Adastria : Notice Concerning Establishment of Overseas Subsidiary
October 18, 2023 at 03:08 am EDT
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October 18, 2023
To Whom It May Concern,
Company name
Adastria Co., Ltd.
Representative
Osamu Kimura, Representative Director and President
(Securities code: 2685 TSE Prime Market)
Itsuo Iwakoshi, Senior Executive Officer, General
Inquiries
Manager of Administration Division, Head of
Corporate Planning Office
(TEL:03-5466-2060)
Notice Concerning Establishment of Overseas Subsidiary
At a meeting held on October 18, 2023 the Adastria Co., Ltd. Board of Directors resolved to establish an overseas subsidiary.
1. Reasons for Establishment
The Adastria Co., Ltd. ("Company") medium-term management plan describes the Company's overseas business as a key growth strategy. Southeast Asia is a priority area for the Company, featuring a large young population and an apparel market expected to grow in the future. The new company will be established in the Philippines, which is home to numerous large shopping malls, launched under the Company's main brand, niko and .... The Company intends to engage in business tailored to the preferences of local customers. To accomplish the rapid development of business, the new subsidiary will be a joint venture with Primer Holdings Inc., which operates more than 300 stores in the Philippines.
In combination with the April 2023 store opening in Thailand, the Company is building a business foundation in Southeast Asia and expanding into neighboring countries.
2. Overview of the Subsidiary
(1)
Company name
: Adastria Philippines Co., Ltd. (tentative)
(2)
Head office
:
Philippines, Manila
(3)
Representative
:
Daisuke Fujii
(4)
Business lines
: Retail business (including e-commerce) in the Philippines; related
and associated operations
(5)
Capital
: 160 million pesos (approximately 400 million yen)
(6)
Established
:
November 2023 (tentative)
(7)
Major shareholders
Adastria Co., Ltd.
75.0%
and ownership
(including 0.0% owned by related parties)
ratios
Primer Holdings Inc.
25.0%
(including 0.0% owned by related parties)
(8)
Relationship with
:
1) Equity relationship: Established via a 75.0% equity investment
Adastria Co., Ltd.
by Adastria Co., Ltd.
(including 0.0% owned by related parties)
Personnel relationships: One director and two employees of Adastria Co., Ltd. will serve concurrently as director of the subsidiary in question.
Business relationship: No business relationship at this time.
3. Impact on Business Performance
The impact of this matter on the consolidated business results of Adastria Co., Ltd. for the current fiscal year will be negligible, and the Company does not intend to revise earnings forecasts. The company will promptly disclose any matters that arise in the future that require disclosure.
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Disclaimer
Adastria Co. Ltd. published this content on 18 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2023 07:07:35 UTC.
Adastria Co Ltd, formerly Adastria Holdings Co Ltd is mainly engaged in the apparel and miscellaneous goods retail business. The domestic product sales business includes casual fashion brands such as Global Work, LOWRYS FARM, LEPSIM, JEANASiS and RAGEBLUE, and lifestyle brands such as nico and ..., studio CLIP and BAYFLOW.It develops e-commerce (EC) specialized brands such as apres jour. It develops fashion apparels for adults under the brands such as Babylon and BARNYARDSTORM. The Company operates its business under the brand Velvet by Graham and Spencer in the United States. The logistics business, goods are received, inspected, stored and shipped. In order to efficiently purchase products when expanding to multiple stores, the Company inspects and stores the received products by the central buying method and ships the products in a timely manner.
ADASTRIA CO., LTD. 
