Society

Foot Locker to make $360 million Japanese acquisition

Aug 12 (iclg.com) - Japanese streetwear and footwear boutique Text Trading Company KK (Atmos) has agreed to be taken over by United States footwear giant Foot Locker for USD 360 million.

New York Stock Exchange-listed Foot Locker engaged DLA Piper to act for it on the transaction, which Foot Locker hopes will help grow its reach and market position in Japan. Atmos owns the Atmos brand, a premium footwear retailer with a multi-channel offering and existing relationships with sellers in the footwear market. DLA Piper partner Erik Wulff, who also headed up the firm’s advisory team on the transaction, said in a statement that the deal will support Foot Locker’s “growth strategy in the growing Asia-Pacific market and expand on its impressive brand portfolio”. Foot Locker plans to pay for the acquisition using existing cash reserves. Atmos has 49 physical shop locations globally, with 39 of them in Japan, which is the world’s third-largest economy. As well as increasing its strategic presence in Japan, Foot Locker hopes that it can leverage its premium offering via the acquisition. In fiscal year 2020, Atmos generated revenues totalling approximately USD 175 million, with over 60% of this coming from online channels.

Tokyo Court Rules Workplace Use of Honorific 'chan' as Sexual Harassment

A Tokyo District Court has ruled that addressing a colleague using the 'chan' suffix constitutes sexual harassment, ordering a male employee to pay 220,000 yen in damages.

Knife-Wielding Man Arrested Near U.S. Embassy in Tokyo

A man wielding knives in both hands was arrested near the U.S. Embassy in Tokyo’s Minato Ward on the afternoon of October 25th after injuring a riot police officer on duty.

Imperial Family Pays Tribute to War Victims

The Emperor, Empress, and their daughter Princess Aiko visited the Tokyo Metropolitan Memorial Hall in Sumida Ward on Thursday afternoon, marking their first visit to the site as Japan observes the 80th year since the end of World War II. They were greeted upon arrival by Tokyo Governor Yuriko Koike and other officials.

First Snow Caps Mount Fuji, 15 Days Earlier Than Last Year

The Kofu Local Meteorological Observatory announced on October 23rd that the season’s first snow had been observed on Mount Fuji, which stands 3,776 meters tall. Around 6 a.m., an official visually confirmed that snow had clearly accumulated near the summit.

Tokyo’s Aging Expressway Reborn After Major Overhaul

After nearly a decade of construction, the newly rebuilt Haneda Line of the Metropolitan Expressway, one of Tokyo’s key arteries linking the city center with Haneda Airport, has been unveiled to the media ahead of its official switch to a new road on October 29th.

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