Japan's clothes maker Onward Kashiyama picks retailer Joseph for £140 Million

17 May '05

2 min read

Britain's Joseph Group having extensive 63-store fashion chain presence in London, Tokyo, New York and Paris, is being bought by a leading Japanese clothing maker Onward Kashiyama Co. for a consideration worth 140 million pounds ($257 million).

In a statement released from London, Joseph's founder and chairman retailer Joseph Ettedgui Joseph informed shareholders that Cie. Nationale a Portefeuille, which controls 58 percent of the business will buy rest of the shares.

Joseph opened its first shop in 1971 on London's Kings Road.

Joseph Managing Director Thierry Letrilliart acknowledging business relationship with Onward Kashiyama of several years said that as their men's wear partner in Japan, the combination offers significant advantages to Joseph, especially in respect of expansion in the Far East.

In Japan, Onward Kashiyama has licensing agreements to make Paul Smith and Michael Kors clothing. Its brand range includes ICB and Vanilla Confusion.

Ettedgui's family holds 18 percent of Joseph's stock, while the rest is held between LVMH Moet Hennessy Louis Vuitton SA having 10 percent, and Power Financial possessing 5 percent shares.

Harrods also stock Joseph's fashions.

Joseph also said today that earnings before interest, tax, depreciation and amortization rose 34 percent to 13.3 million pounds in the year ended March 31 as it reduced costs.

Brand Ambassadress Elizabeth Hurley has promoted marketing effort of the company in Japan, which saw a 3 percent rise, or 3.6 percent increase at stores open at least a year, the company said.
g effort of the company in Japan, which saw a 3 percent rise, or 3.6 percent increase at stores open at least a year, the company said.

Officials say forecast for 2005 is good with retail sales looking up over last year with the autumn wholesale order book 12 percent up on last year.

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