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CITIC Capital seals the deal on Akakura buyout
Despite the nation’s shaky fundamentals, foreign investors are still enthralled Japan – and it appears that China’s CITIC Capital is no different.
The $5 billion private equity and real estate shop announced that it recently completed its acquisition of Akakura, the 60-year old Japanese footwear retailer, adding that it has installed a new CEO and that it’s looking forward to seeing it grow:
“Following the acquisition, CITIC Capital will continue to operate the 60 profitable stores, which are expected to grow further in the coming years. Mr. Masahiro YAMADA, a footwear industry specialist, has been appointed as the new CEO to lead the restructuring process. CITIC Capital will assist Akakura to capture the rise of consumer spending, emergence of the middle-class in China and the rapid growth of in-bound tourists into Japan, as well as enhance Akakura’s supply chain management.
CITIC Capital is also committed to working closely with Akakura’s management and employees to rebuild Akakura’s leadership in the women’s footwear industry and create long-term value to the Company.”
How much CITIC spent for the retailer however was not disclosed.