J-Star buys Japanese fashion retailer
Japanese mid-market private equity firm J-Star has acquired Wego, a domestic fashion brand that has 185 stores nationwide and annual sales of more than JPY35 billion ($310 million).
The company started out in 1995 as a second-hand clothing store in Osaka's American Village, a well-known retail and entertainment district. In addition to the flagship Wego brand, it features labels such as Punyus, Giordano, Dammy, and Ding. The target market is primarily consumers in their teens to mid-20s.
After seeing annual sales surpass JPY10 billion in 2009, Wego began to build out its online retail presence. J-Star will assist the company in improving the efficiency of the e-commerce channel, as well as driving internal restructuring, refurbishment of existing stores, and a renewed push into overseas markets.
The size of the investment was not disclosed. J-Star is currently deploying its third fund, which closed at JPY32.5 billion ($292 million) last year. The GP typically takes control or co-control positions in companies with valuations of JPY3-10 billion, writing checks in a range of JPY1-3 billion.
Recent deals include the acquisition of auto parts remanufacturing player Honest, healthy living products retailer Itty, recycling business Harita Metal, and fire hydrant supplier Yokoi Manufacturing.
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