Why Did AP Avoid “MoonSwatch-ification”? The Luxury Strategy Behind Royal Pop
An analysis of how Audemars Piguet’s Royal Pop differs from MoonSwatch, focusing on luxury strategy, scarcity management, brand equity.
Column - Tamura Accounting Firm - Page 2
Kering’s “ReconKering” Strategy: Redefining Value Creation in the Luxury Industry
In 2026, the global luxury industry is entering a structural turning point. Kering has announced its “ReconKering” strategy at its Capital Markets Day, signaling a fundamental shift in how value is created and sustained. This article analyzes Kering’s transformation through the lenses of industry structure, M&A strategy, and financial discipline. Chapter 1: Strategic Background of…
Luxury Industry Earnings Analysis: LVMH vs Richemont vs Kering — Which Brands Are Winning in 2025?
An analysis of LVMH, Richemont, and Kering earnings. Discover which luxury brands are winning and how the luxury market slowdown is reshaping the industry.
Round-Tripping at alt Inc.: Reading the Third-Party Committee Report
The third-party committee report on alt Inc. is worth reading closely if you work in or around the technology sector. Round-trip transactions are not something you necessarily set out to join — you can be drawn into one — and simply knowing the shape of the arrangement changes how you respond. What follows is a…
What Generative AI Is Doing to the Accounting Function
Generative AI took another step forward with the arrival of Deep Research, and agentic AI is widely expected to be the theme of this year. It is worth thinking about what that actually does to an accounting function. That the impact will be large is not in question. It will also be larger at big…
Brooks Brothers Japan: ¥2.5bn Assessment on Royalty Withholding Tax
On 18 September, Jiji Press reported that Brooks Brothers Japan had been assessed for ¥2.5 billion of unreported income, with roughly ¥750 million in additional tax, following an examination by the Tokyo Regional Taxation Bureau. The issue was withholding tax on royalties. The first thing that struck me was not the amount but the fact…
RSU Tax Filing and Cash Flow Risks in Japan: What You Need to Know
Restricted Stock Units (RSUs) are a common form of compensation, especially in multinational companies. While there are plenty of articles explaining what RSUs are, this article focuses specifically on RSU taxation, filing requirements in Japan, and potential cash flow risks. When Taxes Are Paid on RSUs Depending on your company, RSUs may be granted with…
Q1 2025 Luxury Industry Earnings Review: LVMH, Richemont & Kering Compared
As a certified public accountant specializing in the luxury goods industry, I’ve compiled an in-depth comparative analysis of three major luxury conglomerates—LVMH, Richemont, and Kering—based on their IR disclosures as of March 2025. 📊Executive Summary: Key Performance Metrics Company YoY Revenue Growth Key Highlights LVMH ▼ 3% Wines & Spirits ▼9%, Japan ▼1% Richemont ▲…
Reporting to an Overseas Parent: Where It Actually Goes Wrong
Reporting to an overseas parent is where a Japanese finance function is most visible and most often misread. The numbers are usually fine. What goes wrong is the transmission: terminology, register, and a set of unstated assumptions about deadlines that neither side has ever put in writing. This is written from the middle of that…
Paying a Dividend Out of Borrowed Money
Dividend discussions usually start from the P&L and retained earnings. This one starts from cash: if the company carries debt, is it better to repay the borrowing than to pay a dividend? The common answer is to prioritise repayment and reduce or suspend the dividend, and that instinct is sound as far as it goes…