ITOCHU Announces Conclusion of Capital and Business Alliances with JOOR Inc., Owner of the World’s Largest B2B Marketplace
February 18, 2019
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Yoshihisa Suzuki, President & COO; hereinafter “ITOCHU”) announced today that it has decided to conclude capital and business alliances with JOOR Inc. (headquartered in New York, the U.S.; Kristin Savilia, CEO; hereinafter “JOOR Inc.”), which runs the world’s largest B2B marketplace, “JOOR.” As an exclusive strategic partner of JOOR Inc., ITOCHU will work to expand “JOOR” in the Japan market.
JOOR Inc. launched “JOOR,” a B2B marketplace that streamlines order receipt and placement operations for fashion brands, in New York, in 2010. Currently, it deals with more than 8,600 brand items and has become the world’s largest platform with a total distribution exceeding 1 trillion yen. The primary strength of “JOOR” is its advanced system development capability. It not only streamlines operations through data linkage between brands and retailers, but is also equipped with trend analysis and recommendation functions. JOOR is continuing to evolve.
JOOR Inc. has sought collaboration with a trusted partner, looking forward toward its expansion in the Japan market. While exploring the reinvented brand business, ITOCHU also anticipated that its capital investment in JOOR will produce a variety of synergistic effects, such as streamlining of existing brand operations, an increase in contact with brands that have not arrived in Japan and the creation of new business by utilizing the significant amount of data from JOOR, leading to the conclusion of these alliances.
ITOCHU is working toward entry into a new distribution channel as part of the Reinvented Business, which is a basic policy in the medium-term management plan. In the future, ITOCHU will continue to evolve the knowhow in brand business it has accumulated over many years in cooperation with JOOR and other emerging companies to further reinvent the brand business.
Overview of JOOR
|Company name||JOOR Inc.|
|Headquarters||New York, the U.S.|
|Number of employees||Approximately 140 employees|
JOOR’s brand, website for retailers and application