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Integrated Report 2015 WACOAL HOLDINGS Integrated Report

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Integrated Report 2015 WACOAL HOLDINGS Integrated Report www.wacoalholdings.jp/en WACOAL HOLDINGS WACOAL Integrated Report 2015 Integrated Report2015 発行日150831-DN-AT3 Printed in Japan WACOAL HOLDINGS We will contribute to society by helping women to express their beauty. The Calligraphy of Wacoal Group Founder Koichi Tsukamoto Editorial Policy for This Report Management Philosophy In accordance with international norms for integrated reporting, the Wacoal Group has been issuing integrated reports since fiscal 2011 as part of its com- munication with shareholders and other investors. This integrated report explains the Wacoal Group’s value creation activities not only through financial information but also through nonfinancial information about unique, significant assets and other facets of the Group’s business. OUR MISSION Further, the web site of Wacoal Holdings Corp. includes a wide range of information about the Group. We hope that referring to this integrated We will contribute to society by report in conjunction with the web site will further understanding of the Group. Going forward, we will helping women to express their beauty. continue pursuing an editorial policy that responds to changes in reader expectations. OUR VISION We, the employees and management of Wacoal, will maintain a refined corporate culture based on mutual trust and will continually strive to make Wacoal Holdings web site: www.wacoalholdings.jp/en the Company a global leader in the industry. OUR VALUES 1 Create products loved by customers Previous integrated reports (in IR Library): 2 Develop new products that meet the needs of the times www.wacoalholdings.jp/en/ir/library/ 3 Conduct business in a fair manner with a forward focus 4 Build a better Wacoal through better human resources 5 Fear not failure and boast not of success The Wacoal Group’s Four Assets This report defines the four assets that com- prise the Wacoal Group’s unique enterprise value (For details, please see “Value Creation System” on page 4.). The icons below show which of these four assets each of the report’s sections is focused on. Our goal is to further readers’ understanding of how we grow assets and sustain growth. Financial assets Physical assets Trust-related Organizational assets assets 02 CONTENTS P16 P18 P20 P38 Special Feature 1: Special Feature 1: Special Feature 2: Message from Top Management Underpinning Wacoal’s Quality: Creating the Best: Every Stitch, Diversity Strategies that Boost Mutual Trust Transcending Borders Millimeter, and Second Counts Enterprise Value 04 Overview of the Wacoal Group 30 CSR Activities 04 Value Creation System 30 CSR Management —Unseen Value that Intangible Assets Create— 32 Pink Ribbon Activities Worldwide 06 The Wacoal Group’s Progress 34 Tsubomi School and Other Educational Activities 08 The Wacoal Group’s Products 34 Brassiere Recycling 10 Financial Highlights 35 Kyoto Costume Institute 12 Looking at Wacoal by the Numbers 36 Environmental Conservation Activities 37 Overcoming the Earthquake Disaster 14 ‌Special Feature: The Wacoal Group’s On-Site Capabilities 38 Message from Top Management Special Feature 1: On-Site Capabilities Supporting Quality 40 Management Foundation 16 Underpinning Wacoal’s Quality: Mutual Trust Transcending Borders 40 Directors and Audit & Supervisory Board Members —Vietnam Wacoal Realizes High Quality with Pride— 42 Corporate Governance 18 Creating the Best: Every Stitch, Millimeter, and Second Counts 46 Financial Section —Manufacturing Only Hokuriku Wacoal Sewing Can Realize— 46 Management’s Discussion and Analysis Special Feature 2: 52 Consolidated Balance Sheets Diversity Initiatives Heightening On-Site Capabilities 54 Consolidated Statements of Income 20 Diversity Strategies that Boost Enterprise Value 54 Consolidated Statements of Comprehensive Income —Toward a Wacoal Group in Which Everyone Works with Vitality— 55 Consolidated Statements of Equity 23 Realizing Highly Productive Processes 56 Consolidated Statements of Cash Flows by Advancing Diversity 57 Notes to Consolidated Financial Statements — Initiatives of Niigata Wacoal Sewing — 81 Independent Auditors’ Report 82 Management’s Annual Report on Internal Control 24 Management Strategy Over Financial Reporting (Translation) 84 Independent Auditors’ Report 24 Eleven-Year Financial Summary 26 The Fiscal 2014–2016 Medium-Term Management Plan 86 Corporate Data 28 Strategies and Initiatives in the Final Year of the Medium-Term Management Plan 87 Investor Information 03 Value Creation System —Unseen Value that Intangible Assets Create— The real value of the Wacoal Group’s mainstay products is not advance business models and create added value. By culti- visible from the outside. Four assets are the main compo- vating intangible assets, our value creation process increases nents of our enterprise value—financial assets, physical physical assets and financial assets in a balanced manner. assets, trust-related assets*, and organizational assets. These A feature of our business model is marketing that caters to assets enable us to create innerwear products that are loved different aesthetic tastes among women in diverse countries by customers because they fit their physiques, appeal to and regions. Further, individual business processes provide them emotionally, and enhance their beauty, comfort, and feedback to each other as part of an integrated process that health. Among these assets, particularly important roles are creates products loved by customers. played by the two intangible assets—trust-related assets and Remaining mindful of a corporate mission that calls on us organizational assets, which are not the type of assets typi- to “contribute to society by helping women to express their cally included in the financial statements. Trust-related assets beauty” and our goal of realizing a stronger global presence are based on relationships of mutual trust with customers, for the Wacoal Group, we conduct business in a fair manner employees, business partners, and society. Meanwhile, organi- to create value continuously. zational assets systematize strengths and reflect our unchang- * For us, organizational assets are assets that have become established within the ing management philosophy. In particular trust-related assets, organization and which are not reliant upon employment or transactional which the Wacoal Group has accumulated over the many years relationships. Trust-related assets are assets such as human assets and customer- relationship assets, which increase or decrease depending on relationships of trust since its foundation, are an invaluable strength. with various stakeholders. Based on disciplined business management and appropri- ate strategies, we draw on these four classes of assets as we obally, Act L Financial assets Gl arketing roote o g m d in c k gin cou a n ran nt l i e- rie l id s y h w a T nd ng ci re n g a i v o d n Management strategy s A Physical assets R&D Deploying management resources appropriately resources Product Sales planning Corporate governance Trust-related assets Manufacturing C Organizational assets ty o u n a tr e ib b ut ir e he to s t so es cie xpr ty b to e y helping women 04 Overview of the Message from Top Management Special Feature Management Strategy CSR Activities Financial Section Wacoal Group Management Foundation Financial assets • Abundant capital • Strong financial foundations • Overwhelming market share in Japan and Asia Developing sales areas in Asia (Taiwan) Physical assets • Group plants in Japan and overseas • Appealing sales areas • Rich product lineup Kyushu Wacoal Manufacturing Corp. (Nagasaki) Providing brands that cater to Offering three customer needs forms of value Trust-related assets Creating results • Autonomous, innovative Beauty personnel • Extensive and diverse groups of specialists Products loved • Operation of wide range by customers Development of new products of stores by designers and based on merchandising • Establishment of relationships of trust through customer service Comfort • Social contribution through New products businesses meeting current needs • Favorable business partnerships A directly managed store, AMPHI Health Conduct of Organizational assets business in a • Unique designing for comfort, fair manner manufacturing technology, and quality control system • Abundant physique data and knowledge of Human Science 50 years of physique research Research Center • Beauty advisor training system • Integrated manufacturing system responsive to market feedback • Business management based on mutual trust • Commitment to stronger Training through role playing global presence for the Wacoal Group 05 The Wacoal Group’s Progress The Wacoal Group traces its origins to the company Wako Shoji, which Koichi Tsukamoto founded in 1946. The subsequent marketing of brassiere pads set Wako Shoji on the road to becoming a manufacturer of Western innerwear for women. As we have done throughout our history, we will continue to contribute to society widely by pursuing the goal of “helping women to express their beauty” while providing products and services that cater to the changing needs in each era. 1950s 1960s 1970s Domination of the Overseas Strategy Birth of Wacoal Domestic Market and Diversification In Japan, women’s dress sense was In the 1960s, Japan’s period of rapid economic This era saw consumer tastes shift from transforming from Japanese to Western growth was changing women’s lifestyles and volume to quality and from the material to the apparel. At its factory, Wako Shoji heightening their interest in fashion. In 1961, spiritual. In
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