ITOCHU Takes Majority Stake in Java Holdings Co., Ltd.
November 30, 2009
ITOCHU Corporation (“ITOCHU”) has agreed with Java Holdings Co., Ltd. (“JVH”) to take effective control by acquiring a majority of shares outstanding of JVH. As a result of this acquisition, JVH has become a consolidated subsidiary of ITOCHU.
JVH is a holding company with apparel subsidiaries, including four women’s wear companies, including Lautreamont Co., Ltd. and Vicky Co., Ltd. and two children’s wear companies, including Bebe Co., Ltd. It also has one shared service subsidiary.
ITOCHU has enjoyed an excellent business relationship through close ties with the JVH Group companies for more than 30 years, centering on an OEM arrangement for apparel products. In 2006, ITOCHU acquired 35% of the shares outstanding of JVH to form a capital and business alliance. The agreement to acquire a majority stake and control was enabled by this relationship of mutual trust and a shared understanding of growth strategies for the future.
ITOCHU and the JVH Group will seek to contribute to the maintenance and development of the Japanese textile and apparel industries, aiming to contribute to the development of both companies by consistently providing their customers with better products and services.