■Fujibo Holdings＜3104＞ Company Overview
1. Company history
(1) Period of growth from inception: the development and diversification of the textile and textile industry
It is a long-established enterprise established in 1896 as Fuji Spinning Co., Ltd. The spinning industry started using abundant water from Mt. Fuji as a power source, and a spinning mill began operations in Oyama-cho, Shizuoka Prefecture. Spinning mills were put into operation one after another before and after the war, and the textile and spinning business was expanded. In 1939, Yanai Chemical Industries Co., Ltd., which is the base of the current chemical industrial products business, was established and expanded into the chemical field. Also, in 1976, a license agreement was signed with the American B.V.D., and the foundation for the lifestyle clothing business was formed, and it developed into a business with a current presence.
(2) Difficult period: 10 consecutive terms of no pay
The textile and textile industry drastically lost its international competitiveness due to the oil shock that occurred from the 1970s to the 1990s, the collapse of the bubble economy, trade friction between Japan and the US, etc., and domestic production became hollow, and the domestic textile and textile industry continued to set in steady decline. The company's textile and spinning business also closed domestic factories one after another and shifted to China and Thailand. Management suffered due to unprofitable products and a high cost structure, and the state of undistributed distribution continued for 10 consecutive terms from fiscal 1997, and faced a management crisis (2 yen dividend) in fiscal 2007.
(3) The turning point: business structure reform
As the management crisis continued, business structural reforms were carried out when Mr. Mitsuo Nakano took office as president in 2006. Structural reforms in the textile business and development of growth businesses (abrasives, chemical industrial products) in the non-textile field were carried out simultaneously, and when business replacement was successful in a short period of time, a business portfolio with sustainable growth and high profit structure was reconstructed as a result. Mr. Nakano launched the medium-term management plan “transformation 06-10,” which can be said to be the origin of the current medium-term management plan “enhancement 21-25,” and has been implementing it in rapid succession with “breakthrough 11-13,” “push forward 14-16,” “acceleration 17-20,” and “enhancement 21-25” based on long-term strategies.
The top management (president) was replaced on 2022/6/29. He touched the baton from Mr. Nakano to Mr. Masahide Inoue and tried to rejuvenate the management system. In addition to structural reforms, President Inoue has formulated and promoted the current medium-term management plan “Enhancement 21-25,” and has been proceeding with capital investment decisions etc. with former President Nakano on a tripartite basis, so the steering of management has also been smoothly taken over.
(Written by FISCO Visiting Analyst Keiji Shimizu)