{"id":30828,"date":"2026-09-11T09:57:25","date_gmt":"2026-09-11T00:57:25","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=30828"},"modified":"2026-09-11T09:57:25","modified_gmt":"2026-09-11T00:57:25","slug":"ue-is-nike-a-has-been","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-is-nike-a-has-been","title":{"rendered":"\u3010\u5fb9\u5e95\u89e3\u8aac\u3011\u30ca\u30a4\u30ad\u306f\u300c\u30aa\u30ef\u30b3\u30f3\u300d\u306a\u306e\u304b\uff1f\u682a\u4fa1\u66b4\u843d\u306e\u771f\u5b9f\u3068\u696d\u7e3e\u518d\u751f\u306e\u30b7\u30ca\u30ea\u30aa"},"content":{"rendered":"<h2 data-path-to-node=\"0\">\u3010\u5fb9\u5e95\u89e3\u8aac\u3011\u30ca\u30a4\u30ad\u306f\u300c\u30aa\u30ef\u30b3\u30f3\u300d\u306a\u306e\u304b\uff1f\u682a\u4fa1\u66b4\u843d\u306e\u771f\u5b9f\u3068\u696d\u7e3e\u518d\u751f\u306e\u30b7\u30ca\u30ea\u30aa<\/h2>\n<p data-path-to-node=\"1\"><span>\u300c\u30ca\u30a4\u30ad\u306f\u30aa\u30ef\u30b3\u30f3\uff08\u7d42\u308f\u3063\u305f\u30b3\u30f3\u30c6\u30f3\u30c4\uff09\u306a\u306e\u304b\uff1f\u300d<\/span><\/p>\n<p data-path-to-node=\"2\"><span>\u8fd1\u5e74\u3001<\/span><span>\u4e16\u754c\u306e\u30b9\u30dd\u30fc\u30c4\u30a2\u30d1\u30ec\u30eb\u696d\u754c\u304a\u3088\u3073\u682a\u5f0f\u5e02\u5834\u3067\u3001<\/span><span>\u3053\u306e\u8b70\u8ad6\u304c\u975e\u5e38\u306b\u6fc0\u3057\u304f\u4ea4\u308f\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/span><span>\u9577\u5e74\u306b\u308f\u305f\u308a\u4e16\u754c\u306e\u9802\u70b9\u306b\u541b\u81e8\u3057\u3001<\/span><span>\u300cJust Do It\u300d\u306e\u5408\u8a00\u8449\u3068\u3068\u3082\u306b\u30b9\u30dd\u30fc\u30c4\u30ab\u30eb\u30c1\u30e3\u30fc\u3092\u727d\u5f15\u3057\u3066\u304d\u305f<\/span><b data-path-to-node=\"2\" data-index-in-node=\"97\">\u30ca\u30a4\u30ad\uff08Nike, Inc. \/ NKE\uff09<\/b><span>\u3002<\/span><span>\u3057\u304b\u3057\u3001<\/span><span>2024\u5e74\u304b\u30892025\u5e74\u306b\u304b\u3051\u3066\u540c\u793e\u3092\u8972\u3063\u305f\u6025\u901f\u306a\u696d\u7e3e\u60aa\u5316\u3068\u682a\u4fa1\u66b4\u843d\u306f\u3001<\/span><span>\u4e16\u754c\u4e2d\u306e\u6295\u8cc7\u5bb6\u3084\u30d5\u30a1\u30f3\u306b\u5927\u304d\u306a\u885d\u6483\u3092\u4e0e\u3048\u307e\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"3\"><span>\u4e00\u65b9\u3067\u3001<\/span><span>\u30ca\u30a4\u30ad\u304c\u8db3\u5143\u3092\u3059\u304f\u308f\u308c\u3066\u3044\u308b\u9699\u306b\u3001<\/span><span>\u30b9\u30a4\u30b9\u767a\u306e<\/span><b class=\"\" data-path-to-node=\"3\" data-index-in-node=\"26\">On\uff08\u30aa\u30f3\uff09<b data-path-to-node=\"3\" data-index-in-node=\"32\">\u3084\u3001\u8d85\u539a\u5e95\u30bd\u30fc\u30eb\u3067\u77e5\u3089\u308c\u308b<\/b>HOKA\uff08\u30db\u30ab\uff09<\/b><span>\u3001<\/span><span>\u3055\u3089\u306b\u306f\u65e5\u672c\u306e\u30a2\u30b7\u30c3\u30af\u30b9\uff08Asics\uff09\u3068\u3044\u3063\u305f\u30d6\u30e9\u30f3\u30c9\u304c\u9a5a\u7570\u7684\u306a\u6210\u9577\u3092\u9042\u3052\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"4\"><span>\u672c\u7a3f\u3067\u306f\u3001<\/span><span>\u3053\u3053\u307e\u3067\u306e\u8b70\u8ad6\u3092\u3059\u3079\u3066\u7db2\u7f85\u30fb\u6574\u7406\u3057\u3001<\/span><span>\u30ca\u30a4\u30ad\u306e\u5275\u696d\u304b\u3089\u73fe\u5728\u306b\u81f3\u308b\u6b74\u53f2\u7684\u80cc\u666f\u3001<\/span><span>\u696d\u7e3e\u6025\u843d\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u300cDTC\uff08\u76f4\u8ca9\uff09\u6226\u7565\u300d\u306e\u76f2\u70b9\u3001<\/span><span>\u53f0\u982d\u3059\u308b\u7af6\u5408\u30d6\u30e9\u30f3\u30c9\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u6bd4\u8f03\u3001<\/span><span>\u8ca1\u52d9\u6570\u5024\uff08PER\u30fbPBR\u30fb\u58f2\u4e0a\u9ad8\u63a8\u79fb\u306a\u3069\uff09\u306e\u5206\u6790\u3001<\/span><span>\u305d\u3057\u3066\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u540c\u793e\u3092\u898b\u6975\u3081\u308b\u30dd\u30a4\u30f3\u30c8\u3068\u91d1\u878d\u30ea\u30c6\u30e9\u30b7\u30fc\u306e\u91cd\u8981\u6027\u306b\u3064\u3044\u3066\u3001<\/span><span>\u5177\u4f53\u7684\u306a\u4e8b\u4f8b\u3092\u4ea4\u3048\u3066\u4f53\u7cfb\u7684\u304b\u3064\u6df1\u6398\u308a\u3057\u3066\u5fb9\u5e95\u89e3\u8aac\u3057\u307e\u3059\u3002<\/span><\/p>\n<div>\n<div class=\"attention a-1\">\n<p style=\"text-align: left;\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg\" alt=\"\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\" width=\"110\" height=\"110\" class=\"wp-image-2102 alignnone\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg 700w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-300x300.jpg 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-150x150.jpg 150w\" sizes=\"(max-width: 110px) 100vw, 110px\" \/>\u3000<strong>\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\u3000<\/strong><br \/>\n<span style=\"font-size: 10pt;\"><a href=\"https:\/\/official.gfs.tokyo\/\">GFS<\/a>\u6821\u9577\u3002CFP\u00ae\u30021\u7d1a\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30d7\u30e9\u30f3\u30cb\u30f3\u30b0\u6280\u80fd\u58eb(\u8cc7\u7523\u8a2d\u8a08\u63d0\u6848\u696d\u52d9)\u3002<a href=\"https:\/\/www.jafp.or.jp\/\">\u65e5\u672cFP\u5354\u4f1a<\/a>\u4f1a\u54e1\u3002\u65e5\u672cFP\u5b66\u4f1a\u4f1a\u54e1\u3002\u00a0<a href=\"https:\/\/mba.globis.ac.jp\/\">\u30b0\u30ed\u30fc\u30d3\u30b9\u7d4c\u55b6\u5927\u5b66\u9662<\/a>\u4fee\u4e86(MBA\/\u7d4c\u55b6\u5b66\u4fee\u58eb)\u3002<\/span><br \/>\n<span style=\"font-size: 10pt;\">\u65e5\u672c\u306eFP\u306e\u5148\u99c6\u8005\u3068\u3057\u3066\u8cc7\u7523\u904b\u7528\u306e\u5553\u8499\u306b\u5f93\u4e8b\u3002\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u304c\u5275\u8a2d\u3057\u305f\u79c1\u7acb<a href=\"https:\/\/www.cyber-u.ac.jp\/teacher\/ichikawa_yuichiro.html\">\u30b5\u30a4\u30d0\u30fc\u5927\u5b66<\/a>\u3067\u6559\u97ad\u3092\u57f7\u308b\u307b\u304b\u3001\u8b1b\u6f14\u4f9d\u983c\u3001\u30e1\u30c7\u30a3\u30a2\u51fa\u6f14\u3082\u591a\u6570\u3002\u8457\u66f8\u306b<a href=\"https:\/\/www.amazon.co.jp\/%E6%8A%95%E8%B3%87%E3%81%A7%E5%88%A9%E7%9B%8A%E3%82%92%E5%87%BA%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B%E4%BA%BA%E3%81%9F%E3%81%A1%E3%81%8C%E5%A4%A7%E4%BA%8B%E3%81%AB%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B-45%E3%81%AE%E6%95%99%E3%81%88-%E5%B8%82%E5%B7%9D-%E9%9B%84%E4%B8%80%E9%83%8E\/dp\/4532358825\">\u300c\u6295\u8cc7\u3067\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u4eba\u305f\u3061\u304c\u5927\u4e8b\u306b\u3057\u3066\u3044\u308b 45\u306e\u6559\u3048\u300d\uff08\u65e5\u672c\u7d4c\u6e08\u65b0\u805e\u51fa\u7248\uff09<\/a><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 10pt;\">\u516c\u5f0fX \u30a2\u30ab\u30a6\u30f3\u30c8\u3000<a href=\"https:\/\/twitter.com\/ichikawa_toushi\">\u5e02\u5ddd\u96c4\u4e00\u90ce@\u304a\u91d1\u306e\u5b66\u6821 \u6821\u9577<\/a><\/span><\/p>\n<\/div>\n<\/div>\n<h2 data-path-to-node=\"6\">\u7b2c1\u7ae0\uff1a\u30ca\u30a4\u30ad\u300c\u30aa\u30ef\u30b3\u30f3\u8aac\u300d\u306e\u80cc\u666f\u3068\u76f4\u8fd1\u306e\u60e8\u72b6<\/h2>\n<h3 data-path-to-node=\"7\">1-1. \u682a\u4fa150%\u66b4\u843d\u3068\u696d\u7e3e\u6025\u6e1b\u306e\u73fe\u5b9f<\/h3>\n<p data-path-to-node=\"8\"><span>2021\u5e7411\u6708\u3001<\/span><span>\u30b3\u30ed\u30ca\u798d\u306b\u304a\u3051\u308b\u5de3\u3054\u3082\u308a\u9700\u8981\u3084\u30c7\u30b8\u30bf\u30eb\u30c8\u30e9\u30f3\u30b9\u30d5\u30a9\u30fc\u30e1\u30fc\u30b7\u30e7\u30f3\uff08DX\uff09\u3078\u306e\u904e\u5270\u306a\u671f\u5f85\u3092\u80cc\u666f\u306b\u3001<\/span><span>\u30ca\u30a4\u30ad\u306e\u682a\u4fa1\u306f\u904e\u53bb\u6700\u9ad8\u5024\u3068\u306a\u308b<\/span><b data-path-to-node=\"8\" data-index-in-node=\"71\">177\u30c9\u30eb\u53f0<\/b><span>\u3092\u8a18\u9332\u3057\u307e\u3057\u305f\u3002<\/span><span>\u5f53\u6642\u306e\u6642\u4fa1\u7dcf\u984d\u306f\u7d042,<\/span><span>800\u5104\u30c9\u30eb\uff08\u7d0440\u5146\u5186\u8d85\uff09\u306b\u9054\u3057\u3001<\/span><span>\u540d\u5b9f\u3068\u3082\u306b\u30b0\u30ed\u30fc\u30d0\u30eb\u30d3\u30b8\u30cd\u30b9\u306e\u8987\u8005\u3068\u3057\u3066\u79f0\u8cdb\u3055\u308c\u3066\u3044\u307e\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"9\"><span>\u3057\u304b\u3057\u3001<\/span><span>\u305d\u306e\u5f8c\u306e\u6025\u843d\u306f\u82db\u70c8\u3092\u6975\u3081\u307e\u3057\u305f\u3002<\/span><span>2024\u5e74\u304b\u30892025\u5e74\u306b\u304b\u3051\u3066\u682a\u4fa1\u306f<\/span><b class=\"\" data-path-to-node=\"9\" data-index-in-node=\"39\">70\u30c9\u30eb\u301c80\u30c9\u30eb\u53f0\u3078\u66b4\u843d<\/b><span class=\"\">\u3002<\/span><span class=\"\">\u308f\u305a\u304b\u6570\u5e74\u3067\u682a\u4fa1\u306f\u534a\u5024\u4ee5\u4e0b\u3068\u306a\u308a\u3001<\/span><span class=\"\">\u6570\u5146\u5186\u898f\u6a21\u306e\u4f01\u696d\u4fa1\u5024\u304c\u6d88\u5931\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c70665899=\"\" class=\"ng-tns-c70665899-294 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c70665899=\"\" class=\"code-block ng-tns-c70665899-294 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl9mYTg0OTJmNGNiMGJhMGIyIiwiY18zZjhmOThmNGE0MTIxNDczIixudWxsLCJyY19mMjU2M2Y2NTE2NTRiMGE1IixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c70665899=\"\" class=\"formatted-code-block-internal-container ng-tns-c70665899-294\">\n<div _ngcontent-ng-c70665899=\"\" class=\"animated-opacity ng-tns-c70665899-294\">\n<pre _ngcontent-ng-c70665899=\"\" class=\"ng-tns-c70665899-294\"><code _ngcontent-ng-c70665899=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c70665899-294 no-decoration-radius\">\u3010\u30ca\u30a4\u30ad\u682a\u4fa1\u306e\u8ecc\u8de1\u3068\u4e3b\u8981\u306a\u51fa\u6765\u4e8b\u3011\r\n\r\n  180 $ \u252c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500 (2021\u5e7411\u6708: \u904e\u53bb\u6700\u9ad8\u5024 $177)\r\n        \u2502                 \u3000\u3000\u3000\u3000\u3000             \uff0f\uff3c\r\n  150 $ \u253c                \u3000\u3000\u3000\u3000\u3000            \uff0f     \uff3c\r\n        \u2502              \u3000\u3000\u3000\u3000\u3000            \uff0f         \uff3c\r\n  120 $ \u253c             \u3000\u3000\u3000\u3000\u3000           \uff0f              \uff3c  (DTC\u504f\u91cd\u30fb\u5fa9\u523b\u4f9d\u5b58\u306e\u9855\u5728\u5316)\r\n        \u2502             \u3000\u3000\u3000\u3000\u3000         \uff0f                   \uff3c\r\n   90 $ \u253c  \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500-\u00b4                     \uff3c\u2500\u2500\u2500\u2500\u2500\u2500\r\n        \u2502                                                           \uff3c  (2024-2025\u5e74: \u6025\u843d $70-80\u53f0)\r\n   60 $ \u2534\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"11\"><span>\u696d\u7e3e\u9762\u306b\u76ee\u3092\u5411\u3051\u308b\u3068\u3001<\/span><span>2025\u5e745\u6708\u671f\uff08FY2025\uff09\u306e\u901a\u671f\u58f2\u4e0a\u9ad8\u306f<\/span><b data-path-to-node=\"11\" data-index-in-node=\"34\">\u524d\u5e74\u6bd4\u7d0410%\u6e1b\u306e463\u5104\u30c9\u30eb\u898f\u6a21<\/b><span>\u3078\u3068\u6fc0\u6e1b\u3002<\/span><span>\u7d14\u5229\u76ca\u306b\u81f3\u3063\u3066\u306f\u524d\u5e74\u540c\u671f\u6bd4\u306740%\u524d\u5f8c\u306e\u5927\u5e45\u6e1b\u76ca\u3092\u8a18\u9332\u3059\u308b\u5c40\u9762\u3092\u8fce\u3048\u307e\u3057\u305f\u3002<\/span><span>\u56db\u534a\u671f\u6c7a\u7b97\u306e\u767a\u8868\u3054\u3068\u306b\u300c\u58f2\u4e0a\u9ad8\u306e\u898b\u901a\u3057\u5f15\u304d\u4e0b\u3052\uff08\u30ac\u30a4\u30c0\u30f3\u30b9\u4e0b\u65b9\u4fee\u6b63\uff09\u300d\u304c\u7e70\u308a\u8fd4\u3055\u308c\u3001<\/span><span>\u30a6\u30a9\u30fc\u30eb\u8857\u306e\u30a2\u30ca\u30ea\u30b9\u30c8\u305f\u3061\u3092\u843d\u80c6\u3055\u305b\u307e\u3057\u305f\u3002<\/span><\/p>\n<h3 data-path-to-node=\"12\">1-2. \u306a\u305c\u300c\u30aa\u30ef\u30b3\u30f3\u300d\u3068\u547c\u3070\u308c\u308b\u306e\u304b\uff1f \u69cb\u9020\u7684\u5931\u6557\u306e\u30e1\u30b9<\/h3>\n<p data-path-to-node=\"13\"><span class=\"\">\u30ca\u30a4\u30ad\u304c\u76f4\u9762\u3057\u305f\u5371\u6a5f\u306f\u3001<\/span><span class=\"\">\u5358\u306a\u308b\u666f\u6c17\u5faa\u74b0\uff08\u30de\u30af\u30ed\u7d4c\u6e08\u306e\u6e1b\u901f\uff09\u306b\u3088\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><span>\u524dCEO\u30b8\u30e7\u30f3\u30fb\u30c9\u30ca\u30db\u30fc\u4e3b\u5c0e\u306e\u3082\u3068\u3067\u9032\u3081\u3089\u308c\u305f\u81ea\u793e\u306e\u6226\u7565\u7684\u30df\u30b9\u304c\u5f15\u304d\u8d77\u3053\u3057\u305f\u300c\u81ea\u6ec5\u300d\u306b\u4ed6\u306a\u308a\u307e\u305b\u3093\u3002<\/span><span>\u5177\u4f53\u7684\u306b\u306f\u4ee5\u4e0b\u306e3\u3064\u306e\u554f\u984c\u304c\u8907\u96d1\u306b\u7d61\u307f\u5408\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c70665899=\"\" class=\"ng-tns-c70665899-295 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c70665899=\"\" class=\"code-block ng-tns-c70665899-295 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl9mYTg0OTJmNGNiMGJhMGIyIiwiY18zZjhmOThmNGE0MTIxNDczIixudWxsLCJyY19mMjU2M2Y2NTE2NTRiMGE1IixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c70665899=\"\" class=\"formatted-code-block-internal-container ng-tns-c70665899-295\">\n<div _ngcontent-ng-c70665899=\"\" class=\"animated-opacity ng-tns-c70665899-295\">\n<pre _ngcontent-ng-c70665899=\"\" class=\"ng-tns-c70665899-295\"><code _ngcontent-ng-c70665899=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c70665899-295 no-decoration-radius\">\u3010\u30ca\u30a4\u30ad\u306e\u5931\u6557\u30eb\u30fc\u30d7\u3068\u69cb\u9020\u7684\u60aa\u5faa\u74b0\u3011\r\n\r\n \u2460 DTC\uff08\u76f4\u55b6EC\/\u5e97\u8217\uff09\u3078\u306e\u904e\u5270\u30b7\u30d5\u30c8\r\n       \u2502\r\n       \u25bc  \uff08\u5378\u58f2\u5c0f\u58f2\u5e97\u304b\u3089\u306e\u64a4\u9000\uff09\r\n \u2461 \u5e97\u8217\u306e\u300c\u68da\u306e\u7a7a\u767d\u300d\u767a\u751f\r\n       \u2502\r\n       \u25bc  \uff08\u65b0\u8208\u30d6\u30e9\u30f3\u30c9On \/ HOKA\u304c\u68da\u3092\u596a\u9084\uff09\r\n \u2462 \u958b\u767a\u505c\u6ede \uff0b \u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u4e0d\u5728\r\n       \u2502\r\n       \u25bc  \uff08\u58f2\u308c\u6b8b\u308a\u5728\u5eab\u306e\u767a\u751f\uff09\r\n \u2463 \u30bb\u30fc\u30eb\u5024\u5f15\u304d\u4e71\u767a\u306b\u3088\u308b\u30d6\u30e9\u30f3\u30c9\u4fa1\u5024\u306e\u6e1b\u640d\u30fb\u5229\u76ca\u7387\u60aa\u5316\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h4 data-path-to-node=\"15\">\u2460 DTC\uff08Direct-to-Consumer\uff09\u504f\u91cd\u306b\u3088\u308b\u6d41\u901a\u7db2\u306e\u7834\u58ca<\/h4>\n<p data-path-to-node=\"16\"><span>2017\u5e74\u304b\u3089\u672c\u683c\u5316\u3057\u3001<\/span><span>\u30b3\u30ed\u30ca\u798d\u3067\u52a0\u901f\u3057\u305f\u300cConsumer Direct Acceleration\uff08CDA\uff09\u300d\u6226\u7565\u306b\u3088\u308a\u3001<\/span><span>\u30ca\u30a4\u30ad\u306f\u81ea\u793eEC\u30a2\u30d7\u30ea\u3084\u76f4\u55b6\u65d7\u8266\u5e97\u3067\u306e\u8ca9\u58f2\u3092\u6700\u512a\u5148\u3057\u307e\u3057\u305f\u3002<\/span><span>\u305d\u306e\u88cf\u3067\u3001<\/span><span>Foot Locker\uff08\u30d5\u30c3\u30c8\u30ed\u30c3\u30ab\u30fc\uff09\u3084\u5730\u65b9\u306e\u30b9\u30dd\u30fc\u30c4\u7528\u54c1\u5e97\u3001<\/span><span>\u65e5\u672c\u306eABC\u30de\u30fc\u30c8\u3068\u3044\u3063\u305f<\/span><b data-path-to-node=\"16\" data-index-in-node=\"142\">\u5f93\u6765\u306e\u5f37\u529b\u306a\u5378\u58f2\uff08Wholesale\uff09\u30d1\u30fc\u30c8\u30ca\u30fc\u3078\u306e\u5546\u54c1\u4f9b\u7d66\u3092\u5927\u5e45\u306b\u30ab\u30c3\u30c8\u3001\u3042\u308b\u3044\u306f\u53d6\u5f15\u3092\u505c\u6b62<\/b><span>\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"17\"><span>\u300c\u4e2d\u9593\u30de\u30fc\u30b8\u30f3\u3092\u6392\u9664\u3057\u3066\u76f4\u8ca9\u3059\u308c\u3070\u5229\u76ca\u7387\u304c\u8df3\u306d\u4e0a\u304c\u308b\u300d\u3068\u3044\u3046\u30ed\u30b8\u30c3\u30af\u306f\u673a\u4e0a\u3067\u306f\u5b8c\u74a7\u306b\u898b\u3048\u307e\u3057\u305f\u3002<\/span><span>\u3057\u304b\u3057\u73fe\u5b9f\u306b\u306f\u3001<\/span><span>\u6d88\u8cbb\u8005\u304c\u65e5\u3005\u8a2a\u308c\u308b\u8857\u306e\u30b7\u30e5\u30fc\u30ba\u30b7\u30e7\u30c3\u30d7\u304b\u3089\u30ca\u30a4\u30ad\u88fd\u54c1\u304c\u6d88\u3048\u53bb\u308a\u3001<\/span><b data-path-to-node=\"17\" data-index-in-node=\"88\">\u9867\u5ba2\u3068\u306e\u7269\u7406\u7684\u306a\u63a5\u89e6\u6a5f\u4f1a\uff08\u63a5\u70b9\uff09\u3092\u81ea\u3089\u6368\u3066\u308b\u7d50\u679c<\/b><span>\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/span><\/p>\n<h4 data-path-to-node=\"18\">\u2461 \u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u306e\u505c\u6ede\u3068\u904e\u53bb\u306e\u8cc7\u7523\uff08\u5fa9\u523b\u7248\uff09\u4f9d\u5b58<\/h4>\n<p data-path-to-node=\"19\"><span>\u304b\u3064\u3066\u300c\u30a8\u30a2 \u30b8\u30e7\u30fc\u30c0\u30f3\u300d\u3084\u300c\u30a8\u30a2 \u30de\u30c3\u30af\u30b9\u300d\u3001<\/span><span>\u8fd1\u5e74\u3067\u306f\u30de\u30e9\u30bd\u30f3\u754c\u306e\u5e38\u8b58\u3092\u8986\u3057\u305f\u300c\u539a\u5e95\u30ab\u30fc\u30dc\u30f3\u30b7\u30e5\u30fc\u30ba\uff08\u30f4\u30a7\u30a4\u30d1\u30fc\u30d5\u30e9\u30a4\uff09\u300d\u3092\u751f\u307f\u51fa\u3057\u3066\u304d\u305f\u30ca\u30a4\u30ad\u3067\u3059\u304c\u3001<\/span><span>\u3053\u3053\u6570\u5e74\u306f\u9769\u65b0\u7684\u306a\u65b0\u6280\u8853\u306e\u6295\u5165\u304c\u30b9\u30c8\u30c3\u30d7\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"20\"><span>\u4ee3\u308f\u308a\u306b\u696d\u7e3e\u3092\u652f\u3048\u305f\u306e\u306f\u3001<\/span><span>\u300c\u30a8\u30a2 \u30b8\u30e7\u30fc\u30c0\u30f3 1\u300d\u300c\u30c0\u30f3\u30af\uff08DUNK\uff09\u300d\u300c\u30a8\u30a2 \u30d5\u30a9\u30fc\u30b9 1\u300d\u3068\u3044\u3063\u305f<\/span><b data-path-to-node=\"20\" data-index-in-node=\"51\">80\u5e74\u4ee3\u301c90\u5e74\u4ee3\u306e\u30ec\u30c8\u30ed\u30b9\u30cb\u30fc\u30ab\u30fc\u306e\u5927\u91cf\u518d\u751f\u7523\u3068\u30ab\u30e9\u30fc\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\u5c55\u958b<\/b><span>\u3067\u3057\u305f\u3002<\/span><span>\u30e9\u30a4\u30d5\u30b9\u30bf\u30a4\u30eb\uff08\u8857\u5c65\u304d\uff09\u7528\u9014\u3068\u3057\u3066\u5e02\u5834\u306b\u4f9b\u7d66\u3057\u3059\u304e\u305f\u7d50\u679c\u3001<\/span><span>\u30b9\u30cb\u30fc\u30ab\u30fc\u30d8\u30c3\u30ba\u306e\u9593\u3067\u98e2\u9913\u611f\u304c\u8584\u308c\u3001<\/span><span>\u30d6\u30fc\u30e0\u304c\u6c88\u9759\u5316\u3059\u308b\u3068\u4e00\u8ee2\u3057\u3066\u5927\u91cf\u306e\u58f2\u308c\u6b8b\u308a\u304c\u767a\u751f\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<h4 data-path-to-node=\"21\">\u2462 \u30bb\u30fc\u30eb\u4e71\u767a\u306b\u3088\u308b\u30d6\u30e9\u30f3\u30c9\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u5d29\u58ca<\/h4>\n<p data-path-to-node=\"22\"><span>\u81ea\u793eEC\u306b\u7a4d\u307f\u4e0a\u304c\u3063\u305f\u904e\u5270\u5728\u5eab\u3092\u51e6\u5206\u3059\u308b\u305f\u3081\u3001<\/span><span>\u30ca\u30a4\u30ad\u306f\u81ea\u793e\u30a2\u30d7\u30ea\u4e0a\u3067\u300c20%\u301c30%\u30aa\u30d5\u300d\u3068\u3044\u3063\u305f\u5927\u898f\u6a21\u306a\u30d7\u30ed\u30e2\u30fc\u30b7\u30e7\u30f3\uff08\u5024\u5f15\u304d\u8ca9\u58f2\uff09\u3092\u65e5\u5e38\u7684\u306b\u5b9f\u65bd\u3059\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"23\"><span>\u3053\u308c\u306b\u3088\u308a\u3001<\/span><span>\u6d88\u8cbb\u8005\u306e\u9593\u306b\u300c\u30ca\u30a4\u30ad\u306f\u5b9a\u4fa1\u3067\u8cb7\u308f\u306a\u304f\u3066\u3082\u3001<\/span><span>\u5c11\u3057\u5f85\u3066\u3070\u30bb\u30fc\u30eb\u3067\u5b89\u304f\u8cb7\u3048\u308b\u300d\u3068\u3044\u3046\u8a8d\u8b58\u304c\u5b9a\u7740\u3002<\/span><span>\u30d7\u30ec\u30df\u30a2\u30e0\u30d6\u30e9\u30f3\u30c9\u3068\u3057\u3066\u6700\u3082\u4e0d\u53ef\u6b20\u306a\u300c\u61a7\u308c\u300d\u3084\u300c\u7279\u5225\u611f\u300d\u304c\u640d\u306a\u308f\u308c\u3001<\/span><span>\u7c97\u5229\u76ca\u7387\uff08Gross Margin\uff09\u3092\u76f4\u6483\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<h2 data-path-to-node=\"25\">\u7b2c2\u7ae0\uff1a\u5275\u696d\u304b\u3089\u73fe\u5728\u307e\u3067\u306e\u696d\u7e3e\u3068\u682a\u4fa1\u306e\u5909\u9077<\/h2>\n<p data-path-to-node=\"26\"><span class=\"\">\u30ca\u30a4\u30ad\u306e\u771f\u306e\u5f37\u307f\u3068\u4eca\u56de\u306e\u5371\u6a5f\u306e\u4f4d\u7f6e\u3065\u3051\u3092\u7406\u89e3\u3059\u308b\u305f\u3081\u306b\u306f\u3001<\/span><span class=\"\">\u540c\u793e\u304c\u3069\u306e\u3088\u3046\u306a\u6b74\u53f2\u3092\u7d4c\u3066\u4e16\u754c\u7684\u5de8\u4eba\u306b\u4e0a\u308a\u8a70\u3081\u305f\u306e\u304b\u3092\u77e5\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/span><span class=\"\">\u30ca\u30a4\u30ad\u306e\u6b74\u53f2\u306f\u3001<\/span><b class=\"\" data-path-to-node=\"26\" data-index-in-node=\"74\">\u300c\u65e5\u672c\u306e\u9774\u306e\u8f38\u5165\u696d\u8005\u300d\u304b\u3089\u59cb\u307e\u308a\u3001\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3068\u5f37\u70c8\u306a\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u3067\u4e16\u754c\u3092\u5236\u8987\u3057\u3066\u304d\u305f\u6b74\u53f2<\/b><span class=\"\">\u3067\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c70665899=\"\" class=\"ng-tns-c70665899-296 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c70665899=\"\" class=\"code-block ng-tns-c70665899-296 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl9mYTg0OTJmNGNiMGJhMGIyIiwiY18zZjhmOThmNGE0MTIxNDczIixudWxsLCJyY19mMjU2M2Y2NTE2NTRiMGE1IixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c70665899=\"\" class=\"formatted-code-block-internal-container ng-tns-c70665899-296\">\n<div _ngcontent-ng-c70665899=\"\" class=\"animated-opacity ng-tns-c70665899-296\">\n<pre _ngcontent-ng-c70665899=\"\" class=\"ng-tns-c70665899-296\"><code _ngcontent-ng-c70665899=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c70665899-296 no-decoration-radius\">\u3010\u30ca\u30a4\u30ad\u306e\u6210\u9577\u30d5\u30a7\u30fc\u30ba\u3068\u6b74\u53f2\u7684\u51fa\u6765\u4e8b\u3011\r\n\r\n[1964-1970s] \u5275\u696d\u671f\r\n \u30fb\u30aa\u30cb\u30c4\u30ab\u30bf\u30a4\u30ac\u30fc\uff08\u73fe\u30a2\u30b7\u30c3\u30af\u30b9\uff09\u306e\u8f38\u5165\u8ca9\u58f2\u304b\u3089\u30b9\u30bf\u30fc\u30c8\r\n \u30fb\u300c\u30ef\u30c3\u30d5\u30eb\u30bd\u30fc\u30eb\u300d\u958b\u767a\u3001\u81ea\u793e\u30d6\u30e9\u30f3\u30c9\u300cNIKE\u300d\u7acb\u3061\u4e0a\u3052\r\n\r\n[1980-1990s] \u98db\u7fd4\u671f\r\n \u30fb1980\u5e74 \u682a\u5f0f\u516c\u958b\uff08IPO\uff09\r\n \u30fb1984\u5e74 \u30de\u30a4\u30b1\u30eb\u30fb\u30b8\u30e7\u30fc\u30c0\u30f3\u3068\u306e\u5951\u7d04\u3001\u300c\u30a8\u30a2 \u30b8\u30e7\u30fc\u30c0\u30f3\u300d\u7206\u767a\u7684\u5927\u30d2\u30c3\u30c8\r\n \u30fb\u300cJust Do It\u300d\u30ad\u30e3\u30f3\u30da\u30fc\u30f3\u3067\u30a2\u30c7\u30a3\u30c0\u30b9\u3092\u629c\u304d\u4e16\u754cNo.1\u3078\r\n\r\n[2000-2010s] \u9ec4\u91d1\u671f\r\n \u30fb\u300c\u30ca\u30a4\u30ad\u30d7\u30e9\u30b9\u300d\u7b49\u30c7\u30b8\u30bf\u30eb\u7d71\u5408\u3001\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u306e\u9023\u7d9a\r\n \u30fb\u539a\u5e95\u30e9\u30f3\u30cb\u30f3\u30b0\u9769\u547d\uff08\u30f4\u30a7\u30a4\u30d1\u30fc\u30d5\u30e9\u30a4\uff09\u3067\u9577\u8ddd\u96e2\u754c\u3092\u5b8c\u5168\u5e73\u5b9a\r\n\r\n[2020-2024] \u8ff7\u8d70\u671f\r\n \u30fbDTC\u904e\u5270\u30b7\u30d5\u30c8\u306b\u3088\u308b\u5378\u58f2\u96e2\u308c\r\n \u30fb\u5fa9\u523b\u4f9d\u5b58\u3068\u65b0\u6280\u8853\u505c\u6ede\u3001\u58f2\u4e0a\u9ad8\u30fb\u5229\u76ca\u7387\u306e\u6fc0\u6e1b\r\n\r\n[2025-\u73fe\u5728] \u518d\u751f\u671f\uff08Win Now\uff09\r\n \u30fb\u751f\u3048\u629c\u304d\u306e\u30a8\u30ea\u30aa\u30c3\u30c8\u30fb\u30d2\u30ebCEO\u5c31\u4efb\r\n \u30fb\u5378\u58f2\u518d\u5f37\u5316\u30fb\u300c\u30b9\u30dd\u30fc\u30c4\u539f\u70b9\u56de\u5e30\u300d\u306b\u3088\u308b\u518d\u751f\u30d7\u30e9\u30f3\u59cb\u52d5\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h3 data-path-to-node=\"28\">2-1. \u5275\u696d\u671f\uff1a\u65e5\u672c\u306e\u30aa\u30cb\u30c4\u30ab\u30bf\u30a4\u30ac\u30fc\u8f38\u5165\u304b\u3089\u30b9\u30bf\u30fc\u30c8\uff081960\u301c1970\u5e74\u4ee3\uff09<\/h3>\n<p data-path-to-node=\"29\"><span>\u30ca\u30a4\u30ad\u306e\u524d\u8eab\u3067\u3042\u308b\u300c\u30d6\u30eb\u30fc\u30ea\u30dc\u30f3\u30b9\u30dd\u30fc\u30c4\uff08BRS\uff09\u300d\u793e\u306f\u3001<\/span><span>1964\u5e74\u306b\u30aa\u30ec\u30b4\u30f3\u5927\u5b66\u306e\u9678\u4e0a\u9078\u624b\u3067\u3042\u3063\u305f\u30d5\u30a3\u30eb\u30fb\u30ca\u30a4\u30c8\u3068\u3001<\/span><span>\u305d\u306e\u30b3\u30fc\u30c1\u3067\u3042\u3063\u305f\u30d3\u30eb\u30fb\u30d0\u30a6\u30ef\u30fc\u30de\u30f3\u306b\u3088\u3063\u3066\u8a2d\u7acb\u3055\u308c\u307e\u3057\u305f\u3002<\/span><span>\u8cc7\u91d1\u306f\u308f\u305a\u304b500\u30c9\u30eb\u305a\u3064\u3092\u51fa\u3057\u5408\u3063\u305f\u3082\u306e\u3067\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"30\"><span>\u9a5a\u304f\u3079\u304d\u3053\u3068\u306b\u3001<\/span><span>\u5275\u696d\u5f53\u6642\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306f<\/span><b data-path-to-node=\"30\" data-index-in-node=\"21\">\u65e5\u672c\u306e\u300c\u30aa\u30cb\u30c4\u30ab\u30bf\u30a4\u30ac\u30fc\uff08\u73fe\u30a2\u30b7\u30c3\u30af\u30b9\uff09\u300d\u306e\u30e9\u30f3\u30cb\u30f3\u30b0\u30b7\u30e5\u30fc\u30ba\u3092\u30a2\u30e1\u30ea\u30ab\u3078\u8f38\u5165\u3057\u3001\u8eca\u306e\u30c8\u30e9\u30f3\u30af\u306b\u7a4d\u3093\u3067\u9678\u4e0a\u7af6\u6280\u5834\u3067\u8ca9\u58f2\u3059\u308b\u4ee3\u7406\u5e97<\/b><span>\u3067\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"31\"><span>\u305d\u306e\u5f8c\u3001<\/span><span>\u30aa\u30cb\u30c4\u30ab\u3068\u306e\u63d0\u643a\u89e3\u6d88\u3092\u7d4c\u3066\u3001<\/span><span>\u81ea\u793e\u30d6\u30e9\u30f3\u30c9\u300cNIKE\uff08\u52dd\u5229\u306e\u5973\u795e\u30cb\u30b1\u306b\u7531\u6765\uff09\u300d\u3092\u7acb\u3061\u4e0a\u3052\u307e\u3059\u3002<\/span><span>\u30d0\u30a6\u30ef\u30fc\u30de\u30f3\u304c\u59bb\u306e\u30ef\u30c3\u30d5\u30eb\u30e1\u30fc\u30ab\u30fc\u306b\u6db2\u4f53\u30b4\u30e0\u3092\u6d41\u3057\u8fbc\u3093\u3067\u7740\u60f3\u3092\u5f97\u305f\u300c\u30ef\u30c3\u30d5\u30eb\u30bd\u30fc\u30eb\u300d\u306a\u3069\u3001<\/span><span>\u72ec\u81ea\u306e\u6280\u8853\u9769\u65b0\u3067\u30e9\u30f3\u30ca\u30fc\u306e\u4fe1\u983c\u3092\u7372\u5f97\u3057\u3001<\/span><span>1980\u5e74\u306b\u682a\u5f0f\u516c\u958b\uff08IPO\uff09\u3092\u679c\u305f\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<h3 data-path-to-node=\"32\">2-2. \u98db\u7fd4\u671f\uff1a\u30de\u30a4\u30b1\u30eb\u30fb\u30b8\u30e7\u30fc\u30c0\u30f3\u3068\u306e\u5951\u7d04\u3068\u30b0\u30ed\u30fc\u30d0\u30eb\u5316\uff081980\u301c2000\u5e74\u4ee3\uff09<\/h3>\n<p data-path-to-node=\"33\"><span>1980\u5e74\u4ee3\u534a\u3070\u3001<\/span><span>\u30ca\u30a4\u30ad\u306f\u30c9\u30a4\u30c4\u306e\u5de8\u4eba\u300c\u30a2\u30c7\u30a3\u30c0\u30b9\u300d\u3084\u3001<\/span><span>\u30a8\u30a2\u30ed\u30d3\u30af\u30b9\u30d6\u30fc\u30e0\u306b\u4e57\u3063\u305f\u300c\u30ea\u30fc\u30dc\u30c3\u30af\u300d\u306b\u62bc\u3055\u308c\u3001<\/span><span>\u4e00\u5ea6\u76ee\u306e\u5927\u304d\u306a\u6210\u9577\u505c\u6ede\u3092\u7d4c\u9a13\u3057\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"34\"><span>\u3053\u306e\u7aae\u5730\u3092\u6551\u3063\u305f\u306e\u304c\u3001<\/span><span>1984\u5e74\u306bNBA\u306e\u65b0\u661f<\/span><b data-path-to-node=\"34\" data-index-in-node=\"23\">\u30de\u30a4\u30b1\u30eb\u30fb\u30b8\u30e7\u30fc\u30c0\u30f3<\/b><span>\u3068\u7d50\u3093\u3060\u30b9\u30dd\u30f3\u30b5\u30fc\u5951\u7d04\u3067\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"35\"><span>\u5f53\u6642\u306eNBA\u898f\u5b9a\uff08\u767d\u4e3b\u4f53\u306e\u30b7\u30e5\u30fc\u30ba\u7740\u7528\u7fa9\u52d9\uff09\u3092\u7834\u3063\u3066\u7f70\u91d1\u3092\u6255\u3044\u306a\u304c\u3089\u7740\u7528\u3055\u305b\u7d9a\u3051\u305f\u300c\u30a8\u30a2 \u30b8\u30e7\u30fc\u30c0\u30f3\uff08Air Jordan 1\uff09\u300d\u306f\u3001<\/span><span>\u5358\u306a\u308b\u30b9\u30dd\u30fc\u30c4\u7528\u54c1\u3092\u8d85\u3048\u3066\u82e5\u8005\u6587\u5316\u30fb\u30d2\u30c3\u30d7\u30db\u30c3\u30d7\u30ab\u30eb\u30c1\u30e3\u30fc\u306e\u8c61\u5fb4\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/span><span>\u30b8\u30e7\u30fc\u30c0\u30f3\u30d6\u30e9\u30f3\u30c9\u306f\u73fe\u5728\u3001<\/span><span>\u5358\u4f53\u3067\u5e74\u959360\u5104\u30c9\u30eb\u4ee5\u4e0a\u306e\u58f2\u4e0a\u3092\u751f\u307f\u51fa\u3059\u30e1\u30ac\u30d6\u30e9\u30f3\u30c9\u3078\u3068\u6210\u9577\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c70665899=\"\" class=\"ng-tns-c70665899-297 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c70665899=\"\" class=\"code-block ng-tns-c70665899-297 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl9mYTg0OTJmNGNiMGJhMGIyIiwiY18zZjhmOThmNGE0MTIxNDczIixudWxsLCJyY19mMjU2M2Y2NTE2NTRiMGE1IixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c70665899=\"\" class=\"formatted-code-block-internal-container ng-tns-c70665899-297\">\n<div _ngcontent-ng-c70665899=\"\" class=\"animated-opacity ng-tns-c70665899-297\">\n<pre _ngcontent-ng-c70665899=\"\" class=\"ng-tns-c70665899-297\"><code _ngcontent-ng-c70665899=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c70665899-297 no-decoration-radius\">\u3010\u30b8\u30e7\u30fc\u30c0\u30f3\u30fb\u30a8\u30d5\u30a7\u30af\u30c8\u306e\u69cb\u9020\u3011\r\n\u5358\u306a\u308b\u30a2\u30b9\u30ea\u30fc\u30c8\u5951\u7d04\r\n  \u2193\r\n\u898f\u5b9a\u9055\u53cd\u306e\u7f70\u91d1\u3092\u30ca\u30a4\u30ad\u304c\u80a9\u4ee3\u308f\u308a\u3057\u3066\u7740\u7528\u3055\u305b\u308b\uff08\u904e\u6fc0\u306a\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\uff09\r\n  \u2193\r\n\u30b9\u30c8\u30ea\u30fc\u30c8\u30ab\u30eb\u30c1\u30e3\u30fc\u30fb\u30d5\u30a1\u30c3\u30b7\u30e7\u30f3\u3068\u306e\u878d\u5408\r\n  \u2193\r\n\u300c\u30b9\u30dd\u30fc\u30c4\u30b7\u30e5\u30fc\u30ba\uff1d\u30d5\u30a1\u30c3\u30b7\u30e7\u30f3\u30a2\u30a4\u30c6\u30e0\u300d\u3068\u3044\u3046\u65b0\u6982\u5ff5\u306e\u5275\u51fa\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"37\"><span>1988\u5e74\u306b\u306f\u4e16\u754c\u7684\u306b\u6709\u540d\u306a\u30ad\u30e3\u30c3\u30c1\u30b3\u30d4\u30fc\u300cJust Do It\u300d\u3092\u59cb\u52d5\u3002<\/span><span>\u30bf\u30a4\u30ac\u30fc\u30fb\u30a6\u30c3\u30ba\uff08\u30b4\u30eb\u30d5\uff09\u3001<\/span><span>\u30af\u30ea\u30b9\u30c6\u30a3\u30a2\u30fc\u30ce\u30fb\u30ed\u30ca\u30a6\u30c9\uff08\u30b5\u30c3\u30ab\u30fc\uff09\u3001<\/span><span>\u30ed\u30b8\u30e3\u30fc\u30fb\u30d5\u30a7\u30c7\u30e9\u30fc\uff08\u30c6\u30cb\u30b9\uff09\u306a\u3069\u3001<\/span><span>\u5404\u7af6\u6280\u306e\u30c8\u30c3\u30d7\u30a2\u30b9\u30ea\u30fc\u30c8\u3092\u72ec\u5360\u7684\u306b\u7372\u5f97\u3057\u3001<\/span><span>\u30b9\u30dd\u30fc\u30c4\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u30b0\u30ed\u30fc\u30d0\u30ebNo.<\/span><span>1\u3068\u3057\u3066\u306e\u5730\u4f4d\u3092\u78ba\u56fa\u305f\u308b\u3082\u306e\u306b\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<h3 data-path-to-node=\"38\">2-3. \u9ec4\u91d1\u671f\uff1a\u30c7\u30b8\u30bf\u30eb\u7d71\u5408\u3068\u539a\u5e95\u30e9\u30f3\u30cb\u30f3\u30b0\u9769\u547d\uff082010\u5e74\u4ee3\uff09<\/h3>\n<p data-path-to-node=\"39\"><span>2010\u5e74\u4ee3\u306e\u30ca\u30a4\u30ad\u306f\u7121\u6575\u306e\u8a87\u308a\u3092\u8a87\u3063\u3066\u3044\u307e\u3057\u305f\u3002<\/span><span>Apple\u3068\u306e\u63d0\u643a\u306b\u3088\u308b\u300cNike+\u300d\u306a\u3069\u30c7\u30b8\u30bf\u30eb\u3068\u30b9\u30dd\u30fc\u30c4\u306e\u878d\u5408\u306b\u3044\u3061\u65e9\u304f\u7740\u624b\u3002<\/span><\/p>\n<p data-path-to-node=\"40\"><span>\u3055\u3089\u306b2017\u5e74\u3001<\/span><span>\u9577\u8ddd\u96e2\u9678\u4e0a\u754c\u306b\u5730\u6bbb\u5909\u52d5\u3092\u8d77\u3053\u3057\u305f\u300c\u539a\u5e95\u30b7\u30e5\u30fc\u30ba\uff08\u30f4\u30a7\u30a4\u30d1\u30fc\u30d5\u30e9\u30a4\u30b7\u30ea\u30fc\u30ba\uff09\u300d\u3092\u6295\u5165\u3057\u307e\u3059\u3002<\/span><span>\u7279\u6b8a\u306a\u9ad8\u53cd\u767a\u30d5\u30a9\u30fc\u30e0\u3068\u30ab\u30fc\u30dc\u30f3\u30d5\u30a1\u30a4\u30d0\u30fc\u30d7\u30ec\u30fc\u30c8\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u3053\u306e\u30b7\u30e5\u30fc\u30ba\u306f\u3001<\/span><span>\u4e16\u754c\u4e2d\u306e\u30de\u30e9\u30bd\u30f3\u5927\u4f1a\u306e\u8868\u5f70\u53f0\u3092\u72ec\u5360\u3002<\/span><span>\u300c\u30ca\u30a4\u30ad\u306e\u539a\u5e95\u3092\u5c65\u304b\u306a\u3051\u308c\u3070\u52dd\u3066\u306a\u3044\u300d\u3068\u307e\u3067\u8a00\u308f\u3057\u3081\u3001<\/span><span>\u7af6\u5408\u4ed6\u793e\u3092\u5b8c\u5168\u306b\u5727\u5012\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<h3 data-path-to-node=\"41\">2-4. \u8ff7\u8d70\u671f\u304b\u3089\u518d\u751f\u6226\u7565\u300cWin Now\u300d\u3078\uff082020\u5e74\u4ee3\u301c\u73fe\u5728\uff09<\/h3>\n<p data-path-to-node=\"42\"><span>\u9806\u98a8\u6e80\u5e06\u306b\u898b\u3048\u305f\u30ca\u30a4\u30ad\u3067\u3059\u304c\u3001<\/span><span>2020\u5e74\u306b\u5143eBay\u3084Bain &amp; Company\u306eCEO\u3092\u6b74\u4efb\u3057\u305fIT\u30fb\u30b3\u30f3\u30b5\u30eb\u51fa\u8eab\u306e\u30b8\u30e7\u30f3\u30fb\u30c9\u30ca\u30db\u30fc\u304cCEO\u306b\u5c31\u4efb\u3057\u305f\u3053\u3068\u3067\u30ae\u30a2\u304c\u72c2\u3044\u59cb\u3081\u307e\u3059\u3002<\/span><span>\u30c7\u30fc\u30bf\u4e3b\u5c0e\u306e\u52b9\u7387\u4e3b\u7fa9\u3068DTC\u504f\u91cd\u4e3b\u7fa9\u304c\u9032\u3081\u3089\u308c\u3001<\/span><span>\u524d\u8ff0\u306e\u300c\u73fe\u5834\u96e2\u308c\u30fb\u5378\u58f2\u96e2\u308c\u30fb\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u505c\u6ede\u300d\u3078\u3068\u9665\u308a\u307e\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"43\"><span>\u696d\u7e3e\u60aa\u5316\u3092\u53d7\u3051\u3066\u53d6\u7de0\u5f79\u4f1a\u306f\u6c7a\u65ad\u3092\u4e0b\u3057\u3001<\/span><span>2024\u5e74\u79cb\u306b\u30c9\u30ca\u30db\u30fcCEO\u3092\u89e3\u4efb\u3002<\/span><span>\u5f8c\u4efb\u3068\u3057\u3066\u3001<\/span><span>1988\u5e74\u306b\u30a4\u30f3\u30bf\u30fc\u30f3\u3068\u3057\u3066\u30ca\u30a4\u30ad\u306b\u5165\u793e\u3057\u3001<\/span><span class=\"\">\u9577\u5e74\u55b6\u696d\u3084\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u306e\u73fe\u5834\u3092\u53e9\u304d\u4e0a\u3052\u3067\u6b69\u3093\u3067\u304d\u305f\u751f\u3048\u629c\u304d\u306e\u30d9\u30c6\u30e9\u30f3\u3001<\/span><span class=\"\">\u30a8\u30ea\u30aa\u30c3\u30c8\u30fb\u30d2\u30eb\uff08Elliott Hill\uff09\u3092\u65b0CEO\u3068\u3057\u3066\u547c\u3073\u623b\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"44\"><span class=\"\">\u30a8\u30ea\u30aa\u30c3\u30c8\u30fb\u30d2\u30eb\u65b0CEO\u306e\u3082\u3068\u3001<\/span><span>\u30ca\u30a4\u30ad\u306f\u73fe\u5728\u300cWin Now\uff08\u4eca\u52dd\u3064\uff09\u300d\u3068\u547c\u3070\u308c\u308b\u518d\u751f\u30d7\u30e9\u30f3\u3092\u5b9f\u884c\u306b\u79fb\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c70665899=\"\" class=\"ng-tns-c70665899-298 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c70665899=\"\" class=\"code-block ng-tns-c70665899-298 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl9mYTg0OTJmNGNiMGJhMGIyIiwiY18zZjhmOThmNGE0MTIxNDczIixudWxsLCJyY19mMjU2M2Y2NTE2NTRiMGE1IixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c70665899=\"\" class=\"formatted-code-block-internal-container ng-tns-c70665899-298\">\n<div _ngcontent-ng-c70665899=\"\" class=\"animated-opacity ng-tns-c70665899-298\">\n<pre _ngcontent-ng-c70665899=\"\" class=\"ng-tns-c70665899-298\"><code _ngcontent-ng-c70665899=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c70665899-298 no-decoration-radius\">\u3010\u30ca\u30a4\u30ad\u518d\u751f\u30d7\u30e9\u30f3\u300cWin Now\u300d\u306e3\u5927\u67f1\u3011\r\n\r\n1. \u5378\u58f2\u30d1\u30fc\u30c8\u30ca\u30fc\uff08Wholesale\uff09\u3068\u306e\u95a2\u4fc2\u518d\u69cb\u7bc9\r\n   \u30fbFoot Locker\u3001ABC\u30de\u30fc\u30c8\u3001\u5730\u65b9\u5c02\u9580\u5e97\u3078\u306e\u512a\u5148\u4f9b\u7d66\u3092\u518d\u958b\r\n   \u30fbAmazon\u3078\u306e\u76f4\u8ca9\u30c1\u30e3\u30cd\u30eb\u306e\u518d\u6d3b\u7528\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u306e\u6700\u9069\u5316\r\n\r\n2. \u30b9\u30dd\u30fc\u30c4\u6a5f\u80fd\u6027\u306e\u539f\u70b9\u56de\u5e30\uff08Performance First\uff09\r\n   \u30fb\u30e9\u30a4\u30d5\u30b9\u30bf\u30a4\u30eb\u5fa9\u523b\u504f\u91cd\u304b\u3089\u3001\u30e9\u30f3\u30cb\u30f3\u30b0\u30fb\u30d0\u30b9\u30b1\u7b49\u306e\u7af6\u6280\u7528\u30b7\u30e5\u30fc\u30ba\u958b\u767a\u3078\u8cc7\u91d1\u96c6\u4e2d\r\n   \u30fb\u30d1\u30ea\u4e94\u8f2a\u7b49\u306b\u5411\u3051\u305f\u65b0\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u306e\u5e02\u5834\u6295\u5165\r\n\r\n3. \u5728\u5eab\u306e\u5fb9\u5e95\u51e6\u5206\u3068\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u6b63\u5e38\u5316\r\n   \u30fb\u904e\u5270\u5728\u5eab\u3092\u5272\u5f15\u7b49\u3067\u4e00\u6383\u3057\u3001\u65b0\u88fd\u54c1\u306e\u300c\u5b9a\u4fa1\u8ca9\u58f2\uff08\u30d5\u30eb\u30d7\u30e9\u30a4\u30b9\uff09\u300d\u6bd4\u7387\u3092\u5411\u4e0a\r\n   \u30fb\u30d6\u30e9\u30f3\u30c9\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u611f\u3092\u53d6\u308a\u623b\u3059\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"xcd-attention-6 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title-wrap\">\n<div class=\"xcd-title\"><span>\u3042\u306a\u305f\u306b\u672c\u5f53\u306b\u9069\u3057\u305f\u6295\u8cc7\u306f\u3069\u308c\uff1f<\/span><\/div>\n<\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u3067\u53ce\u5165\u3092\u5f97\u305f\u3044\u3001\u8cc7\u7523\u3092\u5897\u3084\u3057\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u30ea\u30b9\u30af\u306f\u3067\u304d\u308b\u3060\u3051\u6291\u3048\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u5148\u306e\u898b\u6975\u3081\u65b9\u3092\u77e5\u308a\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6210\u529f\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u3068\u63a5\u70b9\u304c\u6b32\u3057\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u7269\u4fa1\u4e0a\u6607\u3078\u306e\u5bfe\u7b56\u306b\u306f\u6295\u8cc7\u304c\u5fc5\u8981\u3068\u8003\u3048\u3066\u3044\u308b\u3000YES or NO<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><strong>\u2192\u3000YES\u304c\uff13\u3064\u4ee5\u4e0a\u3060\u3063\u305f\u65b9\u306f\u3001\u3053\u3061\u3089\u3092\u30af\u30ea\u30c3\u30af<\/strong><\/a><\/span><\/p>\n<\/div>\n<\/div>\n<h2 data-path-to-node=\"47\">\u7b2c3\u7ae0\uff1a\u53f0\u982d\u3059\u308b\u30e9\u30a4\u30d0\u30eb\u305f\u3061\uff1a\u4e0a\u5834\u30b9\u30dd\u30fc\u30c4\u30d6\u30e9\u30f3\u30c9\u306e\u7279\u5fb4\u3068\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u6bd4\u8f03<\/h2>\n<p data-path-to-node=\"48\"><span>\u30ca\u30a4\u30ad\u304c\u81ea\u793e\u90fd\u5408\u306eDTC\u30b7\u30d5\u30c8\u306b\u5954\u8d70\u3057\u3001<\/span><span>\u9867\u5ba2\u3068\u306e\u63a5\u70b9\u3092\u6e1b\u3089\u3057\u3066\u3044\u305f\u6570\u5e74\u9593\u306f\u3001<\/span><span>\u7af6\u5408\u4ed6\u793e\u306b\u3068\u3063\u3066\u300c\u5343\u8f09\u4e00\u9047\u306e\u30c1\u30e3\u30f3\u30b9\u300d\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/span><span>\u30e9\u30f3\u30cb\u30f3\u30b0\u5e02\u5834\u3092\u4e2d\u5fc3\u306b\u30b7\u30a7\u30a2\u3092\u596a\u3063\u305f\u30e9\u30a4\u30d0\u30eb\u4f01\u696d\u306e\u52d5\u5411\u3092\u6df1\u6398\u308a\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"49\">3-1. \u65b0\u8208\u30fb\u7af6\u5408\u30d6\u30e9\u30f3\u30c9\u306e\u5b9a\u6027\u7684\u7279\u5fb4<\/h3>\n<h4 data-path-to-node=\"50\">1. On Holding\uff08\u30aa\u30f3\u30fb\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0 \/ \u9298\u67c4\u30b3\u30fc\u30c9: ONON\uff09<\/h4>\n<ul data-path-to-node=\"51\">\n<li>\n<p data-path-to-node=\"51,0,0\"><b data-path-to-node=\"51,0,0\" data-index-in-node=\"0\">\u80cc\u666f\u3068\u5f37\u307f:<\/b><span> 2010\u5e74\u306b\u30b9\u30a4\u30b9\u3067\u5143\u30d7\u30ed\u30c8\u30e9\u30a4\u30a2\u30b9\u30ed\u30f3\u9078\u624b\u3089\u306b\u3088\u3063\u3066\u8a2d\u7acb\u3002<\/span><span>\u300c\u96f2\u306e\u4e0a\u3092\u8d70\u308b\u3088\u3046\u306a\u5c65\u304d\u5fc3\u5730\u300d\u3092\u63b2\u3052\u3001<\/span><span>\u30bd\u30fc\u30eb\u306b\u7a7a\u6d1e\u3092\u4f5c\u3063\u305f\u7279\u8a31\u6280\u8853\u300cCloudTec\u00ae\uff08\u30af\u30e9\u30a6\u30c9\u30c6\u30c3\u30af\uff09\u300d\u3092\u958b\u767a\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"51,1,0\"><b data-path-to-node=\"51,1,0\" data-index-in-node=\"0\">\u30bf\u30fc\u30b2\u30c3\u30c8\u5c64:<\/b><span> \u90fd\u5e02\u90e8\u306e\u9ad8\u6240\u5f97\u8005\u5c64\u3001<\/span><span>\u30d3\u30b8\u30cd\u30b9\u30d1\u30fc\u30bd\u30f3\u3001<\/span><span>\u30a2\u30b9\u30ec\u30b8\u30e3\u30fc\u3092\u597d\u3080\u5c64\u3002<\/span><span>\u30c6\u30cb\u30b9\u754c\u306e\u30ec\u30b8\u30a7\u30f3\u30c9\u3001<\/span><span>\u30ed\u30b8\u30e3\u30fc\u30fb\u30d5\u30a7\u30c7\u30e9\u30fc\u304c\u51fa\u8cc7\u30fb\u30d7\u30ed\u30c0\u30af\u30c8\u958b\u767a\u306b\u53c2\u753b\u3057\u305f\u3053\u3068\u3067\u8a8d\u77e5\u5ea6\u304c\u7206\u767a\u7684\u306b\u9ad8\u307e\u308a\u307e\u3057\u305f\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"51,2,0\"><b data-path-to-node=\"51,2,0\" data-index-in-node=\"0\">\u30d6\u30e9\u30f3\u30c9\u6226\u7565:<\/b><span> \u30bb\u30fc\u30eb\u3092\u4e00\u5207\u884c\u308f\u306a\u3044\u5f37\u6c17\u306a\u5b9a\u4fa1\u8ca9\u58f2\u3068\u3001<\/span><span>\u9650\u3089\u308c\u305f\u9ad8\u7d1a\u30bb\u30ec\u30af\u30c8\u30b7\u30e7\u30c3\u30d7\u3084\u5c02\u9580\u5e97\u306e\u307f\u306b\u6271\u3046\u300c\u9650\u5b9a\u4f9b\u7d66\u6226\u7565\u300d\u306b\u3088\u308a\u3001<\/span><span>\u9ad8\u7c97\u5229\u76ca\u7387\uff08\u7d0460%\u8d85\uff09\u3092\u53e9\u304d\u51fa\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"52\">2. HOKA\uff08\u30db\u30ab \/ \u30c7\u30c3\u30ab\u30fc\u30ba\u30fb\u30d6\u30e9\u30f3\u30ba\u5098\u4e0b \/ \u9298\u67c4\u30b3\u30fc\u30c9: DECK\uff09<\/h4>\n<ul data-path-to-node=\"53\">\n<li>\n<p data-path-to-node=\"53,0,0\"><b data-path-to-node=\"53,0,0\" data-index-in-node=\"0\">\u80cc\u666f\u3068\u5f37\u307f:<\/b><span> 2009\u5e74\u306b\u30d5\u30e9\u30f3\u30b9\u306e\u5c71\u5cb3\u30e9\u30f3\u30ca\u30fc\u306b\u3088\u3063\u3066\u8a2d\u7acb\u3055\u308c\u3001<\/span><span>\u305d\u306e\u5f8c\u300cUGG\u300d\u306a\u3069\u3092\u5c55\u958b\u3059\u308b\u7c73\u30c7\u30c3\u30ab\u30fc\u30ba\u30fb\u30d6\u30e9\u30f3\u30ba\uff08Deckers Brands\uff09\u306b\u8cb7\u53ce\u3055\u308c\u307e\u3057\u305f\u3002<\/span><span>\u300c\u30de\u30ad\u30b7\u30de\u30ea\u30ba\u30e0\uff08\u8d85\u539a\u5e95\uff09\u300d\u306e\u5148\u99c6\u8005\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"53,1,0\"><b data-path-to-node=\"53,1,0\" data-index-in-node=\"0\">\u30bf\u30fc\u30b2\u30c3\u30c8\u5c64:<\/b><span> \u30a6\u30eb\u30c8\u30e9\u30de\u30e9\u30bd\u30f3\u3084\u30c8\u30ec\u30a4\u30eb\u30e9\u30f3\u30ca\u30fc\u3068\u3044\u3063\u305f\u6975\u9650\u306e\u30e9\u30f3\u30ca\u30fc\u304b\u3089\u62e1\u5927\u3002<\/span><span>\u819d\u3084\u8170\u3078\u306e\u8ca0\u62c5\u3092\u5287\u7684\u306b\u6e1b\u3089\u3059\u5727\u5012\u7684\u306a\u30af\u30c3\u30b7\u30e7\u30f3\u6027\u304c\u8a55\u4fa1\u3055\u308c\u3001<\/span><span>\u300c\u9577\u6642\u9593\u306e\u7acb\u3061\u4ed5\u4e8b\u3092\u884c\u3046\u770b\u8b77\u5e2b\u30fb\u533b\u7642\u5f93\u4e8b\u8005\u300d\u3084\u300c\u30a2\u30d1\u30ec\u30eb\u5e97\u54e1\u300d\u306e\u9593\u3067\u53e3\u30b3\u30df\u306b\u3088\u308a\u7206\u767a\u30d2\u30c3\u30c8\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"54\">3. Asics\uff08\u30a2\u30b7\u30c3\u30af\u30b9 \/ \u6771\u8a3c\u30d7\u30e9\u30a4\u30e0: 7936\uff09<\/h4>\n<ul data-path-to-node=\"55\">\n<li>\n<p data-path-to-node=\"55,0,0\"><b data-path-to-node=\"55,0,0\" data-index-in-node=\"0\">\u80cc\u666f\u3068\u5f37\u307f:<\/b><span> \u65e5\u672c\u304c\u8a87\u308b\u8001\u8217\u30b9\u30dd\u30fc\u30c4\u30e1\u30fc\u30ab\u30fc\u3002<\/span><span>\u78ba\u5b9f\u306a\u4eba\u9593\u5de5\u5b66\u5206\u6790\u3068\u6280\u8853\u529b\u3092\u80cc\u666f\u306b\u3001<\/span><span>\u30e9\u30f3\u30cb\u30f3\u30b0\u754c\u3067\u78ba\u56fa\u305f\u308b\u5730\u4f4d\u3092\u7bc9\u3044\u3066\u3044\u307e\u3057\u305f\u304c\u3001<\/span><span>\u4e00\u6642\u671f\u306f\u30d5\u30a1\u30c3\u30b7\u30e7\u30f3\u5316\u306e\u6ce2\u306b\u4e57\u308a\u9045\u308c\u3066\u3044\u307e\u3057\u305f\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"55,1,0\"><b data-path-to-node=\"55,1,0\" data-index-in-node=\"0\">V\u5b57\u56de\u5fa9\u306e\u8981\u56e0:<\/b><span> \u81ea\u8eab\u306e\u5f37\u307f\u3067\u3042\u308b\u300c\u8d70\u308a\u306e\u6a5f\u80fd\u6027\u300d\u306b\u518d\u3073\u30d5\u30a9\u30fc\u30ab\u30b9\u3002<\/span><span>\u30c8\u30c3\u30d7\u30e9\u30f3\u30ca\u30fc\u5411\u3051\u306e\u300cMETASPEED\uff08\u30e1\u30bf\u30b9\u30d4\u30fc\u30c9\uff09\u300d\u30b7\u30ea\u30fc\u30ba\u304c\u4e16\u754c\u306e\u5927\u4f1a\u3067\u7d50\u679c\u3092\u51fa\u3057\u59cb\u3081\u305f\u3053\u3068\u306b\u52a0\u3048\u3001<\/span><span>Y2K\uff082000\u5e74\u4ee3\u98a8\uff09\u30d5\u30a1\u30c3\u30b7\u30e7\u30f3\u306e\u30c8\u30ec\u30f3\u30c9\u306b\u4e57\u308a\u3001<\/span><span>\u300cGEL-KAYANO 14\u300d\u306a\u3069\u306e\u30ec\u30c8\u30ed\u30c6\u30c3\u30af\u7cfb\u30b9\u30cb\u30fc\u30ab\u30fc\u304c\u4e16\u754c\u4e2d\u306e\u82e5\u8005\u306e\u9593\u3067\u7206\u767a\u7684\u306a\u30d6\u30fc\u30e0\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"56\">4. adidas\uff08\u30a2\u30c7\u30a3\u30c0\u30b9\uff09<\/h4>\n<ul data-path-to-node=\"57\">\n<li>\n<p data-path-to-node=\"57,0,0\"><b data-path-to-node=\"57,0,0\" data-index-in-node=\"0\">\u80cc\u666f\u3068\u5f37\u307f:<\/b><span> \u30ab\u30cb\u30a8\u30fb\u30a6\u30a7\u30b9\u30c8\uff08Yeezy\uff09\u3068\u306e\u5951\u7d04\u89e3\u6d88\u306b\u3088\u308b\u5de8\u984d\u640d\u5931\u304b\u3089\u898b\u4e8b\u306aV\u5b57\u56de\u5fa9\u3092\u679c\u305f\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"57,1,0\"><b data-path-to-node=\"57,1,0\" data-index-in-node=\"0\">\u6d41\u884c\u306e\u638c\u63e1:<\/b><span> \u300cSamba\uff08\u30b5\u30f3\u30d0\uff09\u300d\u3084\u300cGazelle\uff08\u30ac\u30bc\u30eb\uff09\u300d\u3068\u3044\u3063\u305f\u8584\u5e95\u306e\u30af\u30e9\u30b7\u30c3\u30af\u30fb\u30b5\u30c3\u30ab\u30fc\u30b9\u30cb\u30fc\u30ab\u30fc\u304cZ\u4e16\u4ee3\u3092\u4e2d\u5fc3\u306b\u4e16\u754c\u4e2d\u3067\u30e1\u30ac\u30d2\u30c3\u30c8\u3002<\/span><span>\u30c8\u30ec\u30f3\u30c9\u3092\u7684\u78ba\u306b\u6349\u3048\u308b\u30b9\u30d4\u30fc\u30c9\u611f\u3067\u30ca\u30a4\u30ad\u306e\u30e9\u30a4\u30d5\u30b9\u30bf\u30a4\u30eb\u9818\u57df\u306e\u30b7\u30a7\u30a2\u3092\u4fb5\u98df\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"59\">3-2. \u4e3b\u8981\u4e0a\u5834\u30b9\u30dd\u30fc\u30c4\u30d6\u30e9\u30f3\u30c9\u5b9a\u91cf\u30fb\u5b9a\u6027\u6bd4\u8f03<\/h3>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c70665899=\"\" class=\"ng-tns-c70665899-299 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c70665899=\"\" class=\"code-block ng-tns-c70665899-299 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl9mYTg0OTJmNGNiMGJhMGIyIiwiY18zZjhmOThmNGE0MTIxNDczIixudWxsLCJyY19mMjU2M2Y2NTE2NTRiMGE1IixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c70665899=\"\" class=\"formatted-code-block-internal-container ng-tns-c70665899-299\">\n<div _ngcontent-ng-c70665899=\"\" class=\"animated-opacity ng-tns-c70665899-299\">\n<pre _ngcontent-ng-c70665899=\"\" class=\"ng-tns-c70665899-299\"><code _ngcontent-ng-c70665899=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c70665899-299 no-decoration-radius\">\u3010\u4e3b\u8981\u30b9\u30dd\u30fc\u30c4\u30d6\u30e9\u30f3\u30c9\u306e\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\u30de\u30c3\u30d7\u3011\r\n\r\n  \u9ad8\u4fa1\u683c\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\r\n        \u2502                   \u2605 On Holding (\u9ad8\u4fa1\u683c\u30fb\u90fd\u5e02\u6d3e)\r\n        \u2502\r\n        \u2502      \u2605 Nike (\u5168\u65b9\u4f4d\u30fb\u518d\u751f\u4e2d)\r\n        \u2502                                  \u2605 HOKA (\u8d85\u539a\u5e95\u30fb\u9ad8\u6a5f\u80fd)\r\n        \u2502\r\n \u30e9\u30a4\u30d5\u30b9\u30bf\u30a4\u30eb\u5bc4\u308a \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500 \u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\uff08\u6a5f\u80fd\u6027\uff09\u5bc4\u308a\r\n        \u2502\r\n        \u2502      \u2605 adidas (\u30ec\u30c8\u30ed\u30c8\u30ec\u30f3\u30c9)\r\n        \u2502                                  \u2605 Asics (\u78ba\u304b\u306a\u6280\u8853\u30fb\u30e9\u30f3\u30cb\u30f3\u30b0)\r\n        \u2502\r\n  \u4f4e\u301c\u4e2d\u4fa1\u683c\u5e2f\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"61\"><span class=\"\">\u4ee5\u4e0b\u306f\u3001<\/span><span class=\"\">\u5404\u4e0a\u5834\u30b9\u30dd\u30fc\u30c4\u30d6\u30e9\u30f3\u30c9\u306e\u8ca1\u52d9\u304a\u3088\u3073\u4e8b\u696d\u30e2\u30c7\u30eb\u306e\u6bd4\u8f03\u3067\u3059\u3002<\/span><\/p>\n<table data-path-to-node=\"62\">\n<thead>\n<tr>\n<td><strong>\u30d6\u30e9\u30f3\u30c9 \/ \u4f01\u696d\u540d<\/strong><\/td>\n<td><strong>\u672c\u793e\u56fd \/ \u4e0a\u5834\u5e02\u5834<\/strong><\/td>\n<td><strong>\u63a8\u5b9a\u5e74\u9593\u58f2\u4e0a\u898f\u6a21<\/strong><\/td>\n<td><strong>\u7c97\u5229\u76ca\u7387 (Gross Margin)<\/strong><\/td>\n<td><strong>\u30b3\u30a2\u3068\u306a\u308b\u5f37\u307f\u30fb\u5dee\u5225\u5316\u30dd\u30a4\u30f3\u30c8<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"62,1,0,0\"><b data-path-to-node=\"62,1,0,0\" data-index-in-node=\"0\">Nike\uff08NKE\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"62,1,1,0\">\u30a2\u30e1\u30ea\u30ab \/ NYSE<\/span><\/td>\n<td><span data-path-to-node=\"62,1,2,0\">\u7d04464\u5104\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"62,1,3,0\">\u7d04 42\u301c43%<\/span><\/td>\n<td><span data-path-to-node=\"62,1,4,0\">\u4e16\u754c\u898f\u6a21\u306e\u8a8d\u77e5\u5ea6\u3001\u30b8\u30e7\u30fc\u30c0\u30f3\u30d6\u30e9\u30f3\u30c9\u3001\u5de8\u5927\u306a\u8cc7\u91d1\u529b<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"62,2,0,0\"><b data-path-to-node=\"62,2,0,0\" data-index-in-node=\"0\">adidas\uff08ADS\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"62,2,1,0\">\u30c9\u30a4\u30c4 \/ XETRA<\/span><\/td>\n<td><span data-path-to-node=\"62,2,2,0\">\u7d04230\u5104\u30e6\u30fc\u30ed<\/span><\/td>\n<td><span data-path-to-node=\"62,2,3,0\">\u7d04 49\u301c50%<\/span><\/td>\n<td><span data-path-to-node=\"62,2,4,0\">\u30ec\u30c8\u30ed\u30b9\u30cb\u30fc\u30ab\u30fc\u306e\u30c8\u30ec\u30f3\u30c9\u5f62\u6210\u529b\u3001\u30b5\u30c3\u30ab\u30fc\u5206\u91ce\u306e\u8987\u6a29<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"62,3,0,0\"><b data-path-to-node=\"62,3,0,0\" data-index-in-node=\"0\">Deckers \/ HOKA\uff08DECK\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"62,3,1,0\">\u30a2\u30e1\u30ea\u30ab \/ NYSE<\/span><\/td>\n<td>\n<p data-path-to-node=\"62,3,2,0\">\u7d0448\u5104\u30c9\u30eb\uff08\u5168\u4f53\uff09<\/p>\n<p><br data-path-to-node=\"62,3,2,1\" \/><\/p>\n<p data-path-to-node=\"62,3,2,2\">\u203bHOKA\u5358\u4f53\u7d0426\u5104\u30c9\u30eb<\/p>\n<\/td>\n<td><span data-path-to-node=\"62,3,3,0\">\u7d04 57\u301c58%<\/span><\/td>\n<td><span data-path-to-node=\"62,3,4,0\">\u30de\u30ad\u30b7\u30de\u30e0\u30af\u30c3\u30b7\u30e7\u30f3\u3001\u7acb\u3061\u4ed5\u4e8b\u5c64\u3078\u306e\u6ce2\u53ca\u3001\u9ad8\u3044\u53ce\u76ca\u6027<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"62,4,0,0\"><b data-path-to-node=\"62,4,0,0\" data-index-in-node=\"0\">On Holding\uff08ONON\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"62,4,1,0\">\u30b9\u30a4\u30b9 \/ NYSE<\/span><\/td>\n<td><span data-path-to-node=\"62,4,2,0\">\u7d0425\u5104\u30c9\u30eb<\/span><\/td>\n<td><span data-path-to-node=\"62,4,3,0\">\u7d04 60%\u8d85<\/span><\/td>\n<td><span data-path-to-node=\"62,4,4,0\">CloudTec\u6280\u8853\u3001\u9ad8\u3044\u30d6\u30e9\u30f3\u30c9\u6c17\u54c1\u3001\u9ad8\u6240\u5f97\u8005\u5c64\u306e\u652f\u6301<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"62,5,0,0\"><b data-path-to-node=\"62,5,0,0\" data-index-in-node=\"0\">Asics\uff087936\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"62,5,1,0\">\u65e5\u672c \/ \u6771\u8a3c\u30d7\u30e9\u30a4\u30e0<\/span><\/td>\n<td><span data-path-to-node=\"62,5,2,0\">\u7d046,000\u5104\u5186\u8d85<\/span><\/td>\n<td><span data-path-to-node=\"62,5,3,0\">\u7d04 52\u301c54%<\/span><\/td>\n<td><span data-path-to-node=\"62,5,4,0\">\u5353\u8d8a\u3057\u305f\u9774\u4f5c\u308a\u6280\u8853\u3001\u4e16\u754c\u7684\u306a\u5e02\u6c11\u30e9\u30f3\u30ca\u30fc\u304b\u3089\u306e\u5727\u5012\u7684\u4fe1\u983c<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 data-path-to-node=\"64\" class=\"\">3-3. On vs HOKA\uff1a\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306e\u5fb9\u5e95\u89e3\u5256<\/h3>\n<p data-path-to-node=\"65\"><span class=\"\">\u30ca\u30a4\u30ad\u306e\u30b7\u30a7\u30a2\u3092\u596a\u3063\u305f\u4e3b\u5f79\u3067\u3042\u308bOn\u3068HOKA\u3067\u3059\u304c\u3001<\/span><span class=\"\">\u4e21\u8005\u306e\u30d3\u30b8\u30cd\u30b9\u69cb\u9020\u3084\u6210\u9577\u6226\u7565\u306b\u306f\u660e\u78ba\u306a\u9055\u3044\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/span><\/p>\n<div class=\"attachment-container unknown\"><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><\/response-element><\/div>\n<div class=\"attachment-container unknown\"><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><\/response-element><\/div>\n<h4 data-path-to-node=\"68\">1. On\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\uff1a\u300c\u30a2\u30c3\u30d7\u30eb\u578b\u300d\u30d6\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u3068\u30a2\u30d1\u30ec\u30eb\u62e1\u5f35<\/h4>\n<ul data-path-to-node=\"69\">\n<li>\n<p data-path-to-node=\"69,0,0\"><b data-path-to-node=\"69,0,0\" data-index-in-node=\"0\">\u5358\u4e00\u30d6\u30e9\u30f3\u30c9\u3067\u306e\u5782\u76f4\u7d71\u5408:<\/b><span> On\u306f\u5358\u72ec\u3067\u4e0a\u5834\u3057\u3066\u304a\u308a\u3001<\/span><span>\u30b7\u30e5\u30fc\u30ba\u3060\u3051\u3067\u306a\u304f\u30a2\u30d1\u30ec\u30eb\uff08\u30a6\u30a7\u30a2\uff09\u306e\u62e1\u5927\u306b\u5f37\u3044\u610f\u6b32\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/span><span>\u300c\u30d8\u30c3\u30c9\u30fb\u30c8\u30a5\u30fb\u30c8\u30a6\uff08\u982d\u304b\u3089\u8db3\u5148\u307e\u3067\uff09\u300d\u3067On\u3092\u7740\u3066\u3082\u3089\u3046\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u3092\u69cb\u7bc9\u3057\u3088\u3046\u3068\u3057\u3066\u304a\u308a\u3001<\/span><span>\u3053\u308c\u306f\u304b\u3064\u3066\u306e\u30ca\u30a4\u30ad\u306e\u6210\u9577\u8ecc\u9053\u306b\u9177\u4f3c\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"69,1,0\"><b data-path-to-node=\"69,1,0\" data-index-in-node=\"0\">\u30d5\u30e9\u30c3\u30b0\u30b7\u30c3\u30d7\u578bDTC\u3068\u30d7\u30ec\u30df\u30a2\u30e0\u5378:<\/b><span> \u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u3084\u6771\u4eac\u30fb\u539f\u5bbf\u306a\u3069\u306e\u4e00\u7b49\u5730\u306b\u51fa\u5e97\u3059\u308b\u76f4\u55b6\u5e97\u306f\u3001<\/span><span>\u307e\u308b\u3067\u7f8e\u8853\u9928\u3084Apple Store\u306e\u3088\u3046\u306a\u6d17\u7df4\u3055\u308c\u305f\u7a7a\u9593\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span><span>\u5378\u58f2\u5148\u3082\u53b3\u3057\u3044\u57fa\u6e96\u3067\u9078\u5b9a\u3057\u3001<\/span><span>\u5024\u5f15\u304d\u8ca9\u58f2\u3092\u56fa\u304f\u7981\u3058\u308b\u3053\u3068\u3067\u9ad8\u3044\u30d6\u30e9\u30f3\u30c9\u30a4\u30e1\u30fc\u30b8\u3092\u4fdd\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"70\">2. HOKA\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\uff1a\u300c\u30de\u30eb\u30c1\u30d6\u30e9\u30f3\u30c9\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u300d\u306b\u3088\u308b\u76f8\u4e57\u52b9\u679c<\/h4>\n<ul data-path-to-node=\"71\">\n<li>\n<p data-path-to-node=\"71,0,0\"><b data-path-to-node=\"71,0,0\" data-index-in-node=\"0\">\u5f37\u529b\u306a\u89aa\u4f1a\u793eDeckers\u306e\u5b58\u5728:<\/b><span> HOKA\u5358\u4f53\u3067\u306f\u306a\u304f\u3001<\/span><span>\u89aa\u4f1a\u793e\u30c7\u30c3\u30ab\u30fc\u30ba\u30fb\u30d6\u30e9\u30f3\u30ba\u306e\u30d0\u30c3\u30af\u30dc\u30fc\u30f3\u304c\u5f37\u307f\u3067\u3059\u3002<\/span><span>Deckers\u306f\u51ac\u5834\u306b\u7d76\u5927\u306a\u5f37\u307f\u3092\u6301\u3064\u30e0\u30fc\u30c8\u30f3\u30d6\u30fc\u30c4\u300cUGG\uff08\u30a2\u30b0\uff09\u300d\u3092\u5c55\u958b\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"71,1,0\"><b data-path-to-node=\"71,1,0\" data-index-in-node=\"0\">\u5b63\u7bc0\u30ea\u30b9\u30af\u306e\u5206\u6563:<\/b><span> \u5bd2\u51b7\u671f\u306b\u58f2\u308c\u308bUGG\u3068\u3001<\/span><span>\u901a\u5e74\u30fb\u590f\u5834\u306b\u5f37\u3044HOKA\u304c\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u7d44\u3080\u3053\u3068\u3067\u3001<\/span><span>\u4f01\u696d\u5168\u4f53\u3068\u3057\u3066\u5e74\u9593\u3092\u901a\u3058\u3066\u5b89\u5b9a\u3057\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u307f\u51fa\u3059\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><span>HOKA\u81ea\u8eab\u306f\u7121\u7406\u306a\u30a2\u30d1\u30ec\u30eb\u62e1\u5f35\u3092\u884c\u308f\u305a\u3001<\/span><span>\u30b7\u30e5\u30fc\u30ba\u306e\u300c\u6a5f\u80fd\u6027\uff08\u30af\u30c3\u30b7\u30e7\u30f3\uff09\u300d\u306b\u7279\u5316\u3059\u308b\u5b9f\u8cea\u525b\u5065\u306a\u30e2\u30c7\u30eb\u3092\u8cab\u3044\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<div class=\"attention a-2\">\n<h4 data-path-to-node=\"18\"><span style=\"font-size: 18pt;\"><b data-path-to-node=\"18\" data-index-in-node=\"0\"><\/b><\/span><span class=\"f-marker-p\"><span style=\"font-size: 18pt;\"><b data-path-to-node=\"18\" data-index-in-node=\"0\">\u3000\u25bc\u300c\u73fe\u5728\u306e\u3042\u306a\u305f\u306e\u76ee\u6a19\u300d\u3092\u4e00\u3064\u9078\u3093\u3067\u307f\u3066\u304f\u3060\u3055\u3044<\/b><\/span><span style=\"font-size: 18pt;\"><b data-path-to-node=\"18\" data-index-in-node=\"0\">\u25bc<\/b><\/span><\/span><span style=\"font-size: 18pt;\"><b data-path-to-node=\"18\" data-index-in-node=\"0\"><\/b><\/span><\/h4>\n<ul data-path-to-node=\"19\">\n<li>\n<p data-path-to-node=\"19,0,0\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><b data-path-to-node=\"19,0,0\" data-index-in-node=\"0\">\u3010\u5b89\u5b9a\u91cd\u8996\u3011<\/b> \u8001\u5f8c\u8cc7\u91d1\u306e\u305f\u3081\u306b\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3092\u8ef8\u306b\u3057\u305f\u300c\u8ca0\u3051\u306a\u3044\u7a4d\u7acb\u6295\u8cc7\u300d\u3092\u30de\u30b9\u30bf\u30fc\u3057\u305f\u3044\u3002<\/a><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,1,0\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><b data-path-to-node=\"19,1,0\" data-index-in-node=\"0\">\u3010\u526f\u53ce\u5165\u91cd\u8996\u3011<\/b> \u67085\u4e07\u301c10\u4e07\u5186\u3092\u76ee\u6307\u3057\u3001\u30c6\u30af\u30cb\u30ab\u30eb\u3092\u99c6\u4f7f\u3057\u305f\u300c\u52b9\u7387\u7684\u306a\u30c8\u30ec\u30fc\u30c9\u300d\u3092\u8eab\u306b\u3064\u3051\u305f\u3044<\/a>\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,2,0\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><b data-path-to-node=\"19,2,0\" data-index-in-node=\"0\">\u3010\u30d7\u30ed\u5fd7\u5411\u3011<\/b> \u4e21\u65b9\u306e\u5206\u6790\u3092\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u3067\u4f7f\u3044\u3053\u306a\u3057\u3001\u76f8\u5834\u306e\u30d7\u30ed\u3068\u3057\u3066\u72ec\u7acb\u30fb\u8cc7\u7523\u904b\u7528\u3092\u3057\u305f\u3044\u3002<\/a><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<h2 data-path-to-node=\"73\">\u7b2c4\u7ae0\uff1a\u30ca\u30a4\u30ad\u306e\u8ca1\u52d9\u30c7\u30fc\u30bf\u5206\u6790\uff08PER\u30fbPBR\u30fb\u58f2\u4e0a\u9ad8\u63a8\u79fb\u306e\u6df1\u6398\u308a\uff09<\/h2>\n<p data-path-to-node=\"74\"><span>\u3053\u3053\u304b\u3089\u306f\u3001<\/span><span>\u6295\u8cc7\u5bb6\u3084\u30d3\u30b8\u30cd\u30b9\u30d1\u30fc\u30bd\u30f3\u306e\u8996\u70b9\u304b\u3089\u3001<\/span><span>\u30ca\u30a4\u30ad\u306e\u8ca1\u52d9\u8af8\u8868\uff08\u6c7a\u7b97\u30c7\u30fc\u30bf\uff09\u3092\u8aad\u307f\u89e3\u3044\u3066\u3044\u304d\u307e\u3059\u3002<\/span><span>\u300c\u611f\u60c5\u8ad6\u300d\u3067\u306f\u306a\u304f\u300c\u6570\u5024\u300d\u3067\u4f01\u696d\u306e\u5065\u5eb7\u72b6\u614b\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"75\">4-1. \u4e3b\u8981\u8ca1\u52d9\u6307\u6a19\u306e\u63a8\u79fb\u3068\u8a55\u4fa1<\/h3>\n<p data-path-to-node=\"76\"><span>\u4ee5\u4e0b\u306f\u30ca\u30a4\u30ad\u306e\u76f4\u8fd1\u30c7\u30fc\u30bf\u304a\u3088\u3073\u904e\u53bb\u306e\u63a8\u79fb\u3092\u307e\u3068\u3081\u305f\u8ca1\u52d9\u30b5\u30de\u30ea\u30fc\u3067\u3059\u3002<\/span><\/p>\n<table data-path-to-node=\"77\">\n<thead>\n<tr>\n<td><strong>\u6307\u6a19\u540d<\/strong><\/td>\n<td><strong>\u76f4\u8fd1\u5024\uff08\u6982\u6e2c\uff09<\/strong><\/td>\n<td><strong>\u904e\u53bb\u5e73\u5747 \/ \u30d4\u30fc\u30af\u6642<\/strong><\/td>\n<td><strong>\u5206\u6790\u30fb\u89e3\u91c8<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"77,1,0,0\"><b data-path-to-node=\"77,1,0,0\" data-index-in-node=\"0\">\u58f2\u4e0a\u9ad8\uff08\u901a\u671f\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"77,1,1,0\"><b data-path-to-node=\"77,1,1,0\" data-index-in-node=\"0\">\u7d04 464\u5104\u30c9\u30eb<\/b><\/span><\/td>\n<td><span data-path-to-node=\"77,1,2,0\">513.6\u5104\u30c9\u30eb\uff08FY2024\uff09<\/span><\/td>\n<td><span data-path-to-node=\"77,1,3,0\">\u904e\u53bb\u6700\u9ad8\u304b\u3089\u7d0410%\u6e1b\u5c11\u3057\u3001\u8db3\u5143\u306f\u5e95\u6253\u3061\u6a21\u7d22<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"77,2,0,0\"><b data-path-to-node=\"77,2,0,0\" data-index-in-node=\"0\">\u7c97\u5229\u76ca\u7387\uff08Gross Margin\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"77,2,1,0\"><b data-path-to-node=\"77,2,1,0\" data-index-in-node=\"0\">\u7d04 42.9%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"77,2,2,0\">45.0\u301c46.0%<\/span><\/td>\n<td><span data-path-to-node=\"77,2,3,0\">\u5728\u5eab\u51e6\u5206\u306e\u30bb\u30fc\u30eb\u4e71\u767a\u306b\u3088\u308a\u5727\u8feb\u3055\u308c\u305f\u304c\u56de\u5fa9\u50be\u5411<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"77,3,0,0\"><b data-path-to-node=\"77,3,0,0\" data-index-in-node=\"0\">\u5b9f\u7e3ePER\uff08TTM\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"77,3,1,0\"><b data-path-to-node=\"77,3,1,0\" data-index-in-node=\"0\">\u7d04 18\u301c20\u500d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"77,3,2,0\">30\u301c38\u500d\uff08\u9ad8\u6210\u9577\u671f\uff09<\/span><\/td>\n<td><span data-path-to-node=\"77,3,3,0\">\u904e\u53bb\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3068\u6bd4\u8f03\u3059\u308b\u3068\u6b74\u53f2\u7684\u4f4e\u6c34\u6e96<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"77,4,0,0\"><b data-path-to-node=\"77,4,0,0\" data-index-in-node=\"0\">\u4e88\u60f3PER\uff08Forward\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"77,4,1,0\"><b data-path-to-node=\"77,4,1,0\" data-index-in-node=\"0\">\u7d04 23\u301c25\u500d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"77,4,2,0\">25\u301c30\u500d<\/span><\/td>\n<td><span data-path-to-node=\"77,4,3,0\">\u6765\u671f\u4ee5\u964d\u306e\u5229\u76ca\u56de\u5fa9\u3092\u898b\u8fbc\u3093\u3060\u7e54\u308a\u8fbc\u307f\u6c34\u6e96<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"77,5,0,0\"><b data-path-to-node=\"77,5,0,0\" data-index-in-node=\"0\">PBR<\/b><\/span><\/td>\n<td><span data-path-to-node=\"77,5,1,0\"><b data-path-to-node=\"77,5,1,0\" data-index-in-node=\"0\">\u7d04 4.0\u301c4.5\u500d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"77,5,2,0\">10\u500d\u4ee5\u4e0a<\/span><\/td>\n<td><span data-path-to-node=\"77,5,3,0\">\u30d6\u30e9\u30f3\u30c9\u4fa1\u5024\u7b49\u306e\u7121\u5f62\u8cc7\u7523\u304c\u3042\u308b\u305f\u3081\u5e33\u7c3f\u4e0a\u306f\u9ad8\u304f\u51fa\u308b<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"77,6,0,0\"><b data-path-to-node=\"77,6,0,0\" data-index-in-node=\"0\">ROIC\uff08\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"77,6,1,0\"><b data-path-to-node=\"77,6,1,0\" data-index-in-node=\"0\">\u7d04 15%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"77,6,2,0\">69%\uff082021\u5e74\u30d4\u30fc\u30af\uff09<\/span><\/td>\n<td><span data-path-to-node=\"77,6,3,0\">\u30d4\u30fc\u30af\u304b\u3089\u6025\u4f4e\u4e0b\u3082\u3001\u696d\u754c\u5e73\u5747\uff08\u30a2\u30c7\u30a3\u30c0\u30b9\u7b49\uff09\u3088\u308a\u9ad8\u3044<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"77,7,0,0\"><b data-path-to-node=\"77,7,0,0\" data-index-in-node=\"0\">\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"77,7,1,0\"><b data-path-to-node=\"77,7,1,0\" data-index-in-node=\"0\">\u7d04 35\u301c40%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"77,7,2,0\">35\u301c45%<\/span><\/td>\n<td><span data-path-to-node=\"77,7,3,0\">\u5f37\u56fa\u306a\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3002\u7834\u7dbb\u30ea\u30b9\u30af\u306f\u6975\u3081\u3066\u4f4e\u3044<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 data-path-to-node=\"78\">4-2. PER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u3068PBR\uff08\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09\u3092\u3069\u3046\u898b\u308b\u3079\u304d\u304b\uff1f<\/h3>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c70665899=\"\" class=\"ng-tns-c70665899-302 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c70665899=\"\" class=\"code-block ng-tns-c70665899-302 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl9mYTg0OTJmNGNiMGJhMGIyIiwiY18zZjhmOThmNGE0MTIxNDczIixudWxsLCJyY19mMjU2M2Y2NTE2NTRiMGE1IixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDEsMF1d\">\n<div _ngcontent-ng-c70665899=\"\" class=\"formatted-code-block-internal-container ng-tns-c70665899-302\">\n<div _ngcontent-ng-c70665899=\"\" class=\"animated-opacity ng-tns-c70665899-302\">\n<pre _ngcontent-ng-c70665899=\"\" class=\"ng-tns-c70665899-302\"><code _ngcontent-ng-c70665899=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c70665899-302 no-decoration-radius\">\u3010\u30ca\u30a4\u30ad\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff08PER\uff09\u306e\u89e3\u91c8\u3011\r\n\r\n\u904e\u53bb\u306e\u9ad8\u6210\u9577\u671f (PER 30\u301c38\u500d)\r\n  \u2502  \u300c\u4e16\u754c\u6700\u5f37\u306e\u30d6\u30e9\u30f3\u30c9\u3002DTC\u3067\u5229\u76ca\u7387\u306f\u7121\u9650\u306b\u4e0a\u304c\u308b\u300d\u3068\u3044\u3046\u5e02\u5834\u306e\u904e\u5270\u671f\u5f85\r\n  \u25bc\r\n\u73fe\u5728 (PER 18\u301c20\u500d)\r\n  \u2502  \u300c\u6210\u9577\u505c\u6b62\u3001\u65b0\u8208\u30d6\u30e9\u30f3\u30c9\u306b\u62bc\u3055\u308c\u308b\u6210\u719f\u30fb\u518d\u751f\u30d5\u30a7\u30fc\u30ba\u300d\u3078\u306e\u518d\u8a55\u4fa1\r\n  \u25bc\r\n\u6295\u8cc7\u5bb6\u306e\u5206\u5c90\u70b9\r\n  \u251c\u2500 \u5272\u5b89\uff08\u30d0\u30ea\u30e5\u30fc\uff09\u3068\u898b\u308b\u304b\uff1a\u30d6\u30e9\u30f3\u30c9\u529b\u3068\u65b0\u4f53\u5236\u3067\u5229\u76ca\u7387\u306f45%\u3078\u623b\u308b\r\n  \u2514\u2500 \u7f60\uff08\u30d0\u30ea\u30e5\u30fc\u30c8\u30e9\u30c3\u30d7\uff09\u3068\u898b\u308b\u304b\uff1a\u69cb\u9020\u7684\u8870\u9000\u3067\u304b\u3064\u3066\u306e\u5229\u76ca\u6c34\u6e96\u306b\u306f\u623b\u3089\u306a\u3044\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h4 data-path-to-node=\"80\">1. \u5b9f\u7e3ePER 18\u500d\u53f0\u306e\u7f60\u3068\u4e88\u60f3PER 25\u500d\u306e\u5b9f\u614b<\/h4>\n<p data-path-to-node=\"81\"><span class=\"\">\u4e00\u898b\u3059\u308b\u3068\u300c\u30ca\u30a4\u30ad\u306ePER\u304c20\u500d\u3092\u5207\u3063\u3066\u3044\u308b\u306a\u3089\u3001<\/span><span class=\"\">\u6b74\u53f2\u7684\u306b\u898b\u3066\u8cb7\u3044\u5834\u3067\u306f\u306a\u3044\u304b\u300d\u3068\u601d\u3048\u307e\u3059\u3002<\/span><span class=\"\">\u3057\u304b\u3057\u3001<\/span><span class=\"\">\u3053\u3053\u306b<\/span><b class=\"\" data-path-to-node=\"81\" data-index-in-node=\"54\">\u4f1a\u8a08\u4e0a\u306e\u6ce8\u610f\u70b9<\/b><span class=\"\">\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"82\"><span>\u76f4\u8fd1\u306e\u7d14\u5229\u76ca\u306b\u306f\u3001<\/span><span>\u4e00\u6642\u7684\u306a\u30b3\u30b9\u30c8\u524a\u6e1b\u52b9\u679c\u3084\u95a2\u7a0e\u30fb\u7a0e\u91d1\u306e\u9084\u4ed8\u306a\u3069\u3001<\/span><span>\u4e8b\u696d\u672c\u696d\u4ee5\u5916\u306b\u3088\u308b\u62bc\u3057\u4e0a\u3052\u52b9\u679c\u304c\u542b\u307e\u308c\u3066\u3044\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/span><span>\u3053\u308c\u3089\u3092\u8abf\u6574\u3057\u305f\u5b9f\u8cea\u7684\u306a\u5c06\u6765\u53ce\u76ca\u306b\u57fa\u3065\u304f\u4e88\u60f3PER\uff08Forward P\/E\uff09\u306f<\/span><b data-path-to-node=\"82\" data-index-in-node=\"102\">23\u301c25\u500d\u7a0b\u5ea6<\/b><span>\u3068\u306a\u308a\u3001<\/span><span>\u300c\u6c7a\u3057\u3066\u6295\u3052\u58f2\u308a\u4fa1\u683c\u306e\u3088\u3046\u306a\u8d85\u5272\u5b89\u653e\u7f6e\uff08\u30c7\u30a3\u30fc\u30d7\u30d0\u30ea\u30e5\u30fc\uff09\u3067\u306f\u306a\u3044\u300d\u3053\u3068\u304c\u5206\u304b\u308a\u307e\u3059\u3002<\/span><span>\u5e02\u5834\u306f\u3059\u3067\u306b\u300c\u65b0CEO\u306b\u3088\u308b\u4e00\u5b9a\u306e\u696d\u7e3e\u56de\u5fa9\u300d\u3092\u682a\u4fa1\u306b\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u306e\u3067\u3059\u3002<\/span><\/p>\n<h4 data-path-to-node=\"83\">2. PBR 4\u500d\u8d85\u3068\u5f37\u56fa\u306a\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\uff08B\/S\uff09<\/h4>\n<p data-path-to-node=\"84\"><span class=\"\">\u88fd\u9020\u696d\u306ePBR\u306f1\u301c2\u500d\u304c\u4e00\u822c\u7684\u3067\u3059\u304c\u3001<\/span><span class=\"\">\u30ca\u30a4\u30ad\u306ePBR\u306f\u7d044\u500d\u3067\u3059\u3002<\/span><span class=\"\">\u3053\u308c\u306f\u300c\u30b9\u30a6\u30c3\u30b7\u30e5\uff08Swoosh\uff09\u300d\u306e\u30ed\u30b4\u30de\u30fc\u30af\u306b\u4ee3\u8868\u3055\u308c\u308b\u30d6\u30e9\u30f3\u30c9\u4fa1\u5024\u3084\u9867\u5ba2\u57fa\u76e4\u3068\u3044\u3063\u305f\u7121\u5f62\u8cc7\u7523\uff08Intangible Assets\uff09\u304c\u5e33\u7c3f\u4e0a\u306e\u7d14\u8cc7\u7523\u306b\u63b2\u8f09\u3055\u308c\u306a\u3044\u305f\u3081\u3067\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"85\"><span>\u307e\u305f\u3001<\/span><span>\u540c\u793e\u306f\u6570\u5343\u5104\u5186\u898f\u6a21\u306e\u73fe\u91d1\u540c\u7b49\u7269\u3092\u4fdd\u6709\u3057\u3001<\/span><span>\u624b\u5143\u6d41\u52d5\u6027\u306f\u975e\u5e38\u306b\u6f64\u6ca2\u3067\u3059\u3002<\/span><span>\u300c\u696d\u7e3e\u60aa\u5316\u306b\u3088\u3063\u3066\u8cc7\u91d1\u7e70\u308a\u304c\u7834\u7dbb\u3059\u308b\u300d\u3088\u3046\u306a\u5012\u7523\u30ea\u30b9\u30af\u306f\u307b\u307c\u30bc\u30ed\u3068\u8a00\u3048\u307e\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"87\">\u7b2c5\u7ae0\uff1a\u30ca\u30a4\u30ad\u306e\u4eca\u5f8c\u3092\u898b\u6975\u3081\u308b\u300c\u6295\u8cc7\u30fb\u4e8b\u696d\u30c1\u30a7\u30c3\u30af\u30dd\u30a4\u30f3\u30c8\u300d<\/h2>\n<p data-path-to-node=\"88\"><span>\u30ca\u30a4\u30ad\u304c\u300c\u30aa\u30ef\u30b3\u30f3\u300d\u3068\u3057\u3066\u8870\u9000\u3092\u7d9a\u3051\u308b\u306e\u304b\u3001<\/span><span>\u305d\u308c\u3068\u3082\u898b\u4e8b\u306b\u5fa9\u6d3b\uff08\u30bf\u30fc\u30f3\u30a2\u30e9\u30a6\u30f3\u30c9\uff09\u3092\u679c\u305f\u3059\u306e\u304b\u3002<\/span><span>\u6295\u8cc7\u5bb6\u3084\u30d3\u30b8\u30cd\u30b9\u30a2\u30ca\u30ea\u30b9\u30c8\u304c\u4eca\u5f8c\u306e\u56db\u534a\u671f\u6c7a\u7b97\u3067\u78ba\u8a8d\u3059\u3079\u304d<\/span><b data-path-to-node=\"88\" data-index-in-node=\"76\">3\u3064\u306e\u5177\u4f53\u7684\u30c1\u30a7\u30c3\u30af\u30dd\u30a4\u30f3\u30c8<\/b><span>\u3092\u63d0\u793a\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c70665899=\"\" class=\"ng-tns-c70665899-303 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c70665899=\"\" class=\"code-block ng-tns-c70665899-303 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl9mYTg0OTJmNGNiMGJhMGIyIiwiY18zZjhmOThmNGE0MTIxNDczIixudWxsLCJyY19mMjU2M2Y2NTE2NTRiMGE1IixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDEsMF1d\">\n<div _ngcontent-ng-c70665899=\"\" class=\"formatted-code-block-internal-container ng-tns-c70665899-303\">\n<div _ngcontent-ng-c70665899=\"\" class=\"animated-opacity ng-tns-c70665899-303\">\n<pre _ngcontent-ng-c70665899=\"\" class=\"ng-tns-c70665899-303\"><code _ngcontent-ng-c70665899=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c70665899-303 no-decoration-radius\">\u3010\u30ca\u30a4\u30ad\u518d\u751f\uff08\u30bf\u30fc\u30f3\u30a2\u30e9\u30a6\u30f3\u30c9\uff09\u898b\u6975\u3081\u30c1\u30a7\u30c3\u30af\u30ea\u30b9\u30c8\u3011\r\n\r\n1. \u8ca1\u52d9\u30fb\u30c1\u30e3\u30cd\u30eb\u306e\u5b9a\u91cf\u6307\u6a19\r\n   \u25a1 \u7c97\u5229\u76ca\u7387\uff08Gross Margin\uff09\u304c 44%\u301c45% \u3078\u56de\u5fa9\u3057\u3066\u3044\u308b\u304b\r\n   \u25a1 \u5378\u58f2\uff08Wholesale\uff09\u58f2\u4e0a\u6210\u9577\u7387\u304c\u30d7\u30e9\u30b9\u6210\u9577\u3067\u5b9a\u7740\u3057\u3066\u3044\u308b\u304b\r\n\r\n2. \u30d7\u30ed\u30c0\u30af\u30c8\u30fb\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u6307\u6a19\r\n   \u25a1 \u672c\u683c\u30e9\u30f3\u30cb\u30f3\u30b0\u30ab\u30c6\u30b4\u30ea\u3067\u306e\u65b0\u88fd\u54c1\uff08\u539a\u5e95\u7b49\uff09\u306e\u8a55\u4fa1\u3068\u30b7\u30a7\u30a2\u7372\u5f97\r\n   \u25a1 \u5024\u5f15\u304d\u7387\uff08Promotional Discount\uff09\u306e\u4f4e\u4e0b\u3068\u5b9a\u4fa1\u8ca9\u58f2\u6bd4\u7387\u306e\u5411\u4e0a\r\n\r\n3. \u30b0\u30ed\u30fc\u30d0\u30eb\u5e02\u5834\u6307\u6a19\r\n   \u25a1 \u4e2d\u83ef\u570f\uff08Greater China\uff09\u3067\u306e\u58f2\u4e0a\u9ad8\u306e\u5e95\u6253\u3061\u30fb\u56de\u5fa9\r\n   \u25a1 \u30e9\u30a4\u30d0\u30eb\uff08On \/ HOKA\uff09\u306e\u58f2\u4e0a\u6210\u9577\u7387\u306e\u920d\u5316\uff08\u7af6\u4e89\u74b0\u5883\u306e\u5909\u5316\uff09\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h3 data-path-to-node=\"90\">5-1. \u7c97\u5229\u76ca\u7387\uff08Gross Margin\uff09\u306e\u53cd\u8ee2\u56de\u5fa9<\/h3>\n<p data-path-to-node=\"91\"><span>\u6700\u91cd\u8981\u6307\u6a19\u306f<\/span><b data-path-to-node=\"91\" data-index-in-node=\"6\">\u7c97\u5229\u76ca\u7387\u304c44%\u301c45%\u306e\u6c34\u6e96\u3078\u623b\u308b\u304b<\/b><span>\u3069\u3046\u304b\u3067\u3059\u3002<\/span><span> \u76f4\u55b6EC\u3067\u306e\u30bb\u30fc\u30eb\u4e71\u767a\u3092\u6b62\u3081\u3001<\/span><span>\u5b9a\u4fa1\uff08\u30d5\u30eb\u30d7\u30e9\u30a4\u30b9\uff09\u3067\u88fd\u54c1\u304c\u58f2\u308c\u308b\u3088\u3046\u306b\u306a\u308c\u3070\u3001<\/span><span>\u7c97\u5229\u76ca\u7387\u306f\u76f4\u3061\u306b\u6539\u5584\u3057\u307e\u3059\u3002<\/span><span>\u6c7a\u7b97\u767a\u8868\u6642\u306eGross Margin\u306e\u6570\u5b57\u306f\u3001<\/span><span>\u30d6\u30e9\u30f3\u30c9\u529b\u5fa9\u6d3b\u306e\u6700\u3082\u76f4\u63a5\u7684\u306a\u30d0\u30ed\u30e1\u30fc\u30bf\u30fc\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"92\">5-2. \u5378\u58f2\uff08Wholesale\uff09\u58f2\u4e0a\u306e\u6210\u9577\u518d\u958b<\/h3>\n<p data-path-to-node=\"93\"><span>DTC\u306e\u7121\u7406\u306a\u62e1\u5927\u3092\u6291\u5236\u3057\u3001<\/span><span>Foot Locker\u3084ABC\u30de\u30fc\u30c8\u3001<\/span><span>\u5404\u56fd\u306e\u30e9\u30f3\u30cb\u30f3\u30b0\u5c02\u9580\u5e97\u306b\u826f\u8cea\u306a\u5546\u54c1\u3092\u4f9b\u7d66\u3067\u304d\u3066\u3044\u308b\u304b\u3092\u898b\u308b\u306b\u306f\u3001<\/span><span>\u300cWholesale\u90e8\u9580\u306e\u58f2\u4e0a\u9ad8\u6210\u9577\u7387\u300d\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/span><span>\u3053\u306e\u6570\u5024\u304c\u529b\u5f37\u3044\u30d7\u30e9\u30b9\u306b\u8ee2\u3058\u3066\u3044\u308b\u3053\u3068\u304c\u3001<\/span><span>\u6d41\u901a\u7db2\u3068\u306e\u95a2\u4fc2\u4fee\u5fa9\u3092\u8a3c\u660e\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"94\">5-3. \u4e2d\u56fd\u5e02\u5834\uff08Greater China\uff09\u3067\u306e\u518d\u6210\u9577<\/h3>\n<p data-path-to-node=\"95\"><span>\u30ca\u30a4\u30ad\u306b\u3068\u3063\u3066\u5317\u7c73\u306b\u6b21\u3050\u53ce\u76ca\u306e\u67f1\u3067\u3042\u308b\u4e2d\u56fd\u5e02\u5834\u3067\u306f\u3001<\/span><span>\u7c73\u4e2d\u5bfe\u7acb\u306e\u5f71\u97ff\u3084\u3001<\/span><span>\u5b89\u8e0f\u4f53\u80b2\uff08Anta\uff09\u3084\u674e\u5be7\uff08Li-Ning\uff09\u3068\u3044\u3063\u305f<\/span><b data-path-to-node=\"95\" data-index-in-node=\"61\">\u4e2d\u56fd\u30ed\u30fc\u30ab\u30eb\u30d6\u30e9\u30f3\u30c9\u306e\u53f0\u982d<\/b><span>\u306b\u3088\u308a\u82e6\u6226\u304c\u7d9a\u3044\u3066\u3044\u307e\u3059\u3002<\/span><span>\u4e2d\u56fd\u5e02\u5834\u3067\u306e\u58f2\u4e0a\u9ad8\u304c\u5e95\u6253\u3061\u3057\u3001<\/span><span>\u518d\u3073\u6210\u9577\u8ecc\u9053\u306b\u4e57\u308c\u308b\u304b\u304c\u5168\u4f53\u306e\u696d\u7e3e\u56de\u5fa9\u306e\u30b9\u30d4\u30fc\u30c9\u3092\u5927\u304d\u304f\u5de6\u53f3\u3057\u307e\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"97\">\u7b2c6\u7ae0\uff1a\u3053\u306e\u30c6\u30fc\u30de\u304b\u3089\u5b66\u3076\u91d1\u878d\u30fb\u6295\u8cc7\u77e5\u8b58\u306e\u91cd\u8981\u6027<\/h2>\n<p data-path-to-node=\"98\"><span>\u30ca\u30a4\u30ad\u3092\u3081\u3050\u308b\u4e00\u9023\u306e\u9a12\u52d5\u306f\u3001<\/span><span>\u79c1\u305f\u3061\u304c\u682a\u5f0f\u6295\u8cc7\u3084\u30d3\u30b8\u30cd\u30b9\u306e\u69cb\u9020\u3092\u7406\u89e3\u3059\u308b\u305f\u3081\u306e\u7d20\u6674\u3089\u3057\u3044\u6559\u6750\uff08\u30b1\u30fc\u30b9\u30b9\u30bf\u30c7\u30a3\uff09\u3067\u3059\u3002<\/span><span>\u6700\u5f8c\u306b\u3001<\/span><span>\u3053\u306e\u4e8b\u4f8b\u304b\u3089\u5b66\u3079\u308b\u91cd\u8981\u306a\u91d1\u878d\u30ea\u30c6\u30e9\u30b7\u30fc\u306e\u8981\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"99\">6-1. \u5b9a\u6027\u60c5\u5831\uff08\u611f\u899a\uff09\u3068\u5b9a\u91cf\u30c7\u30fc\u30bf\uff08\u6c7a\u7b97\u66f8\uff09\u306e\u4f7f\u3044\u5206\u3051<\/h3>\n<p data-path-to-node=\"100\"><span class=\"\">\u300c\u8857\u3067\u30ca\u30a4\u30ad\u3092\u5c65\u3044\u3066\u3044\u308b\u4eba\u3092\u3088\u304f\u898b\u304b\u3051\u308b\u304b\u3089\u5b89\u5fc3\u3060\u300d\u300c\u6709\u540d\u30a2\u30b9\u30ea\u30fc\u30c8\u304c\u307f\u3093\u306a\u7740\u3066\u3044\u308b\u304b\u3089\u8cb7\u3044\u3060\u300d\u3068\u3044\u3046<\/span><b data-path-to-node=\"100\" data-index-in-node=\"51\">\u5b9a\u6027\u7684\u306a\u611f\u899a\u3060\u3051\u3067\u6295\u8cc7\u5224\u65ad\u3092\u4e0b\u3059\u306e\u306f\u5371\u967a<\/b><span class=\"\">\u3067\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"101\"><span>\u6c7a\u7b97\u66f8\uff08P\/L\u3084B\/S\uff09\u306e\u6570\u5024\u3092\u78ba\u8a8d\u3057\u3066\u521d\u3081\u3066\u3001<\/span><span>\u300c\u5b9f\u306f\u88cf\u3067\u5728\u5eab\u304c\u7a4d\u307f\u4e0a\u304c\u308a\u3001<\/span><span>\u30bb\u30fc\u30eb\u4e71\u767a\u3067\u7c97\u5229\u76ca\u7387\u304c\u30dc\u30ed\u30dc\u30ed\u306b\u306a\u3063\u3066\u3044\u305f\u300d\u3068\u3044\u3046\u5b9f\u614b\u304c\u5224\u660e\u3057\u307e\u3059\u3002<\/span><span>\u5b9a\u6027\u7684\u306a\u30d6\u30e9\u30f3\u30c9\u30a4\u30e1\u30fc\u30b8\u3068\u3001<\/span><span>\u5b9a\u91cf\u7684\u8ca1\u52d9\u30c7\u30fc\u30bf\u306e\u300c\u4e21\u8f2a\u300d\u3067\u4f01\u696d\u3092\u8a55\u4fa1\u3059\u308b\u59ff\u52e2\u304c\u6295\u8cc7\u306b\u306f\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"102\">6-2. \u300cDTC\uff08\u76f4\u8ca9\uff09\uff1d\u7d76\u5bfe\u306e\u6b63\u89e3\u300d\u3068\u3044\u3046\u795e\u8a71\u306e\u5d29\u58ca<\/h3>\n<p data-path-to-node=\"103\"><span class=\"\">\u8fd1\u5e74\u306e\u30d3\u30b8\u30cd\u30b9\u754c\u3067\u306f\u300c\u4e2d\u9593\u30de\u30fc\u30b8\u30f3\u3092\u6392\u9664\u3059\u308bDTC\u3053\u305d\u304c\u81f3\u9ad8\u306e\u30e2\u30c7\u30eb\u3067\u3042\u308b\u300d\u3068\u3044\u3046\u98a8\u6f6e\u304c\u5f37\u307e\u308a\u307e\u3057\u305f\u3002<\/span><span class=\"\">\u3057\u304b\u3057\u30ca\u30a4\u30ad\u306e\u5931\u6557\u306f\u3001<\/span><span>\u300c\u5378\u58f2\u30d1\u30fc\u30c8\u30ca\u30fc\u304c\u6301\u3064\u5727\u5012\u7684\u306a\u96c6\u5ba2\u529b\u3084\u9867\u5ba2\u63a5\u70b9\u3001<\/span><span>\u5730\u57df\u5bc6\u7740\u306e\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u5f62\u6210\u529b\u300d\u3092\u7121\u8996\u3057\u305f\u76f4\u8ca9\u30b7\u30d5\u30c8\u304c\u3001<\/span><span>\u304b\u3048\u3063\u3066\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u30b3\u30b9\u30c8\u3092\u5897\u5927\u3055\u305b\u3001<\/span><span>\u30d6\u30e9\u30f3\u30c9\u3092\u524a\u308b\u7d50\u679c\u306b\u306a\u308b\u3053\u3068\u3092\u8a3c\u660e\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"104\"><span>\u300c\u30c1\u30e3\u30cd\u30eb\u306e\u591a\u69d8\u6027\uff08\u30de\u30eb\u30c1\u30c1\u30e3\u30cd\u30eb\uff09\u300d\u3053\u305d\u304c\u3001<\/span><span>\u6301\u7d9a\u53ef\u80fd\u306a\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306e\u9375\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"105\">6-3. \u30bf\u30fc\u30f3\u30a2\u30e9\u30a6\u30f3\u30c9\uff08\u696d\u7e3e\u56de\u5fa9\uff09\u6295\u8cc7\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3<\/h3>\n<p data-path-to-node=\"106\"><span class=\"\">\u682a\u4fa1\u304c\u30d4\u30fc\u30af\u304b\u3089\u534a\u5024\u306b\u306a\u3063\u305f\u5927\u4f01\u696d\u306f\u3001<\/span><span class=\"\">\u4e00\u898b\u3059\u308b\u3068\u300c\u5b89\u304f\u8cb7\u3048\u308b\u7d76\u597d\u306e\u30c1\u30e3\u30f3\u30b9\u300d\u306b\u898b\u3048\u307e\u3059\u3002<\/span><span class=\"\">\u3057\u304b\u3057\u3001<\/span><span>\u6226\u7565\u306e\u5931\u6557\u304b\u3089\u7acb\u3061\u76f4\u308b\u306b\u306f\u901a\u5e382\u301c3\u5e74\u4ee5\u4e0a\u306e\u6b73\u6708\u304c\u304b\u304b\u308a\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"107\"><span>\u5358\u306b\u300c\u4e0b\u304c\u3063\u305f\u304b\u3089\u8cb7\u3046\u300d\u306e\u3067\u306f\u306a\u304f\u3001<\/span><span>\u300c\u7d4c\u55b6\u9663\u306e\u4ea4\u4ee3\u300d\u300c\u6226\u7565\u306e\u8ecc\u9053\u4fee\u6b63\u300d\u300c\u8ca1\u52d9\u6307\u6a19\u306e\u6539\u5584\u30c7\u30fc\u30bf\u300d\u304c\u63c3\u3063\u305f\u3053\u3068\u3092\u78ba\u8a8d\u3057\u3066\u304b\u3089\u52d5\u304f\u3053\u3068\u304c\u3001<\/span><span>\u6295\u8cc7\u306b\u304a\u3051\u308b\u300c\u843d\u3061\u3066\u304f\u308b\u30ca\u30a4\u30d5\u3092\u63b4\u307e\u306a\u3044\u300d\u305f\u3081\u306e\u9244\u5247\u3067\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"109\">\u7d50\u8ad6\uff1a\u30ca\u30a4\u30ad\u306f\u672c\u5f53\u306b\u300c\u30aa\u30ef\u30b3\u30f3\u300d\u306a\u306e\u304b\uff1f<\/h2>\n<p data-path-to-node=\"110\"><span>\u7d50\u8ad6\u3068\u3057\u3066\u3001<\/span><b data-path-to-node=\"110\" data-index-in-node=\"6\">\u30ca\u30a4\u30ad\u306f\u5358\u306b\u300c\u7d42\u308f\u3063\u305f\u4f01\u696d\uff08\u30aa\u30ef\u30b3\u30f3\uff09\u300d\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u73fe\u5728\u306f\u300c\u904e\u5270\u306aDTC\u30b7\u30d5\u30c8\u306e\u5931\u6557\u306b\u3088\u308b\u6b74\u53f2\u7684\u4fee\u6b63\u30d5\u30a7\u30fc\u30ba\u300d\u306b\u3042\u308a\u3001\u30d6\u30e9\u30f3\u30c9\u306e\u539f\u70b9\u56de\u5e30\u306b\u5411\u3051\u305f\u5927\u898f\u6a21\u306a\u30bf\u30fc\u30f3\u30a2\u30e9\u30a6\u30f3\u30c9\uff08\u518d\u751f\uff09\u306e\u771f\u3063\u6700\u4e2d\u306b\u3042\u308a\u307e\u3059\u3002<\/b><\/p>\n<p data-path-to-node=\"111\"><span>\u5e74\u9593400\u5104\u30c9\u30eb\u3092\u8d85\u3048\u308b\u5727\u5012\u7684\u306a\u30d3\u30b8\u30cd\u30b9\u898f\u6a21\u3001<\/span><span>\u30de\u30a4\u30b1\u30eb\u30fb\u30b8\u30e7\u30fc\u30c0\u30f3\u306b\u4ee3\u8868\u3055\u308c\u308b\u4ee3\u3048\u304c\u305f\u3044\u6b74\u53f2\u7684\u8cc7\u7523\u3001<\/span><span>\u305d\u3057\u3066\u4e16\u754c\u6700\u9ad8\u5cf0\u306e\u30a2\u30b9\u30ea\u30fc\u30c8\u3092\u9b45\u4e86\u3059\u308b\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u529b\u3068\u3044\u3046\u300c\u7d4c\u6e08\u7684\u306a\u5800\uff08Economic Moat\uff09\u300d\u306f\u4f9d\u7136\u3068\u3057\u3066\u5065\u5728\u3067\u3059\u3002<\/span><\/p>\n<p 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