TOKYO, May 13, 2019 /PRNewswire/ -- The Loft Co., Ltd. is preparing to open a new store in Chengdu in China's southwestern province of Sichuan after its joint venture with Chengdu Ito-Yokado Co., Ltd., which runs the superstore business in Sichuan, obtained a business permit from the Chengdu municipal government.
1. About the newly established local company in China
1) Company name: Loft (Chengdu) Co., Ltd.
2) Investment structure: Limited liability company (Sino-foreign joint venture)
3) Representative: Keiji Hashimoto (Chairman)
4) Capital: 45 million yuan
5) Investment ratio: 90% (40.5 million yuan) by The Loft Co., Ltd.
10% (4.5 million yuan) by Chengdu Ito-Yokado Co., Ltd.
6) Established: April 11, 2019
7) Address: 2F, No. 35, Xishu Street, Jinjiang District, Chengdu, Sichuan Province, China
2. Toward opening new stores
While considering opening its directly managed stores in mainland China as one of the issues for its long-term corporate strategy, The Loft Co., Ltd. reached an agreement to work with Chengdu Ito-Yokado Co., Ltd., which has a history of doing business in the region for more than 20 years, and to establish a joint venture, paving the way for it to prepare to open its directly managed stores in Chengdu and elsewhere in China.
The Loft Co., Ltd., which makes display and layout arrangements for household accessories, cosmetics and stationery, is one of the largest retailers of household goods with over 100 stores in Japan. As many tourists from mainland China have been visiting Loft stores, particularly Shibuya Loft in the Tokyo metropolitan area, the company believes that its stores in China will also be able to attract many customers and contribute to the prosperous life for the country's citizens and economic development.
3. Future plans
Opening a new store (in spring 2020)
For more information, please visit:
https://kyodonewsprwire.jp/attach/201905106198-O1-830aFDjG.pdf
Official website: https://www.loft.co.jp/
