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    4385   JP3921290007

MERCARI, INC.

(4385)
  Report
Delayed Japan Exchange  -  07:32 2022-12-04 pm EST
3120.00 JPY   +0.97%
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Mercari : As pandemic spurs a tidying-up frenzy, Japan's market for second-hand goods booms

12/13/2020 | 10:38pm EST
Buysell Technologies worker sorts out stamps in Funabashi

TOKYO (Reuters) - When Japan announced a state of emergency due to the coronavirus pandemic this year, people were urged to declutter their homes to pass the time, with Tokyo's governor even roping in household-organising celebrity Marie Kondo in promotional videos.

Many have taken that message to heart and the market for second-hand luxury goods is booming as a result.

Mitsuko Iwama, a 71-year-old housewife, is a case in point. Pre-pandemic, she would have been spending a lot of time at the gym but after being stuck at home and cleaning her closets more often, she decided to part ways with kimonos that her parents bought her decades ago.

"I thought it was a waste to leave the kimonos just hanging up, and if someone from a younger generation would wear them, that would make me happy," said Iwama, who sold 22 kimonos for 4,000 yen ($38).

Buysell Technologies Co Ltd, the company used by Iwama which collects goods from people's homes and resells them through online stores and at old-style in-person auctions, has been one of the biggest beneficiaries of pandemic-induced tidying.

Visits to people's homes surged 31% to 20,990 in October from a year ago, the company said, adding that three quarters of its customers are in their 50s or older, selling kimonos, luxury handbags and jewellery.

Similarly, Mercari Inc, which operates a popular flea market app, reported a 52% jump in sales for its July-September quarter compared with the same period a year earlier.

A surge in the value of gold this year as the pandemic spurred demand for safe-haven assets has also prompted people to sell rings and necklaces that had just been sitting around, adds BuySell Chief Executive Kyohei Iwata.

"There's a term in Japanese, "danshari", which means minimise your life. People's mindsets have changed that way," he said.

($1 = 104.4800 yen)

(Reporting by Kim Kyung Hoon; Writing by Ju-min Park; Editing by Edwina Gibbs)

By Kim Kyung Hoon


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BUYSELL TECHNOLOGIES CO.,LTD. 0.29% 6810 Delayed Quote.105.76%
MERCARI, INC. 0.97% 3125 Delayed Quote.-47.27%
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Financials
Sales 2023 164 B 1 213 M 1 213 M
Net income 2023 -1 397 M -10,3 M -10,3 M
Net cash 2023 128 B 944 M 944 M
P/E ratio 2023 -357x
Yield 2023 -
Capitalization 498 B 3 677 M 3 677 M
EV / Sales 2023 2,25x
EV / Sales 2024 2,07x
Nbr of Employees 2 209
Free-Float 64,9%
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Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 3 090,00 JPY
Average target price 3 251,82 JPY
Spread / Average Target 5,24%
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Managers and Directors
Shintaro Yamada Co-President, Co-CEO & Representative Director
Jeff LeBeau Co-Chief Executive Officer
Fumiaki Koizumi Chairman & Co-President
Sayaka Eda Chief Financial Officer
Keisuke Sogawa Chief Information Security Officer
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