FY2021/02 Full-Year Financial Results

and Supplementary Information

April 14, 2021

Tokyo Stock Exchange First

Section: 3548

Slide 1

  1. FY2021/02 Full Year Result Overview
  2. Business Highlights
  3. Full Year Earnings Outlook

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

FY2021/02 Full-Year Summary

Slide 2

  • During Q4, Domestic Sales declined due to the resurgence of the Covid-19 epidemic and reissuing of a State of Emergency in January. However, strong results across our Chinese business operations supported the outcome of the consolidated business results.
  • In terms of the Full Year, Consolidated Recurring Profit and Consolidated Net Profit, both exceeded the forecast. Consolidated Sales delivered short of its forecast.

Current Term Results

Previous Year Results

2020/3/12021/2/28

2019/3/12020/2/29

Item

Full Year

Forecast

Earnings

Actual

Last Year

YoY

Ratio

Forecast

Consolidated Sales:

¥52.54 Bil

¥50.59 Bil

3.7

¥65.88

Bil

23.2

Consolidated Operating

¥1.55 Bil

¥1.31 Bil

15.4

¥4.60

Bil

71.5

Profit:

Consolidated Recurring

¥1.17 Bil

¥1.18 Bil

0.8

¥4.58

Bil

74.1

Profit:

Consolidated Net Profit:

¥0.31 Bil

¥0.37 Bil

20.3

¥2.87

Bil

86.9

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

FY2021/02 Full-Year Summary

Japan Business Overview

Slide 3

  • Across the Full Year, the spread of the Covid-19 epidemic had a significant impact on business results. While sales showed a recovery trend from the beginning of autumn when the second wave subsided, while entering Q4, domestic sales slowed down again due to the curtailment of business operations and business hours and consumers refraining from going out in response to the reissuing of the State of Emergency from January. For the Full Year, Domestic Sales were 75.2% YoY. Additionally, EC Sales showed a substantial increase compared to the previous fiscal year.
  • Throughout the year, we will continue to focus on thorough approaches to proper sales, optimizing inventory control, and reducing SG&A expenses.

Domestic Sales: ¥44.42 Bil Previous Year ¥59.11 Bil 75.2 YoY

Due to store closures, curtailed business hours and operations, and the public refraining from going out throughout the year due to the Covid-19 epidemic, Domestic Sales were 75.2% YoY

In regards to our EC Business Operations, we will continue to strengthen our operations by promoting EC measures that highlight our sales capabilities like through Staff Start or improving and utilizing Live Commerce. EC sales increased significantly by 121.2% YoY. In-house EC sales increased 117.1% YoY and those of 3rd parties

increased by 126.7% YoY

Domestic GP: ¥25.92 Bil

Previous Year ¥35.57 Bil

72.9 YoY

  • The margin of Domestic GP on Domestic Sales for the Full Year decreased 1.8% YoY

Domestic SG&A: ¥25.27 Bil Previous Year ¥31.71 Bil 79.7 YoY

  • Reduction of SG&A Expenses to be achieved through reducing advertising expenses, business consignment expenses, and curbing down personnel expenses such as reducing executive compensation

As a result, the Domestic OP was ¥0.6 BilPrevious Year ¥3.86 Bil 16.8% YoY

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

FY2021/02 Full Year Summary

Overseas Business Overview

Slide 4

  • In the 4th Quarter of Chinese Business Operations, even with a resurgence of Covid-19 infections in some areas, such as Northeastern China, EC business grew significantly amid EC events such as Singles Day (Double Eleven, 11).
  • Despite being affected by the Covid-19 epidemic, for the Full Year, China JV Sales (Sales by Chinese Wholesale Companies and Royalties from Chinese Retailers) were 90.3% YoY. Compared to other countries, the Chinese market is recovering faster and as such Chinese business operations continue to support the consolidated business results.
  • For the Full Year, US Business Operations remained in the black. Hong Kong Business Operations have not yet recovered due to the continued influence of the Covid-19 crisis

China JV Sales ¥ 6.34 bil Previous Year ¥ 7.02 bil 90.3 YoY

  • Across the Full Year, JV Sales bottomed out in February-March due to the impact of the Covid crisis, but since May, business performance has been on a recovery trend in line with the return of personal consumption in China. EC Sales grew significantly (121.5% YoY) due to live commerce and other factors, with the EC Sales Ratio landing at 15.0%
  • Royalties from Chinese retailers were 86.0% YoY
  • At the end of December, the number of stores totaled at 299(opening: 46, closed: 32), an increase of 14 YoY

China JV Profit ¥ 0.43 bil Previous Year ¥ 0.63 bil 69.4 YoY

  • Amid the recovery trend in China, both equity in earnings of affiliates and the profits of wholesale retailers increased, with JV profits recovering from the ¥-0.17 bil deficit in the first half of the FY.

Other Overseas Business Operations (US Business, Hong Kong Business)

  • In the U.S., there is only one directly managed store in New York. Strong wholesale sales in September due to growing demand for denim products contributed to operating income and net income both falling in the black.
  • ENFÖLD's wholesale operations from Japan remained strong throughout Asia
  • Due to the effects of protest demonstrations against the National Security Law and measures against new Covid-19 infections (meeting restrictions, etc.) consumption remained sluggish in terms of the Hong Kong retail business.

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

FY2021/02 Full Year Consolidated Earnings Statement

Slide 5

Consolidated PL Results

  • Regarding Consolidated Sales, with Q4 affected by the State of Emergency and although when compared to Q3 there was only a slight decrease, the full year saw Consolidated Sales at 76.8% YoY
  • Consolidated GP Margin decreased 2.4 pts YoY57.4%→55.0%
  • Consolidated SG&A Expense Ratio increased 2.1pts YoY50.4→52.5%)
  • Consolidated OP decreased ¥ 3.29 bil YoY

FY2021/02

FY2020/02

(百万円/JPY mil

実績

対売上

前年同期比

前年実績

対売上

Actual

% of Sales

YoY

Actual

% of Sales

売上高/Sales

50,590

100.0%

76.8%

65,880

100.0%

売上総利益/Gross Profit

27,847

55.0%

73.6%

37,837

57.4%

販管費及び一般管理費/SG&A

26,535

52.5%

79.8%

33,232

50.4%

営業利益/Operating Profit

1,312

2.6%

28.5%

4,604

7.0%

経常利益/Recurring Profit

1,187

2.3%

25.9%

4,586

7.0%

親会社株主に帰属する

375

0.7%

13.1%

2,871

4.4%

四半期純利益/Net Profit

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

FY2021/02 Full Year Consolidated Results - Sales Breakdown

Slide 6

Consolidated Sales Breakdown

  • FB/SB Brands, operating mainly in urban areas, are still recovering from to the impact of Covid-19 crisis. Overseas sales, mainly in China, contributed greatly to the Consolidated results.

FY2021/02

FY2020/02

(百万円/JPY mil

実績

構成比

前年同期比※

前年実績

構成比

Actual

Composition

YoY

Actual

Composition

売上高/Sales

50,590

100.0%

76.8%

FB/SBブランド/FB/SB Brands

15,137

29.9%

73.6%

SCブランド/SC Brands

22,139

43.8%

74.0%

セレクトショップ・百貨店ブランド/

4,365

8.6%

76.2%

Select ShopDept. Store Brands

海外/Overseas

7,481

14.8%

92.4%

その他/Others

1,466

2.9%

92.5%

65,880 100.0%

20,564 31.2%

29,902 45.4%

5,727 8.7%

8,099 12.3%

1,585 2.4%

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

FY2021/02 Full Year Consolidated Financial Results - SG&A Expenses

Slide 7

Consolidated SG&A Expenses

  • Decreases in Sales resulted in a decrease in variable costs. In addition, further focus on , reducing executive compensation, reducing rent, reducing SG&A expenses by continuing to curb advertising and commission expenses, etc., resulted in consolidated SG&A expenses showing at 79.8% YoY

FY2021/02

実績

対売上

前年同期比

売上比

(百万円/JPY mil

増減

Actual

%

YoY

Movement

of Sales

vs % Sales

売上高/Sales

50,590

100.0%

76.8%

_

販売管理費/SG&A Expenses

26,535

52.5%

79.8%

2.1pt

広告費及び販売促進費/

1,208

2.4%

64.1%

0.5pt

Advertising and promotional cost

給与手当/Salaries and wages

5,038

10.0%

86.9%

1.2pt

販売手数料(店舗家賃及び販売委託

手数料)/Store rent and fee for

10,566

20.9%

77.3%

0.1pt

franchisee

減価償却費/Depreciation

867

1.7%

93.6%

0.3pt

その他/Others

8,854

17.5%

80.9%

0.9pt

FY2020/02

実績

対売上

Actual

%

of Sales

65,880

100.0%

33,232

50.4%

1,884

2.9%

5,800

8.8%

13,677

20.8%

926 1.4%

10,943 16.6%

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

FY2021/02 Full Year Consolidated Results - Balance Sheet(to previous year end) Slide 8

Consolidated Balance Sheet

  • Merchandise inventory compared to the end of the previous fiscal year was 95.3% YoY in maintaining the previous year's level of inventory control.

FY 2021/02 (2021/2/28

FY2020/02 (2020/2/29)

(百万円/JPY mil

金額

構成比

前期末比

金額

構成比

% to previous

Amount

Composition

Amount

Composition

year end

現預金/Cash

15,924

41.5%

98.7%

16,133

42.1%

受取手形及び売掛金/Notes and

8,001

20.9%

107.3%

7,455

19.5%

Trade Receivable

商品/Inventories

4,918

12.8%

95.3%

5,163

13.5%

その他流動資産/Other Current

545

1.4%

102.5%

532

1.4%

Asset

固定資産/Non Current Asset

8,952

23.3%

99.5%

8,997

23.5%

総資産/Total Asset

38,343

100.0%

100.2%

38,282

100.0%

負債/Liabilities

17,431

45.5%

103.8%

16,790

43.9%

純資産/Equity

20,911

54.5%

97.3%

21,492

56.1%

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

FY2021/02 Full Year Japan Business Income Statement

Slide 9

Domestic PL Results

  • Domestic Sales became 75.2% YoY
  • Domestic EC Sales increased by 121.2% YoY. In-house EC were 117.1% YoY, with those of 3rd parties becoming 126.7% YoY

Current Term

(百万円/JPY mil

実績

対売上

前年同期比

Actual

% of Sales

YoY

売上高/Sales

44,427

100.0%

75.2%

(店舗売上/Store Sales

32,094

72.2%

67.7%

(通販売上/EC Sales

9,435

21.2%

121.2%

売上総利益/Gross Profit

25,927

58.4%

72.9%

販管費及び一般管理費/SG&A

25,278

56.9%

79.7%

営業利益/Operating Profit

648

1.5%

16.8%

経常利益/Recurring Profit

576

1.3%

15.3%

Previous Term

前年実績 対売上

Actual

% of Sales

59,115 100.0%

47,381 80.2%

7,787 13.2

35,578 60.2%

31,716 53.7%

3,862 6.5%

3,771 6.4%

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

FY2021/02 Full Year Overseas Business - China JV Sales and Profit

Slide 10

China JV Sales and Profit

  • Chinese wholesale was 90.6% YoY
  • Royalties were 86.0% YoY

Japanese Yen

2021年2月期

2020年2月期

前年同期比

(百万円/JPY mil

実績

Previous

YoY

Actual

Year

中国合弁事業からの売上

Sales from China JV

卸売/Wholesale

5,920

6,531

90.6%

ロイヤリティ/Royalty

420

488

86.0%

売上合計/Sales Total

6,340

7,020

90.3%

当期純利益に対する

中国合弁事業による利益

Profit from China JV

小売事業からの利益/Profit

from Retail company

177

24

-

(持分法投資利益)

Equity method investment

gain

卸事業からの利益・Profit from

Wholesale company

320

263

121.4%

(少数株主持分の51%相当)

51% of JV subsidiary

ロイヤリティ税抜換算

294

342

86.0%

Royalty after tax

利益合計/Profit Total

437

630

69.4%

Chinese Yuan

2021年2月期

20202月期

前年同期比

(Million RMB

実績

Previous

YoY

Actual

Year

中国合弁事業からの売上

Sales from China JV

卸売/Wholesale

382

414

92.2%

ロイヤリティ/Royalty

27

31

87.5%

売上合計/Sales Total

409

445

91.9%

当期純利益に対する

中国合弁事業による利益

Profit from China JV

小売事業からの利益/Profit

from Retail company

11

1

-

(持分法投資利益)

Equity method investment

gain

卸事業からの利益/Profit from

Wholesale company

20

16

123.5%

(少数株主持分の51%相当)

51% of JV subsidiary

ロイヤリティ税抜換算

19

21

87.5%

Royalty after tax

利益合計/Profit Total

28

40

70.6%

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FY2021/02 Full Year Store Expansion

Slide 11

JAPAN

CHINA

Opened

38stores

Opened

46stores

Closed

24stores

Closed

32stores

End of FY

370stores

End of FY

299stores

(+14 stores YoY

(+14 stores YoY)

*At the end of February, 2021

*At the end of December 2020, to be included

in the consolidated financial statements

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

Slide 12

  1. FY2021/02 Full Year Result Overview
  2. Business Highlights
  3. Full Year Earnings Outlook

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

Opened 300 Stores in China

Slide 13

  • On January 30, 2021 "MOUSSY" opened at the "Renhe Spring International Plaza(REHNE)" commercial facility in the center of Chengdu, with Baroque China surpassing 300 stores in mainland China.
  • Renhe Spring International PlazaRENHE) is a commercial complex containing a range of commercial, residential, hotel & serviced apartment, and office facilities with a commercial area of approximately 180,000 square meters. It is a new commercial format that aims to mix elements of
    "department stores" and "shopping malls" in a new, trendy and global configuration, with areas too for social and family entertainment.

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

AZUL BY MOUSSY's Largest Flagship in the Greater Tokyo Area Grand Opening Slide 14

  • AZUL BY MOUSSY opened their largest and newest experience-based store in the Tokyo metropolitan area on the 1st floor of Minatomirai Tokyu Square.
  • With a store space reaching nearly 5000 square feet, it is the only space in Japan where one can experience all the elements of the brand such as "Space, Sound, Fragrance, Culture, Person, Black"

Store Interiors created from refurbished recycled material

New Items promoted

each seasonExpansion of the Roomwear Line "THE

HOME"

Upcycled Remade Denim Items

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

STYLEMIXER LALAPORT TOKYO-BAY 1F Large Flagship Grand Opening

Slide 15

  • On April 3rd, STYLEMIXER opened its largest flagship store at LALAPORT TOKYO-BAY 1F.
  • In addition to its ladies' line and men's line, the store offers works by potter Takemura Yoshinori and curated items selected from overseas.
  • In addition, as port of our sustainability efforts, STYLEMIXER has abolished free shoppers and rain covers at each of its stores and introduced a system for purchasing eco-bags.

In the center of the store, vintage sofas and beds are placed - providing a cozy space where you can relax while shopping.

VIP Fitting Room created for the Flagship Store. A special space that expresses the worldview of

STYLEMIXER.

Can be used as a shooting spot while fitting or after purchasing products

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

Introduction of Business Digitization Platform to AZUL BY MOUSSY

Slide 16

  • The Business Digitization Platform "PROFIT AUTOMATION" was introduced to one of our main brands,
    AZUL BY MOUSSY.
  • Containing various aggregation and analysis functionalities and recommendation functions, through PROFIT AUTOMATION it is possible to not just improve business productivity but also quality of judgement and accuracy throughout the product planning and merchandising process, further improve customer relationship management, and strengthen sales.

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

E-Content Development Department/Win-Win Working Style

Slide 17

  • In consideration for the work-life balance of moms and dads, the "E-Content Development Department" was newly established, with its biggest merit being its centering on creating an atmosphere centered on child-rearing.
  • Working through mutual understanding in the work environment acts as the motivation for work and is a crucial component of the department.
  • Despite their short working hours, through sharing rules and roles the staff members actively accomplish their goals and work lively.

Employee Moms of the E-Content

Development Department

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

Slide 18

  1. FY2021/02 Full Year Result Overview
  2. Business Highlights
  3. Full Year Earnings Outlook

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

Full Year Earnings Outlook/ Dividend Policy

Slide 19

20222月期計画

20212月期 実績

(Unit: Million Yen)

FY2022/02 Outlook

FY2021/02 (Actual

見通し

対売上

前年同期比※

実績

対売上

Forecast

% to Sales

YoY

Actual

% to Sales

売上高/Sales

59,735

100.0

118.1

50,590

100.0%

売上総利益/Gross Profit

34,346

57.5%

123.3%

27,847

55.0%

販管費/SG&A

32,035

53.6%

120.7

26,535

52.5%

営業利益/Operating Profit

2,310

3.9

176.0%

1,312

2.6%

経常利益/Recurring Profit

2,289

3.8

192.8%

1,187

2.3%

親会社株主に帰属する当期純利益

1,305

2.2%

347.3%

375

0.7%

/Net Profit

1株当たり当期純利益/EPS

36.2

10.4

  • While the outlook remains uncertain currently and we are working on the assumption of a gradual recovery following the impact of the Covid-19 epidemic on the market, we expect sales to reach 59.7 billion yen.
  • We expect an Operating Profit of 2.3 billion yen, Recurring Profit of 2.2 billion yen, and Net Profit of 1.3 billion yen through continual efforts at making operations more efficient - such as through strengthening proper sales, appropriate inventory control, and thorough SG&A expenses reduction.

Shareholder Dividends

  • The annual dividend for FY2022/02 is planned to be 38 yen per share (year-end

dividend).

The above earning forecast was prepared based on the available information at the time of publication. Actual earnings may very depending on various factors such as the end of the coronavirus epidemic.

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

Slide 20

Appendix

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

BAROQUE JAPAN LIMITED is aSlide 21

Manufacturer and Retailer of Women's Apparel and Fashion

AccessoriesSPA*

370 stores in Japan, 299 stores in China, 4 stores in Hong Kong, 1 store in the U.S., 19 brands in the portfolio**

Stable Japanese Business + Continual Growth in China

High inventory turnover and GP margin with efficient business model

*Specialty store retailer of Private label. **Domestic information as of February 2021; Overseas information as of December 2020

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

History

Slide 22

  • Our founding spirit of "making what we want" has never changed, and our business has expanded globally - supported by our loyal customers both domestic and overseas.

Time

History

6 founders started [MOUSSY] from "Shibuya 109" (shopping building) "we

2000

make what we want (because they don't exist in the market!)"

As a denim brand, MOUSSY's jeans were designed to accentuate the sexiness of

women. MOUSSY achieved sales of JPY10bil in just 4 years

2006

China business expert, Mr. Murai (current Chairman and CEO) joined the company

2007

MBO by CLSA and senior management

[AZUL by MOUSSY] launched. Targeting customers at suburban shopping centers,

2008

but with an emphasis on the brand's world view - including store interiors, music,

and fragrances

2010

1st MOUSSY store opened in Shanghai, China

[ENFÖLD] launched. Targeting fashion conscious women in their 30s and 40s

2012

Established a domestic contemporary market (known as the Domecon market) with

a style edgier than domestic carrier brands and more affordable than European and

American import brands.

2013

CLSA sold all shares to Belle and CDH fund. China JV with Belle started

[RIM.ARK] launched by a winner of an internal competition project

2016

Norm-Mode brand with a normal fashion style that further evolves the Normcore

trend

[MOUSSY][ENFÖLD] stores opened in Manhattan, NY

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

History

Slide 23

Time

History

2017

Achieved 200 stores in mainland China through the Chinese retail business developed in

Joint Venture with Belle International Holdings Limited

Started selling "adidas x MOUSSY", a collection jointly developed with Adidas Japan

Co.,Ltd

Started DoS for "SHEL'TTER PASS" a membership-based point service to

accumulate "miles" for use in both in-store and EC(E-commerce)shopping

2018

Developed a new brand "någonstans"

Born from the new business discovery contest "NEXT IS YOU", the brand "R4G" with a

new concept of fusion of animation and fashion is developed from its on EC site

Launched STYLEMIXER official website, an editorial EC platform curated by popular

influencers

Ayaka Murohara (ex SLY sales staff) winner of "2017 NEXT IS YOU - Fashion Icon

section" launched "LAGUNA GEM"

2019

Launched "y/m" for women in their late 30s and 40s who are highly fashion-sensitive,

offering simple, but detailed, and material-focused clothes

Launched "AUNE", a new platform for apparel sustainability

2020

Launched "HeRIN.CYE", a brand that maximizes the daily lives of women living in the

modern age

Launched "Crie Conforto" which presents warm "comfort" for adult women

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

Brand Portfolio

Slide 24

Brand Portfolio by Age Demographic and Segment Unit Price

(年齢)

45

40

35

30

25

20

JPY5,000

JPY10,000

JPY15,000

JPY20,000

JPY40,000

Average Sales per Customer

% of Sales

50%

40%

10%

Avg. Store

40 150

20 50

15 20

Size

Global

Comparison

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

High Branding Power Supported by SNS Marketing

Slide 25

Ranking of Instagram Follower Counts for Japanese Fashion Brands

Domestic

Company

Logo

Follower Count

# of

Ranking

Name

Posts

9

MUJI無印良品

2,720,000

3,214

10

UNIQLO Global

2,350,000

2,203

11

A BATHING APE® OFFICIAL

2,280,000

8,075

14

KENZO

1,950,000

448

20

GU

1,360,000

3,596

32

sacaiofficial

1,060,000

2,304

35

UNDERCOVER

986,000

2,066

42

Yohji Yamamoto

825,000

975

56

MOUSSY

715,000

9,549

73

LOWRYS FARM

614,000

2,663

138

SLY

418,000

9,287

Company-Related Instagrammers/YouTubers

_marinakamura_

mi_smile25

RIM.ARK

Follower Ct 89,000

Follower Ct 143,000

YouTube Subscribers

80,090

@nami_kawamoto

misato_muraoka

Rienda Solaria Plaza Store

Follower Ct 51,000

Manager

YouTube Subscribers:

Follower Ct 51,000

YouTube Subscribers: 2,870

33,200

Updated March 31, 2021 from Instagram, YouTube

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

High Inventory Turnover and GP Margin

Slide 26

High Inventory Turnover

  • New Merchandise Arrivals Every Week
  • Avg. 12,500 to 13,500 items/year
  • Sold out or moved to Outlet stores/Warehouse after 2 to 3 weeks
  • Highly skilled shop staff

High GP Margin

Design/Development

  • Original fabric development and sourcing

by R&D team

Production

Promoting Direct Purchases from Factories

Utilizes JV-partner Belle's network to cultivate new production partnerships

Logistic

Logistic and Warehouse Cost Reduction by utilizing Belle's Distribution Network

In-house inspection center

Sales

  • Variety of CS-Improvement Training for shop

staff

Unique incentive programs and retail contests

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

JV Structure in China

Customers in China

Slide 27

(49% Equity-Method Affiliate)

Baroque (Shanghai) Clothing Co., Ltd (Retail)

51% Consolidated Subsidiary

Baroque (Shanghai) Enterprise Development Co., Ltd.

(Wholesale)

Our Company

Supplier

Merchandise

Order

Royalty

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

Disclaimer Regarding Future Prospects

Slide 28

  • This document refers to the industry trends and business contents related to Baroque Japan Limited, and the future prospects based on the current plans, estimates, prospects, or forecasts by Baroque Japan Limited
  • Inherent to these forward-looking statements are various risks and uncertainties. Risks, uncertainties, and other factors either already known or yet unknown may cause results that differ from what is contained in said forward-looking statements
  • The actual future business content and business results of Baroque Japan Limited Co., Ltd. May differ from the future outlook described in this document
  • The statements regarding the future prospects in this material are made by Baroque Japan Limited based on currently available information; even if there is new information, future events, etc. going forward, we undertake no obligation to update or change any statement regarding future prospects contained within this material.

COPYRIGHT © 2021 BAROQUE JAPAN LIMITED. ALL RIGHTS RESERVED.

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Baroque Japan Ltd. published this content on 14 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 April 2021 06:04:07 UTC.