Bain buys Japan fashion business
Bain Capital has agreed to acquire a majority stake in Mash Group, a Japan-based fashion label, for an undisclosed sum.
Local media reported that the private equity firm would purchase a 100% interest at a valuation of approximately JPY 200bn (USD 1.4bn). Hiroyuki Kondo, sold his shares as part of the transaction and agreed to re-invest in the proceeds in the company, taking a stake of about 40%.
Mash Group said in a statement that the decision to sell to private equity was made with a view to developing its international business and strengthening management ahead of an anticipated IPO.
The company was established in 1998 as a graphic design business. It entered the fashion space in 2005 with women’s apparel brand Snidel and followed up with Gelato Pique. They remain part of a fashion portfolio - under Mash Style Lab - that also features Lilly Brown, Furfur, and Mila Owen.
Mash Beauty Lab was formed in 2010 with the launch of Cosme Kitchen. Other skincare and makeup brands include Biople, Snidel Beauty, Mitea Organic, and Geosoap.
Additional business units cover e-commerce, outlet malls, food and beverage, product design, and real estate. Mash Group expanded into Greater China in 2011 with the launch of Mash Style Lab subsidiaries in Shanghai, Taipei, and Hong Kong. This was followed by the establishment of footholds in New Zealand, Singapore, and North America.
“In addition to our mainstay fashion, beauty, and food and beverage businesses, we will also work to expand our business in Japan and overseas, such as design, real estate, and the licensing business that we have been focusing on in recent years, aiming to become a global wellness design company,” Mash Group added.
Bain is currently in the market with its fifth Asia-focused private equity fund, which has a target of USD 5bn, and invests across the consumer, financial services, healthcare, technology, and industrial sectors. Last year, the firm closed its first dedicated Japan private equity fund on JPY 110bn. The vehicle has a middle-market remit, pursuing deals that would be too small for the pan-Asia strategy.
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