Part 2 of my dive on the “Japanese See’s Candies” is out!

Kotobuki Spirits simply has been doing things that are so counterintuitive and seemingly inefficient. I delve deeper into why that’s important for their pursuit of “quality’ which transcends simple product manufacturing and what I think provides hidden competitive advantages. Ultimately tied together with the special culture they have created. This has also created loyal fans providing “Recurring” revenues. A feat that is just incredible given how competitive the market is - and especially at their high price point!

Remember when the CEO said:“who wins in Tokyo station, wins in Japan”. Well I learnt recently in Gransta Tokyo, 5 out of the top 10 confectionery store by sales are all part of Kotobuki!

Here I also discuss their astute M&A capabilities, high level thoughts on valuation and potential sources of risks which I thought were considering.