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    Dairo Murata

    Senior Analyst at JPMorgan

    Dairo Murata is a Senior Analyst at JPMorgan Securities Japan Co., Ltd., specializing in retail sector research and equity analysis. He covers prominent companies such as Fast Retailing and provides Asia Pacific strategy insights, with his fundamental research recognized through top-tier industry rankings. Murata began his career before 2010, previously working at Credit Suisse Securities (Japan) Ltd., and has been with JPMorgan since at least August 2010. He is a licensed financial professional in Japan with extensive experience in covering consumer and retail companies, supported by sector-specific expertise and a strong track record in institutional equity research.

    Dairo Murata's questions to SATLF leadership

    Dairo Murata's questions to SATLF leadership • Q3 2025

    Question

    Asked for clarification on the trend of average retail prices (ARP), the impact of product mix (fewer heavy items) on average order value (AOV), and the strategy and ROI of free shipping and other promotional campaigns.

    Answer

    The company believes the overall trend of price rises has stabilized. The earlier drop in AOV was confirmed to be due to a lighter product mix from brands. The frequency of free shipping campaigns remains consistent with Q2, and personalized campaigns are also seen as highly efficient and will be used actively.

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    Dairo Murata's questions to SATLF leadership • Q2 2025

    Question

    Inquired about the effectiveness and frequency of promotional initiatives like ZOZOWEEK and whether new types of promotions are planned. Also asked about the progress and challenges of category expansion, particularly in cosmetics, and plans for other categories like interior goods.

    Answer

    The company stated that current promotional efficiency is on track and they are continuously testing new initiatives like segmented sales and personalized promotions. They are also exploring weather-based recommendations. Plans for further category expansion are still being developed and will be shared at the full-year earnings briefing in six months.

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