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Apparel Retailing Company Established in Hong Kong

2009-01-20

Toyota Tsusho Corporation (hereinafter referred to as "Toyota Tsusho"; Headquarters: Nagoya City; President: Junzo Shimizu) has concluded a contract to establish JFT Holdings Limited (hereinafter referred to as "JFT"), a joint venture apparel retailing company with Hong Kong-based Symphony Holdings Limited (hereinafter referred to as "SHL"; Headquarters: Hong Kong; President: Tony Sze Sun Sun) on January 20, 2009. This marks Toyota Tsusho's first direct participation with an apparel retailing business overseas.

Toyota Tsusho is advancing its retail activities in China and Hong Kong, establishing an upstream through downstream value chain in the textiles business in a region in which steadily increasing personal consumption is anticipated. At the same time, Toyota Tsusho intends to provide a new overseas sales network for the brands of business partners in Japan, as consumption continues to stagnate in the Japanese market.

Since JFT will specialize in the retail business, Toyota Tsusho is aiming for a synergic effect in brand and product development in China, as well as a reduction in operating costs, utilizing retailing expertise and the network cultivated by the Toyota Group.

Toyota Tsusho will primarily be in charge of supplying, exporting, and distributing apparel from Japan, while SHL will be in charge of establishing and operating the stores, as well as hiring employees, using the retailing network and brand-marketing expertise it has derived from managing more than 300 retail stores in China.

Using the know-how of retailing in China as a foothold for future business, Toyota Tsusho intends to expand their operations through JFT to other Asian regions, with a goal of establishing about 300 stores and attaining sales of HK$1.3 billion (approximately JPY17 billion) by FY2013.

[Company summary of JFT]
Business name:           JFT Holdings Limited
Representative Officer: Tommy Sze Yan Yan (SHL)
Establishment date:     End of January 2009 (planned)
Location:                   12th Floor, Wings Building, 110 Queens 
                                Road, Central, Hong Kong
Capital:                      HK$84 million (approx. JPY1.1 billion)
Controlling shares:       Toyota Tsusho Corporation (50%), 
                                SHL (50%)
Business description:    Planning, importing, and retailing of 
                                apparel products.

press release (original)

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