First of all, great opening! It’s awesome that you explained the situation in plain language instead of just slapping down charts from a corporate presentation without any explanatory context. I was inspired to read through the annual report because the subject area (=garment industry) is one I can’t say I understand much about. I learned a bit more today 
This reminded me of the situation with the domestic company Duell, which is at the next step of the food chain as a wholesaler distributing clothes, among other things. The demand generated by COVID didn’t continue, and in the current economic environment, it’s easy to cut back on clothing purchases. On the other hand, the situation is the same for all of the company’s competitors, and the cash position could withstand even a larger acquisition.
As I understand it, the company’s role in utilizing technology on the B2C side is small, but growth could be sought from there. A product information register maintained by a third party could facilitate clothing recycling if an RFID or other chip indicates what raw materials have been used in the garment.
At the same time, the register would provide certainty that a specific bag or garment is authentic, which is valuable information for the secondary market and protecting brand value.
In light of the numbers, the company looks high-quality, but in my opinion, the current price level can’t be called cheap yet? (Apparently, the company doesn’t buy back its own shares but prefers dividends for rewarding shareholders.)