Nippon Yipin Planning Co., Ltd., which operates a daily-use grocery store “MUJI”, announced a personnel appointment on July 2nd. Nobuo (52), the managing director, will be promoted to president on September 1. In the past, he served as the chief financial officer (CFO) of Fast Retailing and the head of the European and American business of Uniqlo, and was once regarded as the successor of Fast Retailing President and President Yanai Masa. Although the current performance of the Yipin Project is strong, the European and American business has been in a state of loss. The company intends to reorganize its business by using the experience accumulated in the former club.
Nobuo (right) and Akatsuki Matsuzaki (July 2nd, Chiyoda-ku, Tokyo)
This is the first time the company has changed its president in six years. The BEST project started with the private brand (PB) of Seiyu, a large Japanese supermarket. The presidents of all generations were born in Seiyu. This is the first time that a non-Seiyu person has been appointed as the president. Matsuzaki Akatsuki (67 years old) will step down as the president of Yipin Project and become the vice president without representation. Prior to this, he restored profitability that had deteriorated due to a large number of stores, and advanced structural reforms such as inventory reduction. It is expected that the revenue of the Yipin plan will reach the highest level in fiscal year 2020 (as of August 2021). Matsuzaki believes that the reform has been effective, and therefore plans to update the operating system.
On July 2, at a press conference held in Tokyo, Akatsuki praised the former Nobuo, “I have implemented measures to be promoted to store manager within 3 years of employment, etc., and cultivated outstanding talents.” Liangpin plans to implement a mid-term business plan centered on expanding business in China from September. On this occasion, Matsuzaki believes that the front of the hall is a suitable candidate for president.
In front Nobuo worked at McCann tin Japanese company in 1998 to enter the Fast Retailing work. Served as a director at the age of 29 and held important positions such as IT department leader and chief financial officer. Some Fast Retailing related people commented that, “He is always fearless to say what should be bluntly to Yanai.” After entering the Liangpin Project in 2019, he has accumulated rich experience in cultivating young store managers.
The consolidated financial report from September 2020 to May 2021 released by Yipin on July 2 showed that operating income reached 345 billion yen and net profit was 29.1 billion yen. Due to the change in the financial reporting period, it is impossible to make a simple comparison, but compared with the same period of the previous year, operating income increased by 15% and net profit reached approximately 5 times. In markets such as Japan and China, home consumption and storage products have performed well due to the new crown epidemic. However, the business in Europe and the United States fell into a bitter battle with a loss of 2.5 billion yen (a loss of 2.3 billion yen in the same period last year).
Compared with Japan, many stores in Europe have small stores, low sales, and high import costs. Although the good product plan is currently advancing structural reforms, reducing labor costs through layoffs and other methods, but due to the epidemic and the suspension of business, the severe situation of business in Europe and the United States continues. Some overseas securities analysts pointed out that “it is necessary to transform into a profit-generating system through cost-cutting measures such as closing stores.”
Although the front office secretary barely spoke at the press conference that day, he used to be the person in charge of the European and American business in Uniqlo, so he is very familiar with the weak areas of the good product plan. Whether the Yipin Project can use the experience in front of the classroom to solve the problems it faces has attracted much attention.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/former-uniqlo-executives-will-serve-as-the-president-of-muji/
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