WORKMAN Plus: changing the customer, not the product (2018)
Change how you sell and to whom, not what you sell
The core of this decision is that it did not develop a new product but re-delivered an existing strength to a different customer. The high performance and low price Workman had honed for tradespeople were of a standard that would work for general and outdoor customers too, yet they were buried inside a workwear shop and an unpolished way of showing goods. Tsuchiya Tetsuo’s data analysis identified the empty market into which that strength would land as it was. Change nothing about the product; change only where it sits and how it looks. This idea — opening a large market at low cost — was the result of rediscovering, through data, the value of assets Workman already held.
What WORKMAN Plus shows is that a growth ceiling does not necessarily mean the limit of product strength. What was saturated was the workwear market, not Workman’s goods. Load the same product onto a different market, a different customer, a different presentation, and growth continues. That discovery led on to #Workman Joshi and turned Workman from a workwear company into a maker of functional clothing for the general public. Correctly distinguishing what has saturated — seeing strength and market as separable — was the starting point of this shift in customer base.
Revenue and net margin, FY2013–FY2023
Revenue in ¥ bn (bars) and net margin in % (line), for the years around the decision. Shaded columns are FY2018 onwards — after it was taken.
Source: securities reports
Read the full dossier in Japanese →
The Japanese edition carries the complete record of this decision — the situation that forced it, the options weighed, what actually followed, and the sources behind every claim.
Other key decisions at Workman
Yen amounts are converted at the average rate of each figure’s own year — not today’s rate; the revenue chart is shown in yen. Exchange rates & sources — the full ¥/US$ table →
Disclaimer
- This page is provided for general information only and is not investment advice, nor a recommendation to buy or sell any security.
- Figures are compiled independently and include our own estimates, approximations and machine-processed data; we make no warranty as to their accuracy or completeness.
- Sources are primarily each company’s securities reports and other public filings, but errors and omissions may remain.
- Any use of this information is at the reader’s own risk. Past performance does not indicate future results.
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Data API
Workman’s history, financials, executives and
shareholders are published as static JSON — no key, plain GET.
Full specification →
| Method | Endpoint | Returns |
|---|---|---|
| GET | /api/companies.json | All companies |
| GET | /api/7564/manifest.json | Resource index |
| GET | /api/7564/history.json | History overview |
| GET | /api/7564/timeline.json | Chronology |
| GET | /api/decisions.json | All management decisions (index) |
| GET | /api/7564/decisions.json | Management decisions (index) |
| GET | /api/7564/decisions/{slug}.json | One decision (full dossier) |
| GET | /api/7564/executives.json | Executives |
| GET | /api/7564/shareholders.json | Major shareholders |
| GET | /api/7564/financials.json | Financial statements |
| GET | /api/7564/financials-longterm.json | Long-term results |
| GET | /api/7564/segments.json | Business segments |
| GET | /api/7564/regions.json | Sales by region |
| GET | /api/7564/workforce.json | Workforce |