案例库 · 财务与会计 · 财务决策 · 2005–2026
这条还没译成中文，下面是英文原文。
An apparel contract manufacturer posted a loss almost as big as its entire revenue
Kafka made jackets and coats for other brands, supplying fabric free to overseas factories. A weak yen turned ¥5.9B in sales into a ¥4.6B loss.
Kafka Co., Ltd. (カフカ株式会社) · 2026-07-21
怎么回事
Kafka, founded in Nagoya in May 2005, built its business making clothing under other companies' brands rather than its own: jackets, coats and other women's wear, plus children's and men's clothing, produced under OEM and ODM contracts for apparel makers. Kafka supplied fabric free of charge to subcontracted sewing factories in China, the Philippines and within Japan, then sold the finished goods to its client brands.
The model required Kafka to hold significant inventory — fabric committed to factories, goods in production, finished stock awaiting delivery — all exposed to currency risk since materials and overseas manufacturing were priced against a fluctuating yen. A sustained weak yen made every stage of that pipeline more expensive to fund.
For the fiscal year ending April 2026, Kafka reported revenue of approximately ¥5.933 billion — and a net loss of approximately ¥4.579 billion, wiping out nearly the company's entire top line in red ink and pushing it into severe negative net worth. The heavy inventory burden that the business model required left it without the cash cushion to absorb a currency shock of that scale.
On July 21, 2026, the Nagoya District Court granted Kafka's bankruptcy petition, with total liabilities of approximately ¥6.045 billion owed to around 110 creditors — a two-decade contract manufacturer undone by a business model that carried currency and inventory risk it had no way to hedge once the yen moved against it.
为什么会这样
- Kafka's OEM/ODM model required holding inventory across the fabric-to-finished-goods pipeline, exposing it to currency risk with no power to pass costs on to client brands mid-contract.
- Supplying fabric free of charge to overseas subcontractors meant Kafka carried the material cost and currency exposure itself, rather than sharing that risk with the factories doing the manufacturing.
- A sustained weak yen raised costs across the entire production chain at once, and the company's own numbers show it had no reserve large enough to absorb a loss nearly equal to a full year of revenue.
教训
A contract manufacturer that supplies materials and holds inventory for clients absorbs currency risk its customers do not — when that risk turns, one bad year can erase what it made.
后来呢
The Nagoya District Court's bankruptcy order ended Kafka's two-decade run as a contract manufacturer for other apparel brands. Its roughly 110 creditors, including the overseas subcontracted factories and the fabric suppliers behind its OEM pipeline, were left claiming against total liabilities of ¥6.045 billion.
资料来源
发现哪里写错了？告诉我们。
类似的案例
这家公司栽倒的地方，别处有人漂亮地解开过。 第二意见 →
Comments · 0
登录 后就能评论。