CITIC Capital buys Japan-based footwear brand

Akakura produces and sells women's footwear through a network of directly-owned stores nationwide. The company, which has been in operation, for more than 60 years, also relies on strong relationships with shoe wholesalers and shopping mall developers.

CITIC is planning a revitalization of the company, which will involve introducing operational improvements and supporting expansion. Priorities include capturing the growth of consumer spending among China's middle class and the rapid increase in tourists from the country, as well as improving supply chain management.

The private equity firm said in a statement that it will continue to operate Akakura's 60 profitable stores. It has appointed Masahiro Yamada, a footwear industry specialist, to serve as CEO and lead the restructuring process.

CITIC Capital Partners, the private equity arm of CITIC Capital Holdings, manages $2.6 billion in committed capital and operates in the US, China and Japan. The firm's second dedicated Japan fund closed in 2011 at approximately $151 million.

Recent investments from the vehicle include the acquisition of women's apparel company Mark Styler in May of this year. The company operates more than 170 own-branded stores nationwide, and CITIC was also looking to boost growth by tapping into China's growing middle class and in-bound tourism to Japan.

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• Topics
• Buyouts
• North Asia
• Consumer
• Japan
• Consumer
• buyout
• CITIC Capital