JASDAQO 4755 JA 2000 2012 33 5 33 9 33 0 11 6 61 1 19 8 38 2 63 9 43 2 64 9 40 9 53 9 SR 2000 2012 33 5
38. 1990 2000 2005 2006 2008 2009 1947 1949 2007 2010 9 2 443 2 185 Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
39. 2012 2 6 Sh ared eSeaTCh http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4717 1 31 3 31 2007 10 2007 2 2007 10 9 2008 3 2007 11 2008 3 5 2011 3 2014 3 2014 5 13 2014 3 9 778 7 4 240 14 7 20 72 7 152 33 9 2014 5 9 1 IBEAUTY FOR EVERYONE
40. 203 sSh ared Pb T ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved w 9904 SR Research Report 2015 4 17 10 3 11 3 12 3 13 3 14 3 9 246 9 530 10 823 10 565 9 778 9 000 19 7 3 1 13 5 2 4 7 4 8 0 4 693 4 652 5 268 4 841 4901 4 552 4 878 5 555 5 723 4877 49 2 51 2 51 3 54 2 49 9 5 213 4 815 5 497 5 518 4655 56 4 50 5 50 8 52 2 47 6 660 59 47 209 240 240 339 5 14 8 0 0 0 6 2 0 2 5 2 7 97 84 20 35 27 48 140 158 169 247 611 4 90 74 20 100 73 0 400 0 0 0 0 7 0 2 1 1 45 66 0 201 243 150 185 66 99 43 51 55 56 62 68 768 169 212 113 152 40 34 5 73 7 1 1 1 6 0 4
41. 1 545 2008 3 237 272 sSh ared Pb T ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4717 2009 3 548 104 694 202 375 243 1 935 2010 3 2009 3 2010 3 660
42. 2014 8 5 2014 3 52 VERITE MAHARAJA DIAMOND MiMiKaZaRi 50 60 50 2010
43. CRM 6 2 7 9 7 1 2 8 4 49 9 7 3 0 4 0 6 0 29 1 2013 4 1 7 1 2 317 14 3 51 0 58 7
44. amp QIREINI 2014 3 amp 2014 3 2015 3 QIREINI amp R NI hr 2 F 1 Hr ji ji amcEe in Your Beauty TOP BACK Ft SR OQIREINI MiMiKaZaRi
45. 2011 3 5 9 2012 3 5 9 10 091 1 0 3 9 3 0 1 3 0 5 1 8 12 8 54 59 2011 3 51 29 6 5 497 2011 3 4 815 5 2011 3 59 90 2011 3 4 44 66 212 2011 3 169
46. 1962 1990 100 1991 2 1998 4 1991 30 150 1998 15 954 1998 1 25 571 1998 1
47. SR 2020 40 60
48. As me JASDAQ 7872 1 7937 ASDAQ 7638 1 2 3 2 1 3 ee SR
49. D M 9 CRM 2014 10 29 11 13 COO
50. Sh ared lesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved w 9904 SR Research Report 2015 4 17 2012 9 MiMiKaZaRi 10 MiMiKaZaRi MiMiK2ZaRi a SR CRM LTV CRM LTV 20 CRM
51. 9 878 9 000 9 750 10 340 8 600 9 246 9 530 10 823 10 565 9 778 6 4 5 9 11 0 2 2 13 7 79 100 100 270 390 660 59 47 209 240 41 0 53 0 22 6 38 5 89 75 0 265 240 611 4 90 74 20 94 7 72 1 91 7 9 100 110 150 130 768 169 212 113 152 24 7 16 9 SR Shared esearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4717 10 3 11 3 12 3 13 3 14 3 1 617 1 591 2 016 2 288 1 533 673 375 654 1 652 1 335 49 25 32 0 0 4 235 4 507 5 292 5 268 5 927 581 541 905 1 116 732 7 057 6
52. 1997 2014 5 2 2003 Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 2008 2 2008 TOB 40 100
53. 7 2013 3 18 1 169 14 79 51 99 61 8 42 209 2 sSh ared Pb T ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved w 9904 SR Research Report 2015 4717 amp 2014 10 2014 10 30 2014 10 29
54. 2014 3 2 3 6 208 5 268 QIREINI 2013 12 84 20 VERITE 77 1 MAHARAJA DIAMOND 5 1 MiMiKaZaRi 2 0 20 4 1 4 1 18 7 7 6 28 4 2 SR 3 2 2015 3
55. 15 39 12 596 26 9 33 3 33 39 2013 3 2014 3 80 73 5 2 2 3 GMS 1 3 GMS 1980 GMS 19 6 65 m 2 600 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 6 eSeaTCh http Www sharedresearch jp Copyri
56. 2015 3 2015 3 1 2 MD 3 3 4 40 60
57. 27 6 21 89 2014 7 9 19 2 3 3 2014 4 1
58. 3 2014 2 26 2014 9 692 0 8 2018 10 332 T V U WwW 1 600 9 1 371 1 356 5 6 1 400 L296 1268 1 273 6 1 253 1 242 1 199 p 1 200 1 1 8 3 1 000 0 800 3 600 400 200 12 15 CY00 CY01 CY02 CY03 CY04 CY05 CY06 CY07 CY08 CY09 CY10 CY11 CY12 CY13 10 YoY SR RW
59. 60 50 40 30 20 10 0 10 20 30 40 Apr 10 Apr 11 Apr 12 Apr 13 Apr 14 SR shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sSh ared 1 ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4717 PFYO3 13 FY03 14 FY03 15 Q4 Q1 Q2 Q3 2 217 2 392 2 589 3 367 2 251 2 296 2 505 2 726 1 747 2 009 2 108 3 136 65 2 9 000 YoY 7 8 1 3 5 1 8 5 1 5 4 0 3 2 19 0 22 4 12 5 15 8 15 0 8 0 1 162 1 257 1 783 1521 1127 1 200 1 280 1270 902 1 022 1 100 6 YoY 0 2 4 6 14 7 0 2 3 0 4 5 28 2 16 5 20 0 14 8 14 1 52 4 52 6 68 9 45 2 50 1 52 3 51 1 46 6 51 6 50 9 52 2 1 371 1333 1 368 1 446 1 169 1 148 1 140 1 198 1027 861 1 036 YoY 8 6 3 8 3 6 1 1 14 7 13 9 16 7 17 2 12 1 25 0 9 1 61 8 55 7 52 8 42 9 51 9 50 0 45 5 43 9 58 8 42 9 49 1 209 75 414 79 42 52 140 90 125 20 64 281 240 YoY 204 4 2 6 66 2 13 9 61 5 54 3 212 2 0 0 9 4 31 16 0 23 1 9 2 3 5 6 3 3 7 2 1
60. amp QIREINI CRM 0 8 5 5 4 49 6 6 8 5 6 79 2 7 1 29 1 2013 4 1 2 sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 I
61. 52 28 10096 1009 99 2696 CEO RE mn 2 52 2896 100 _ CEO SR COO
62. 576 517 1 995 9 1 99 ROA 2 4 3 2 ROE 1 7 2 1 70 3 68 5 56 4 57 6 63 3 SR Shared esearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4717_ 2015 4 17 Kavan Choksi 2015 4 8 3 2015 3 6 2015 2 2015 3 3 2015 3 5 2015 3 3
63. QIREINI 8 CRM Customer Relationship Management 4 1 3 4 8 14 0 21 8 3 6 4 19 8 0 3 5 927 5 268 QIREINI 2014 3 80 17 VERITE 73 MAHARAJA DIAMOND
64. 2 MiMiKaZaRi MiMiKaZaRi Pandora 2014 10 18 CEO
65. MAHARAJA 2 12 12 17 Verite 17 105 1 125 2 2014 8 5 2014 3 52
66. 1 1 006 117 1 716 186 664 2 499 197 335 413 443 FCF 1 2 1 505 314 2 051 599 221 576 517 1 995 91 99 A 102 103 153 147 48 B 35 206 378 69 119 C 276 301 2 086 96 894 FCF NI A B C 977 573 2 523 287 813 SR 2009 3 2010 3 2012 3 2013 3 2014 3 2001 1
67. Shared Researcn SR Inc SR Inc SR Inc SR Inc SR Inc SR Inc
68. 2012 11 21 MiMiKaZaRi 09 3 10 3 11 3 12 3 13 3 11 519 9 246 9530 10 823 10 565 109 8 19 7 3 1 13 6 2 4 11 505 9 241 9 528 9 621 9 304 115 6 19 7 3 1 1 0 3 3 2 144 1 657 1 713 1 702 1 615 119 7 22 7 3 4 0 6 5 1 18 6 17 9 18 0 15 7 15 3 1 906 1 402 1 375 1 419 1 325 108 3 26 4 1 9 3 2 6 6 16 5 15 2 14 4 13 1 12 5 3 926 3 227 3 363 3 023 2 843 129 5 17 8 4 2 10 1 6 0 34 1 34 9 35 3 27 9 26 9 3 529 2 955 3 077 3 477 3 521 103 5 16 3 4 1 13 0 1 3 30 6 32 0 32 3 32 1 33 3 14 5 2 468 1 261 SR
69. 2014 Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 6 81 2 VERITE 74 1 MAHARAJA DIAMOND 5 MiMiKaZaRi 2 0 1 PANDORA 2 PANDORA Jewelry Asia Pacific Limited sSh ared Pb T ch http www sharedresearch jpD Copyri
70. 2015 2 9 2015 3 3 2015 3 3 2015 2 6 1 3 amp Sh aredd Mesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 FY03 15 FY03 15 FY03 15 14 4 14 5 14 6 14 7 14 8 14 9 14 10 14 11 14 12 15 1 15 2 15 3 Q1 Q2 Q3 Q4 1H 2H 27 6 15 09 10 996 9 196 16 296 11 796 13 09 15 7 17 496 6 99 4 9 5 296 17 796 11 99 15 6 14 79 12 4 38 7 24 9 18 296 19 796 19 3 15 9 14 4 15 4 19 5 6 6 9 8 3 0 27 696 18 4 16 9 23 2 9 6 18 0 13 2 9 0 13 296 3 7 5 0 1 6 0 4 2 5 14 496 4 5 2 3 13 7 8 09 1 5 11 2 8 8 81 81 81 80 80 80 83 83 84 81 81 79 81 80 84 80 0 Verite 74 74 74 73 73 73 74 74 75 72 72 70 74 73 75 73 0 MAHARAJA 5 5 5 5 5 5 7 7 7 7 7 7 5 5 7 5 0 MiMiKaZaRi 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 0 21 8 8 69 11 1 2 396 9 796 10 69 10 7 1
71. Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 2012 3 2 2013 3 2013 3 10 565 2 4 209 339 5 74 90 113 212 2013 4 23 PANDORA CRM 4
72. 2008 5 1 2 3 4 5 2008 5 2010 3 1 1 2011 3 2 10 52 01 15 30 4 47 3 38 2 83 0 69 0 55 0 54 0 53 0 49 SR 2014 3
73. 3 024 16 2 3 066 11 3 391 41 150 111 14 159 5 3 3 3 3 2 1 3 41 2014 12 Xmas Xmas Ximas Xmas Xmas 1 2 3 4
74. CEO 2009 4 2010 4 CEO 2012 7 1978 9 19 1997 9 2014 5 2003 3 2008 6 2009 8 2012 7 2014 8 2014 8 5
75. MiMiKaZaRi 17 000 5 000 7 000 Pierce Garden VERITE MAHARAJA 2014 10 7 MiMiKaZaRi 2 MAHARAJA MAHARAJA 2 3
76. 2009 3 2014 3 7 045 10 3 11 3 12 3 13 3 14 3 10 6 18 2 21 0 9 2 6 5 34 5 20 1 17 4 39 8 55 8 1 1 1 1 1 1 0 9 0 9 328 2 343 0 339 5 398 1 416 9 2 4 3 2 6 9 6 1 4 7 149 8 112 9 53 0 59 5 78 0 212 9 250 1 303 8 378 4 394 6 SR 1 2 3
77. 2014 3 2 3 MiMiKaZaRi 2 54 2 51 2 3 0 PANDORA 55 1 50 596 PANDORA 47 89 68 29 2013 3 PANDORA 201 Sh ared esearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 10 3 11 3 12 3 13 3 14 3
78. 5 1 MiMiKaZaRi 2 0 18 2014 3 1 Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4717 2014 3 203 2014 3 3 2014 2 13 2014 3 3 3 7 052
79. nl 40 50 15 SR
80. 9904 SR Research Report 2015 4 17 3 2016 3 2015 2 3 3 sSh ared Pb T ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved w 9904 SR Research Report 2015 4 17 MiMiKaZaRi
81. 9904 SR Research Report 2015 4 17 1960 2011 60 12 7 2011 8 1 2009 2 2 5 2009
82. SR Research Report 2015 4 17 9904 sr_inquiriesQsharedresearch jDp 9904 SR Research Report 2015 4 17 q ee 4 4 ee 5 6 2015
83. 400 1 000 MEN STOKYO 2011 10 201 1
84. SR 2007 1 12 99 13 719 514 2006 1 232 61 59 304 241 1 199 2006 1 205 2007 10 933 116 290 98
85. 1 8008 1 8289 1 7532 2 2780 1 3048 1 8019 Sh ared Wesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17
86. 2014 4 2014 3 1 2013 8 14 2014 3 1 2 251 1 5 42 209 66 238 58 254 1 BEAUTY FOR EVERYONE CRM DIGICO
87. 93 40 768 2011 3 2011 3 3 1 9 530 59 2010 3 660 4 2010 3 611 2005 1 6 81 72 185 169 2010 3 740 2011 2 2011 3
88. sSh afed 6 5EGdT ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 1 10 3 11 3 12 3 13 3 14 3 24 655 24 655 24 655 27 231 27 231 EPS 33 3 7 4 9 2 4 4 5 6 EPS DPS 0 0 0 0 0 0 0 0 0 0 BPS 292 6 284 9 275 7 253 2 258 9 SR 2013 3 ASTON 2006 1 fc 1 3 10 3 11 3 12 3 13 3 14 3
89. 2 0 150 15 3 14 60 0 5 102 1 IBEAUTY FOR EVERYONE QIREINI CRM Customer Relationship Management 3 10 12 8 0 2 6 10 9 3 3 19 0 5 3 6 3
90. 73 0 400 0 0 0 0 7 0 2 1 1 768 169 212 113 152 40 34 5 73 7 1 1 1 6 0 4 24 655 24 655 24 655 27 231 27 231 EPS 33 3 7 4 9 2 4 4 5 6 1 5 EPS DPS 0 0 0 0 0 0 BPS 293 285 276 253 259 1 617 1 591 2 016 2 288 1 533 673 375 654 1 652 1 335 4 235 4 507 5 292 5 268 5 927 7 057 6 989 8 835 10 324 9 527 283 331 564 320 361 2 212 2 248 1 665 1 302 1 213 43 23 22 13 12 9 596 9 592 11 077 11 960 11 115 1 603 1 276 254 1 324 772 576 895 2 891 2 600 2 700 2 706 2 654 4 503 4 778 3 958 0 200 200 0 0 144 369 407 289 111 2 850 3 023 4 910 5 067 4 069 6 745 6 568 6 355 6 892 7 045 576 1 095 3 091 2 600 2 700 1 006 117 1 716 186 664 499 197 335 413 443
91. B B A 2008 2009 2014 3 406 62 468 35 8 6 1 356 VERITE 2 Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 045 415 8800 1948 5 13 HP http Wwww verite jD IR IR Verite_irQVerite CO D Sh ared KWeSGaT ch http www sharedresearch
92. 420 2012 1 060 1 040 1 020 1 000 980 960 940 920 900 880 2 860 840 4 CY12 CY13 CY14 CY15 CY16 CY17 CY18 10 YoY SR 6 4 2 0 Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17
93. jpD Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2015 4 17 221 8705 3 3 3 8 8 2 1991 9 26 3 TIR http www verite jp aboutus irinfo index html IR 9904 SR Research Report 2015 4 17 SR MG
94. 0 3 0 9 0 2 7 238 105 378 39 66 81 6 151 3 43 211 8 100 YoY 8 220 3 77 3 8 78 6 84 6 46 9 3416 7 400 0 10 7 4 4 14 6 1 2 2 9 0 0 3 2 0 2 8 6 0 1 2 0 6 7 1 1 254 202 354 215 58 16 69 157 164 25 30 199 e 40 YoY 306 9 80 5 27 0 56 5 26 8 11 5 8 4 13 7 6 4 2 6 0 7 2 8 5 8 9 4 1 2 1 4 6 3 0 4 5 070 4 720 5 604 5 268 6 085 6 442 6 208 5 927 5 944 5 951 5 898 YoY 5 5 12 1 0 9 0 5 20 0 36 5 10 8 12 5 2 3 7 6 5 0 448 394 584 269 461 522 471 380 641 550 536 SR 2015 3 4 Q4 3 4 1 5 864 16 8
95. 1 7 11 696 15 8 3 69 6 1 196 13 596 7 496 11 4 10 3 7 6 33 696 23 9 17 4 18 1 17 496 14 9 14 9 12 2 15 5 2 2 13 1 3 196 24 996 16 9 14 4 21 0 17 0 17 7 20 1 7 7 19 3 9 3 5 1 4 9 0 6 4 6 18 4 8 4 4 39 15 3 11 4 3 5 13 59 11 3 76 79 79 80 79 79 79 80 80 80 77 77 79 79 80 79 0 FY03 14 FY03 14 FY03 14 13 4 13 5 13 6 13 7 13 8 13 9 13 10 13 11 13 12 14 1 14 2 14 3 Q1 Q2 Q3 Q4 1H 2HlW 8 596 8 7 7 496 0 8 9 8 1 996 7 096 4 296 2 3 8 49 10 8 0 3 3 396 4 296 0 196 0 89 3 896 0 5 2 09 17 4 2 59 6 9 596 7 29 14 296 11 69 9 49 8 99 12 6 14 696 30 0 19 4 2 896 11 196 10 796 20 6 4 396 15 8 10 3 7 6 11 096 2 4 6 9 5 1 11 0 2 69 14 4 17 0 26 996 27 4 23 7 6 096 7 7 11 89 25 0 0 5 18 2 9 3 87 84 83 83 83 82 82 84 84 82 81 80 83 82 84 80 82 80 80 Verite 75 75 75 76 76 75 75 77 77 75 74 73 75 75 77 73 75 73 73 MAHARAJA 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 MiMiKaZaRi 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 5 2 1 1 7 796 9 0 6 7 0 59 4 096 2 496 0 296 12 296 11 8 18 7 4 196 0 7 1 296 0 496 8 09 4 89 0 496 6 3 3 6 18 6 1 8 1 69 0 6 8 0 4 6 0 1 3 5 3 6 7 6 23 996 12 8 5 896 4 5 2 696 14 0 0 6 8 5 4 19 9 29 10 7 8 596 1 2 4 4 7 3 0 19 16 3 16 0 28 4 26 0
96. 2014 3 529 2014 5 2014 5 21 GBJ GB 2 600 1 4596 2014 5 30 Sh aredd Mesearch http ww
97. 3 DTC 1 2010 3 1 2 20 30 509 1IMiMiKaZaRi 1 2012 9 12 Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 MiMiKaZaRi 2
98. 3 i 13 ei 15 i 21 Cc 21 gt 25 A i i cia 32 CE MC 37 39 39 7 43 45 os 47 4 5 48 7 49 ike 49 CE CA 49 ii 50 sSh ared 5 HLT ch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved w 9904 SR Research Report 2015 4717 a 10 3 11 3 12 3 13 3 14 3 15 3 9 246 9 530 10 823 10 565 9 778 9 000 19 7 3 1 13 6 2 4 7 4 8 0 4 552 4 878 5 555 5 723 4 877 18 2 7 2 13 9 3 0 14 8 49 2 51 2 51 3 54 2 49 9 660 59 47 209 240 240 339 5 14 8 0 0 0 6 2 0 2 5 2 7 611 4 90 74 20 100
99. 3 000 05 448 500 399 000 325 30 380 380 330 0 1 000 300 200 Ql Q3 Ql Q3 Q1 Q3 Q1 Q3 Q1 Q3 Ql Q3 0Q1 Q3 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 SR 2015 1 80 2016 3 Verite 3 3 MiMiKaZaRi 2015 3 2 2014 11 13 3 756 17 4 1 924 17 3 2 030 287 105 10 154 67 189 74
100. 37 Asme JASDAQ 2736 Tiffany amp Co RICHEMONT BVLGARI Harry Winston CHAUMET 1 2 3 F amp A
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102. 9 15 59 4 49 6 4 39 10 9 21 896 0 29 16 29 8 0 81 78 78 77 77 76 77 78 79 79 76 77 78 76 79 77 76 77 77 FY03 13 FY03 13 FY03 13 12 4 12 5 12 6 12 7 12 8 12 9 12 10 12 11 12 12 13 1 13 2 13 3 Q1 Q2 Q3 Q4 1H 2H 7 496 8 696 12 1 7 39 4 09 6 1 196 2 096 12 7 10 996 3 996 0 79 7 1 0 1 1 0 8 8 3 9 0 59 6 396 3 79 4 19 6 9 2 696 8 7 0 196 5 5 12 4 7 4 6 8 3 4 3 29 5 59 2 9 4 8 8 5 4 1 3 9 2 4 3 19 12 0 16 696 14 3 _ 1 596 4 196 7 0 11 8 5 7 4 3 7 096 2 496 12 0 3 196 4 09 6 0 3 7 7 3 596 3 99 6 0 6 100 100 101 101 101 102 103 104 104 102 99 97 101 102 104 97 102 97 97 Verite 75 75 76 76 76 78 78 78 78 76 73 73 76 78 78 73 78 73 73 MAHARAJA 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 ilya 2 2 2 2 2 2 PANDORA 19 19 19 19 19 19 20 20 20 20 20 18 19 19 20 18 19 18 18 MiMiKaZaRi 1 1 2 2 2 2 2 1 2 2 1 2 2 6 496 9 896 11 3 4 2 1 39 1 5 2 2 6 1 9 196 4 296 2 39 2 8 0 8 1 5 6 296 1 9 0 496 4 0 2 49 2 9 3 7 1 096 8 6 2 4 8 29 14 8 5 396 5 2 3 1 6 19 9 5 1 8 6 4 8 09 6 6 2 4 3 1 2 2 7 9 696 14 096 12 296 _ 4 89 3 89 7 3 14 8 0 8 4 1 7 196 3 696 11 3 2 696 5 296 2 09 7 6 4 096 2 896 0 3 81 81 82 84 85 90 92 96 96 95 90 90 82 90 96 90 90 90 90 SR
103. 989 8 835 10 324 9 527 283 331 56 4 320 36 1 187 159 149 37 26 1 736 1 508 1 261 1 235 1 154 289 581 255 30 33 2 212 2 248 1 665 1 302 1 213 43 23 22 13 12 2 538 2 602 2 252 1 636 1 588 9 596 9 592 11 077 11 960 11 115 1 603 1 276 254 1 324 772 576 895 2 891 2 600 2 700 527 483 1 358 854 486 2 706 2 654 4 503 4 778 3 958 200 200 0 0 144 169 207 289 111 144 369 407 289 111 2 850 3 023 4 911 5 068 4 070 3 772 3 772 3 772 3 972 3 972 4 052 4 052 4 052 4 052 3 721 740 910 1 123 1 009 857 6 745 6 568 6 355 6 892 7 045 3 305 3 606 5 692 5 596 6 490 576 1 095 3 091 2 600 2 700 1 041 496 1 075 312 1 167 SR
104. ght C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 21 7 72 m 2 800 AU As me 12 3 13 3 14 3 12 3 13 3 14 3 1 3 13 3 14 3 12 3 13 3 14 3 10823 10 565 9778 29 177 29 809 34 421 30 960 26 298 27549 10 022 8 557 7692 135 24 74 78 22 155 177 15 1 48 99 146 101 5 555 5 723 4877 17976 18 286 21 282 14 388 14091 14115 6 610 5 703 4702 139 30 148 18 17 164 69 219 02 128 13 7 176 513 542 499 616 613 618 465 536 512 660 667 61 1 5 497 5 518 4655 15 462 15958 19 026 10 595 10603 10 496 6 936 6 366 5 381 142 04 156 06 32 192 03 01 10 21 82 155 508 522 476 530 535 553 342 403 381 692 744 700 47 209 240 2513 2 328 2 255 3 792 3487 3618 326 662 680 3395 147 927 74 3 1 340 80 38 04 20 25 86 18 66 122 133 13 1 33 77 88 SR 2014 3
105. ght C 2013 Shared Research Inc All Rights Reserved w 9904 SR Research Report 2015 4 17 8 2015 3 FYO03 12 FY03 13 FY03 14 FY03 15 4 417 6 406 10 823 4 609 5 956 10 565 4 547 5 231 9 778 3 756 5 244 9 000 YoY 8 2 35 7 13 6 4 3 7 0 2 4 1 3 12 2 1 4 17 4 0 2 8 0 1 934 3 334 5 268 2 189 2 652 4 841 2 219 2 682 4 901 1 831 2 482 3 073 5 555 2 419 3 304 5 723 2 327 2 550 4 877 1 924 YoY 2 1 25 6 13 9 2 5 7 5 3 0 3 8 22 8 14 8 6 17 3 56 2 48 0 51 3 52 5 55 5 54 2 51 2 48 7 49 9 51 2 2 648 2 849 5 497 2 704 2 814 5 518 2 317 2 338 4 655 2 030 60 0 44 5 50 8 58 7 47 2 52 2 51 0 44 7 47 6 54 0 166 213 47 284 493 209 10 230 240 105 345 240 YoY 446 2 20 3 131 5 344 7 53 3 14 8 50 0 3 3 8 3 2 0 0 2 4 4 2 5 2 8 6 6 2 7 230 140 90 343 417 74 67 87 20 154 254 100 YoY 13 900 0 197 9 19 1 73 0 192 0 400 0 2 2 7 0 0 7 1 7 0 2 4 1 4 8 1 1 267 55 212 456 569 113 74 226 152 189 229 40 YoY 934 5 60 3 34 5 1 3 73 7 2014 10 29
106. ht C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 1991 2012 1 135 000 1 amp 37 669 2 63 064 2 32 000 3 34 900 3 30 960 4 27 489 4 As me 27 642 5 23 240 5 21 027 6 17 748 6 20 290 7 16 286 7 18 400 8 14 075 8 TASAKI 14 023 9 13 239 9 QVC 13 000 10 12 813 10 11 860 SR 1991 2009
107. w sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9904 SR Research Report 2015 4 17 2015 5 30 2 100 2014 7 31 2014 5 30 2014 5 9 2014 3 9 770 8 600 230 390 20 240 150 130 2014 4 1
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