Leading fashion firm INDITEX Group announced that company has obtained the remaining 15 percent in Zara Japan, so far property of the Japanese group Bigi, thus reaching a stake of 100 percent in the share capital of the subsidiary which operates in Japan.
This acquisition means a step forward for Inditex in the Asian country, where it is present since 1998 and where 18 stores of the Zara format are open.
Zara Japan was incorporated in 1997 as a 50%-50% joint venture between Inditex and Bigi. In May 2004, Inditex raised its stake to 85 percent. Zara launched its first store in Tokyo in 1998 and has hence increased its presence with new openings in the capital, Osaka, Fukuoka, Yokohama, Nagoya, Kyoto, Hiroshima and Sapporo, to total 18 outlets.
Inditex expects to foster its growth rate in Japan over the next few years and increase its presence in several markets of the area where it is already present (Hong Kong, Singapore, Malaysia, Indonesia and the Philippines). Likewise, the group expects to enter new markets such as China, Thailand or South Korea in 2006.
Spanish company Inditex is one of the leading fashion distributors, with eight sales formats -Zara, Pull and Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home y Kiddy's Class- boasting 2.663 stores in 60 countries. The Inditex Group is comprised of over one hundred companies associated with the business of textile design,manufacturing and distribution.
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