1© This is a licensed product of Ken Research and should not be copied
TABLE OF CONTENTS1.     Asia-Pacific Athletic Apparel and Footwear Industry Introduction     1.1.     Asia-Pacific Athleti...
3.6.     Japan Athletic Apparel and Footwear Industry Trends and Developments           New Marketing Strategies          ...
4.1.   By Geography, 2013-2017     4.2. Cause and Effect Relationship Between Industry Factors and the Asia-Pacific Athlet...
LIST OF FIGURESFigure 1: Asia-Pacific Athletic Apparel Market Size by Revenue in USD Million, 2006-2012Figure 2: Asia-Paci...
Figure 20: Japan Gross Domestic Product (GDP) in USD Billion, 2006-2017Figure 21: Asia-Pacific Athletic Apparel and Footwe...
LIST OF TABLESTable 1: Asia-Pacific Athletic Wear Market Segmentation by Athletic Apparel and Footwear onthe Basis of Reve...
Table 17: NIKE Brand Wholesale Equivalent Global Revenue by Categories in USD Million,FY’2012Table 18: Adidas Production o...
ASIA-PACIFIC ATHLETIC WEAR MARKET SIZE BY REVENUE,2006-2012BY ATHLETIC FOOTWEAR, 2006-2012The athletic footwear market in ...
JAPAN ATHLETIC APPAREL MARKET SIZE, 2006-2012BY VALUE, 2006-2012In the last seven years, the athletic apparel market poten...
BY VOLUME, 2006-2012…production of athletic apparels in Japan suffered a setback over the period 2006-2012 onaccount of de...
The market for athletic footwear in Japan inclined from USD ~ million in 2006 to USD ~ millionin 2012…with the rising heal...
Table: Japan Athletic Apparel Market Segmentation by Product Categories on the Basis ofRevenue in USD Million, 2006-2012Ca...
Table: Japan Athletic Apparel Market Segmentation by Product Categories on the Basis ofContribution in Percentage (%), 200...
Females held a minute share of ~% in the athletic apparel market in Japan in 2012. Theproduction of women athletic apparel...
MARKET SHARE OF MAJOR PLAYERS IN JAPAN ATHLETICAPPAREL AND FOOTWEAR MARKET, 2011BY ATHLETIC APPAREL, 2011The Japan athleti...
Table: Revenue of Major Players in Japan Athletic Apparel Market in USD Million, 2011Major Players                        ...
JAPAN ATHLETIC APPAREL AND FOOTWEAR MARKET FUTUREOUTLOOK AND PROJECTIONS, 2013-2017…changing perception about fashion, res...
DISCLAIMERThe research reports provided by Ken Research are for the personal information of theauthorized recipient and is...
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Japan athletic apparel and footwear industry outlook to 2017 sample report

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Japan athletic apparel and footwear industry outlook to 2017 sample report

  1. 1. 1© This is a licensed product of Ken Research and should not be copied
  2. 2. TABLE OF CONTENTS1. Asia-Pacific Athletic Apparel and Footwear Industry Introduction 1.1. Asia-Pacific Athletic Wear Market Size by Revenue, 2006-2012 1.1.1. By Athletic Apparel, 2006-2012 1.1.2. By Athletic Footwear, 2006-20122. Asia-Pacific Athletic Wear Market Segmentation, 2006-2012 2.1. By Athletic Apparel and Footwear, 2006-2012 2.2. By Geography, 2006-20123. Japan Athletic Apparel and Footwear Industry Introduction 3.1. Japan Athletic Apparel Market Size, 2006-2012 3.1.1. By Value, 2006-2012 3.1.2. By Volume, 2006-2012 3.2. Japan Athletic Footwear Market Size, 2006-2012 3.2.1. By Value, 2006-2012 3.2.2. By Volume, 2006-2012 3.3. Japan Athletic Apparel Market Segmentation, 2006-2012 3.3.1. By Product Categories, 2006-2012 3.3.2. By Woven Category, 2006-2012 3.3.2.1. By Gender, 2006-2012 3.3.3. By Knit Category, 2006-2012 3.4. Japan Athletic Footwear Market Segmentation, 2006-2012 3.4.1. By Value, 2006-2012 3.4.2. By Volume, 2006-2012 3.5. Market Share of Major Players in Japan Athletic Apparel and Footwear Market, 2011 3.5.1. By Athletic Apparel, 2011 3.5.2. By Athletic Footwear, 2011 2 © This is a licensed product of Ken Research and should not be copied
  3. 3. 3.6. Japan Athletic Apparel and Footwear Industry Trends and Developments New Marketing Strategies Developing New Products Increasing Number of Fitness Clubs and Programs Declining Import of Sports Footwear in Japan 3.7. Japan Athletic Apparel and Footwear Market Future Outlook and Projections, 2013- 2017 3.8. Company Profiles of Major Domestic Players in Japan Athletic Apparel and Footwear Market 3.8.1. Asics 3.8.1.1. Company Overview 3.8.1.2. Business Strategy 3.8.1.3. Financial Performance, 2008-2011 3.8.2. Mizuno 3.8.2.1. Company Overview 3.8.2.2. Business Strategy 3.8.2.3. Financial Performance, 2009-2011 3.8.3. Descente 3.8.3.1. Company Overview 3.8.3.2. Business Strategy 3.8.4. Goldwin Inc. 3.8.4.1. Company Overview 3.8.4.2. Business Strategy 3.9. Macro Economic Factors of Japan Athletic Apparel and Footwear Industry, 2006-2017 3.9.1. Population, 2006-2017 3.9.2. Consumption Expenditure of Households on Clothing and Footwear, 2006-2017 3.9.3. Gross Domestic Product, 2006-20174. Asia-Pacific Athletic Apparel and Footwear Market Future Outlook and Projections, 2013-2017 3 © This is a licensed product of Ken Research and should not be copied
  4. 4. 4.1. By Geography, 2013-2017 4.2. Cause and Effect Relationship Between Industry Factors and the Asia-Pacific Athletic Apparel and Footwear Market Prospects5. Major International Players in Asia-Pacific Athletic Apparel and Footwear Market 5.1. NIKE 5.1.1. Company Overview 5.1.2. Business Strategy 5.1.3. Financial Performance, FY’2008-FY’2012 5.2. Adidas Group 5.2.1. Company Overview 5.2.2. Business Strategy 5.2.3. Financial Performance, 2008-2012 5.3. PUMA 5.3.1. Company Overview 5.3.2. Business Strategy 5.3.3. Financial Performance, 2008-20126. Appendix 6.1. Market Definitions 6.2. Abbreviations 6.3. Research Methodolgy Data Collection Methods Approach Variables (Dependent and Independent) Multi Factor Based Sensitivity Model Final Conclusion 6.4. Disclaimer 4 © This is a licensed product of Ken Research and should not be copied
  5. 5. LIST OF FIGURESFigure 1: Asia-Pacific Athletic Apparel Market Size by Revenue in USD Million, 2006-2012Figure 2: Asia-Pacific Athletic Footwear Market Size by Revenue in USD Million, 2006-2012Figure 3: Asia Pacific Sportswear Market Segmentation by Athletic Apparel and AthleticFootwear on the Basis of Contribution in Percentage (%), 2006-2012Figure 4: Asia-Pacific Athletic Apparel Market Segmentation by Geography on the Basis ofContribution in Percentage (%), 2006-2012Figure 5: Asia-Pacific Athletic Footwear Market Segmentation by Geography on the Basis ofContribution in Percentage (%), 2006-2012Figure 6: Japan Athletic Apparel Market Size by Revenue in USD Million, 2006-2012Figure 7: Japan Athletic Apparel Market Size by Production in Thousand Units, 2006-2012Figure 8: Japan Athletic Footwear Market Size by Revenue in USD Million, 2006-2012Figure 9: Japan Athletic Footwear Market Size by Shipment Volume of Manufacturers inThousand Pairs, 2006-2012Figure 10: Japan Athletic Apparel Production by Men and Women’s Woven Category on theBasis of Contribution in Percentage (%), 2006-2012Figure 11: Japan Athletic Apparel Market Segmentation by Knit Category on the Basis ofProduction in Thousand Units, 2006-2012Figure 12: Market Share of Major Players in Japan Athletic Apparel Market on the Basis ofRevenue in Percentage (%), 2011Figure 13: Japan Athletic Footwear Market Share of Major Players on the Basis of RevenueContribution in Percentage (%), 2011Figure 14: Import of Sports Footwear in Japan by Countries in Percentage (%), 2010Figure 15: Japan Athletic Apparel and Footwear Market Projections on the Basis of Revenue inUSD Million, 2013-2017Figure 16: Asics Japan Athletic Apparel and Footwear Revenue in USD Million, 2008-2011Figure 17: Mizuno Revenue from Athletic Footwear and Apparel in USD Million, 2009-2011Figure 18: Japan Population in Million, 2006-2017Figure 19: Japan Consumer Expenditure on Clothing and Footwear in USD Million, 2006-2017 5 © This is a licensed product of Ken Research and should not be copied
  6. 6. Figure 20: Japan Gross Domestic Product (GDP) in USD Billion, 2006-2017Figure 21: Asia-Pacific Athletic Apparel and Footwear Market Future Projections on the Basis ofRevenue in USD Million, 2013-2017Figure 22: NIKE Global Revenue Contribution of Athletic Apparel and Footwear by AsianCountries in Percentage (%), FY’2012Figure 23: NIKE Revenue from Athletic Footwear and Apparel in Greater China in USDMillion, FY’2008-FY’2012Figure 24: NIKE Revenue from Athletic Footwear and Apparel in Japan in USD Million,FY’2008-FY’2012Figure 25: Adidas Group Suppliers by Region in Percentage (%), 2011Figure 26: Adidas Athletic Footwear Production by Region in Percentage (%), 2011Figure 27: Adidas Athletic Apparel Production by Region in Percentage (%), 2011Figure 28: Adidas Group Asia Revenue by Athletic Footwear and Athletic Apparel in USDMillion, 2008-2012PFigure 29: Adidas Group Asia-Pacific Revenue by Athletic Footwear, Athletic Apparel andAccessories on the Basis of Contribution in Percentage (%), 2012PFigure 30: Adidas Group Asia-Pacific Revenue by Wholesale, Retail and Other Business on theBasis of Contribution in Percentage (%), 2012PFigure 31: Puma Asia-Pacific Revenue from Athletic Footwear and Apparel in USD Million,2008-2012 6 © This is a licensed product of Ken Research and should not be copied
  7. 7. LIST OF TABLESTable 1: Asia-Pacific Athletic Wear Market Segmentation by Athletic Apparel and Footwear onthe Basis of Revenue in USD Million, 2006-2012Table 2: Asia-Pacific Athletic Apparel Market Segmentation by Geography on the Basis ofContribution in Percentage (%), 2006-2012Table 3: Asia-Pacific Athletic Footwear Market Segmentation by Geography on the Basis ofContribution in Percentage (%), 2006-2012Table 4: Japan Athletic Apparel Market Segmentation by Product Categories on the Basis ofRevenue in USD Million, 2006-2012Table 5: Japan Athletic Apparel Market Segmentation by Product Categories on the Basis ofContribution in Percentage (%), 2006-2012Table 6: Japan Athletic Apparel Market Segmentation by Men and Women’s Woven CategoryProduction in Thousand Units, 2006-2012Table 7: Japan Athletic Footwear Market Segmentation by Product Categories on the Basis ofRevenue in USD Million, 2006-2012Table 8: Japan Athletic Footwear Market Segmentation by Product Categories on the Basis ofContribution in Percentage (%), 2006-2011Table 9: Japan Athletic Footwear Market Segmentation by Volume of Product Categories inThousand Pairs, 2006-2012Table 10: Revenue of Major Players in Japan Athletic Apparel Market in USD Million, 2011Table 11: Revenue of Major Players in Japan Athletic Footwear Market in USD Million, 2011Table 12: Import of Athletic Footwear in Japan by Value in USD Million and Volume inThousand Pairs, 2006-2010Table 13: Asia-Pacific Athletic Apparel Market Future Projections by Geography on the Basis ofRevenue in USD Million, 2013-2017Table 14: Asia-Pacific Athletic Footwear Market Future Projections by Geography on the Basisof Revenue in USD Million, 2013-2017Table 15: Cause and Effect Relationship between Industry Factors and Asia-Pacific AthleticApparel and Footwear Industry ProspectsTable 16: Total Number of NIKE Stores in the World in Units, 2011 7 © This is a licensed product of Ken Research and should not be copied
  8. 8. Table 17: NIKE Brand Wholesale Equivalent Global Revenue by Categories in USD Million,FY’2012Table 18: Adidas Production of Athletic Footwear in Million Pairs, 2008-2011Table 19: Adidas Production of Athletic Apparel in Million Units, 2008-2011Table 20: Adidas Group Asia –Pacific Research and Development Centers in Asian CountriesTable 21: Adidas Group Global Research and Development Expenditure in USD Million, as aPercentage (%) of Net Sales and Operating Expenses, 2007-2011Table 22: Adidas Group Global Revenue by Athletic Footwear, Athletic Apparel andAccessories in USD Million, 2012Table 23: PUMA Number of Employees by Geography, 2009-2011Table 24: Correlation Matrix of Japan Athletic Apparel and Footwear MarketTable 25: Regression Coefficients Output of the Japan Athletic Apparel and Footwear Market 8 © This is a licensed product of Ken Research and should not be copied
  9. 9. ASIA-PACIFIC ATHLETIC WEAR MARKET SIZE BY REVENUE,2006-2012BY ATHLETIC FOOTWEAR, 2006-2012The athletic footwear market in Asian countries has experienced unwavering growth over the lastfive years on account of the changing fashion trends and……the market for athletic footwear witnessed an incline in 2006 and 2007 due to the hosting ofseveral major tournaments and sports events in countries such as China, India, Japan, and The revenue of athletic footwear market in Australia. It was observed that running shoes… Asia-Pacific region was recorded to be USD ~ million in 2010 which further rose by …this led to an incline in the market by 11.1% 13.3% in 2011 and reached USD ~ million. in 2010 over the previous year. The revenue of the market was recorded to be USD ~ million in 2010 which further rose by 13.3% in 2011 andreached USD ~ million…The FIFA world Cup 2010, commonwealth games in India and cricket world cup during 2010also had its effect on the athletic footwear market in 2010 as athletes…Figure: Asia-Pacific Athletic Footwear Market Size by Revenue in USD Million, 2006-2012 18,000.0 16,000.0 14,000.0 12,000.0USD Million 10,000.0 8,000.0 6,000.0 4,000.0 2,000.0 0.0 2006 2007 2008 2009 2010 2011 2012P 9 © This is a licensed product of Ken Research and should not be copied
  10. 10. JAPAN ATHLETIC APPAREL MARKET SIZE, 2006-2012BY VALUE, 2006-2012In the last seven years, the athletic apparel market potential and related business opportunitieshave weakened tremendously within the Japanese sports industry. The athletic apparel market inJapan has grown at a negative CAGR of 2.1% from 2006-2012. In 2012, the market was valuedat USD ~ million as compared to USD ~ million in 2006. This was due toThe revenue generated by the athletic apparel industry in Japan has declined steadily over thepast seven years on account of hesitance of the masses to adapt to the sportswear as casualwear……disasters, which killed about 25,000 people, destroyed many factories, causing a severeshortage of parts and components for manufacturers across the Japanese economy. The creditcrunch in the economy over the years has also restricted the consumer spending capacity tonecessities…In 1H2012, however, the market posted growth of nearly 0.9% thereby leading to a revenuegeneration of USD ~ million…Figure: Japan Athletic Apparel Market Size by Revenue in USD Million, 2006-2012 5,800.0 5,600.0 5,400.0USD Million 5,200.0 5,000.0 4,800.0 4,600.0 2006 2007 2008 2009 2010 2011 2012P 10 © This is a licensed product of Ken Research and should not be copied
  11. 11. BY VOLUME, 2006-2012…production of athletic apparels in Japan suffered a setback over the period 2006-2012 onaccount of decaying demand among the masses. The economic condition in the country hasdeteriorated over the last few years due to several disastrous events which held back growth inthe economy…It was observed that in 2006 the production of athletic apparels was ~ thousand units whichplunged to ~ thousand units in 2012. Driven by the health boom, the numbers of joggers and…runners in the country are increasing year by year…Figure: Japan Athletic Apparel Market Size by Production in Thousand Units, 2006-2012 30,000.0 25,000.0 20,000.0000 Units 15,000.0 10,000.0 5,000.0 0.0 2006 2007 2008 2009 2010 2011 2012PJAPAN ATHLETIC FOOTWEAR MARKET SIZE, 2006-2012BY VALUE, 2006-2012The athletic footwear market in Japan has been through several ups and downs over the lastseven years. Several sports brands such as Mizuno, Asics have also come up with new variety ofcross training shoes for various kinds of activities…. 11 © This is a licensed product of Ken Research and should not be copied
  12. 12. The market for athletic footwear in Japan inclined from USD ~ million in 2006 to USD ~ millionin 2012…with the rising health awareness and surging brand consciousness among the people,the demand for branded sports footwear further inclined in 2011 leading to a rise in the revenueof the industry by 2.6% over the previous year to USD ~ million.Figure: Japan Athletic Footwear Market Size by Revenue in USD Million, 2006-2012 3,000.0 2,950.0 2,900.0USD Million 2,850.0 2,800.0 2,750.0 2,700.0 2,650.0 2006 2007 2008 2009 2010 2011 2012PJAPAN ATHLETIC APPAREL MARKET SEGMENTATION, 2006-2012BY PRODUCT CATEGORIES, 2006-2012The athletic apparel market in Japan is majorly held by training wear, golf wear, outdoor wearand lifestyle wear accounting for nearly ~% of the overall market in the country in 2012. Thetraining wear market in the country held the lion’s share of ~% in 2012 generating revenue worthof USD ~ million during the year. The wear for warming up or a training jersey performedpoorly over the period 2007-2009 due to the emergence of price-competitive and…The fitness wear market in the country has also witnessed slow yet positive growth of 0.4% from2006-2012 with the revenue increasing from USD ~ million in 2006 to USD ~ million in 2012…. 12 © This is a licensed product of Ken Research and should not be copied
  13. 13. Table: Japan Athletic Apparel Market Segmentation by Product Categories on the Basis ofRevenue in USD Million, 2006-2012Categories 2006 2007 2008 2009 2010 2011 2012PTraining WearGolf WearOutdoor WearLifestyle WearSoccer WearBaseball WearTennis WearSwimming SuitsSkiing/ Snowboarding WearFitness WearTrack/ Field/Running WearBasketball WearVolleyball WearOther SportswearTotal 13 © This is a licensed product of Ken Research and should not be copied
  14. 14. Table: Japan Athletic Apparel Market Segmentation by Product Categories on the Basis ofContribution in Percentage (%), 2006-2012Categories 2006 2007 2008 2009 2010 2011 2012PTraining WearGolf WearOutdoor WearLifestyle WearSoccer WearBaseball WearTennis WearSwimming SuitsSkiing/ Snowboarding WearFitness WearTrack/ Field/Running WearBasketball WearVolleyball WearOther SportswearTotalBY WOVEN CATEGORY, 2006-2012BY GENDER, 2006-2012…with the slowdown of business in Japan, the overall athletic apparel market further cooleddown. Consumer spending on active sportswear in the country was adversely affected in the lastfew years…Japan athletic apparel market is bifurcated on the basis of gender with the majority of theproduction held by male. In 2012, males segment has contributed nearly ~% to the production ofathletic apparels by woven category. It was observed that during 2006-2012, the contribution ofthe male segment to the overall production of athletic apparels in Japan reached ~% in 2012 from~% in 2006. 14 © This is a licensed product of Ken Research and should not be copied
  15. 15. Females held a minute share of ~% in the athletic apparel market in Japan in 2012. Theproduction of women athletic apparel has decelerated from 2006-2012 from ~ thousand units in2006 to ~ thousand units in 2012…Figure: Japan Athletic Apparel Production by Men and Women’s Woven Category on theBasis of Contribution in Percentage (%), 2006-2012 100.0% 90.0% 80.0% 70.0% 60.0% Percentage(%) 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2006 2007 2008 2009 2010 2011 2012P Men WomenTable 1: Japan Athletic Apparel Market Segmentation by Men and Women’s WovenCategory Production in Thousand Units, 2006-2012Production 2006 2007 2008 2009 2010 2011 2012PMenWomenTotal 15 © This is a licensed product of Ken Research and should not be copied
  16. 16. MARKET SHARE OF MAJOR PLAYERS IN JAPAN ATHLETICAPPAREL AND FOOTWEAR MARKET, 2011BY ATHLETIC APPAREL, 2011The Japan athletic apparel market is concentrated with the presence of several large scale andsmall scale manufacturers, retailers and wholesalers, of which the top 6 companies contributearound ~% of the total athletic apparel market revenue in 2011…The market in 2011 was led by the domestic player Descente with ~% contribution to the totalathletic apparel market revenue. The second leading player in athletic apparel market in Japan isGoldwin which contributed ~% to the overall revenue of athletic apparel market in 2011. Thecompany generated total revenue of USD ~ million from athletic apparels in 2011……on the other hand, Asics Company contributed a very small share of ~% to the overall marketin 2011…Figure: Market Share of Major Players in Japan Athletic Apparel Market on the Basis ofRevenue in Percentage (%), 2011 Descente Goldwin Adidas Mizuno Nike Asics Others 16 © This is a licensed product of Ken Research and should not be copied
  17. 17. Table: Revenue of Major Players in Japan Athletic Apparel Market in USD Million, 2011Major Players Revenue (USD Million), 2011DescenteGoldwinAdidasMizunoNikeAsicsOthersTotalJAPAN ATHLETIC APPAREL AND FOOTWEAR INDUSTRY TRENDSAND DEVELOPMENTSINCREASING NUMBER OF FITNESS CLUBS AND PROGRAMS…Japan has been witnessing an increasing number of running clubs and services and weight lossnutrition programs and centres along with growing popularity. In the recent years, new facilitieshave opened up……Japan’s import of sports and campus shoes has declined over the period 2006-2010 from USD~ million in 2006 to USD ~ million in 2010…Vietnam and Indonesia have been increasing exports of sports and campus footwear to Japansince 2000, and the competition between them has continued for several years.Table: Import of Athletic Footwear in Japan by Value in USD Million and Volume inThousand Pairs, 2006-2010Import of Athletic Footwear in Japan 2006 2007 2008 2009 2010By Value (USD Million)By Volume (Thousand Pairs) 17 © This is a licensed product of Ken Research and should not be copied
  18. 18. JAPAN ATHLETIC APPAREL AND FOOTWEAR MARKET FUTUREOUTLOOK AND PROJECTIONS, 2013-2017…changing perception about fashion, restricted frequency of purchases and rising importance onproduct cost and attributes is expected to drive the consumer purchasing decisions in the sportsapparel and footwear market in Japan, due to which… opportunities for the footwear market liesin the athletic footwear segment which has gained higher preference amongst the adults and theyoungsters…The athletic apparel and footwear market in Japan is estimated to be worth USD ~ million in2017, with a majority of sales expected to generate from…Figure: Japan Athletic Apparel and Footwear Market Projections on the Basis of Revenuein USD Million, 2013-2017 6,000.0 5,000.0 4,000.0USD Million 3,000.0 2,000.0 1,000.0 0.0 2013 2014 2015 2016 2017 Atheltic Apparel Athletic Footwear 18 © This is a licensed product of Ken Research and should not be copied
  19. 19. DISCLAIMERThe research reports provided by Ken Research are for the personal information of theauthorized recipient and is not for public distribution and should not be reproduced orredistributed without prior permission. You are permitted to print or download extracts from thismaterial for your personal use only. None of this material may be used for any commercial orpublic use.The information provided in the research documents is from publicly available data and othersources, which are reliable. Efforts are made to try and ensure accuracy of data. With respect todocuments available, neither the company nor any of its employees makes any warranty, expressor implied, including the warranties of merchantability and fitness for a particular purpose, orassumes any legal liability or responsibility for the accuracy, completeness, or usefulness of anyinformation, apparatus, product, or process disclosed, or represents that its use will not infringeprivately owned rights.The report also includes analysis and views expressed by our research team. The research reportsare purely for information purposes. The opinions expressed are our current opinions as of thedate appearing in the material and may be subject to change from time to time without notice.Investors should not solely rely on the information contained in the research documents and mustmake investment decisions based on their own investment objectives, risk profile and financialposition. The recipients of this material should take their own professional advice before actingon this information.Ken Research will not accept returns of reports once dispatched due to the confidentiality ofinformation provided in our reports. In case, a report qualify for return, we will issue a credit,minus shipping charges, of equal value to the original purchase price, toward a future purchase—no refunds. The decision about whether the product return can be accepted or not is solely at ourdiscretion. Any dispute will be subject to laws of India and exclusive jurisdiction of IndianCourts.No part of this manual or any material appearing may be reproduced, stored in or transmittedon any other Web site without written permission of Ken Research and any payments of aspecified fee. Requests to republish any material may be sent to us. 19 © This is a licensed product of Ken Research and should not be copied

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