Citic Capital takes control of Japanese Footwear Company
Citic Capital was elected as a sponsor to acquire the business of Akakura and lead the revitalization of the more than 60-year old company that is engaged in designing and retailing of women footwear, through its directly-owned stores across Japan.
Masahiro Yamada, a footwear industry specialist, has been appointed as the new CEO to lead the restructuring process, the release said. Citic Capital would operate the 60 profitable stores of the company, which are expected to grow further in the coming years.
Akakura has strong relationship with shoe wholesalers and developers of shopping malls and has been an industry leader. Citic Capital will assist Akakura to recapture its position in the wake of rising consumer spending, emergence of middle-class in China and rapid growth of in-bound tourists.
Citic Capital will also assist in enhancing Akakura's supply chain management as part of its commitment to working closely with Akakura's management and employees and create long-term value to the company, the release said. (SH)