Breaking News

Kanebo and Kao are a No-Go

November 15, 2005

JAPAN: Now that the proposed sale of its cosmetics division to Kao is kaput, Kanebo has received at least $4.7 million in assistance from the Industrial Revitalization Corp. of Japan (IRCJ) to restructure operations and bolster its sundries, health care and food businesses. Reports suggest Kanebo will put its cosmetics operations back on the selling block by early May. The IRCJ will then provide capital to this firm and solicit capital from investment funds. Kanebo has also secured a $455 million loan from Sumitomo Mitsui Bank.
In other news, Kanebo launched its Sofina brand in stores in Shanghai, China. Kanebo hopes to expand to 10 neighboring department stores by year end, and 50 by 2007.
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