Foot Locker to make $360 million Japanese acquisition

Aug 12, 2021 | News On Japan

Aug 12, 2021 (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.

New Tropical Depression Threatens Flooding in Southern Japan

A newly formed tropical depression near Taiwan on June 9th is expected to intensify the seasonal rain front lingering over southwestern Japan, raising the risk of warning-level rainfall across Okinawa and the Amami Islands through around June 11th.

Japan Ranks Last Among OECD Countries in Sleep

Japan, which records the shortest average sleep duration among OECD countries, is launching new efforts to tackle widespread sleep deprivation, including the opening of specialized sleep disorder departments and programs aimed at improving children's sleep habits through sports and physical activity.

Japan National Team Holds First Training Session in Nashville

Japan's national soccer team arrived in Nashville, Tennessee, on June 8th from Monterrey, Mexico, where it had been conducting a pre-World Cup training camp, and held its first practice session at its base camp for the FIFA World Cup in North America.

Sakurajima Eruption Blankets Kagoshima in Volcanic Ash

A prolonged eruption at Sakurajima on June 7th blanketed parts of Kagoshima City in volcanic ash, turning roads gray and prompting long lines of vehicles seeking car washes after a plume of smoke rose 1,300 meters above the crater.

Japan Lifts Tsunami Advisories After Philippines Quake

A powerful earthquake struck off Mindanao Island in the southern Philippines at 8:38 a.m. (Japan time) on June 8th, generating tsunami waves across parts of the Pacific, causing building collapses and casualties near the epicenter, and prompting the Japan Meteorological Agency to issue tsunami advisories along a wide stretch of Japan's Pacific coastline before lifting all of them at 4:50 p.m.

MEDIA CHANNELS

MORE Society NEWS

Another Bear Feared Roaming Utsunomiya

A bear that had been repeatedly spotted in commercial and residential areas of Utsunomiya, Tochigi Prefecture, was captured in a residential neighborhood at around 3:30 p.m. on June 9th after authorities used a tranquilizer gun, but the city remains on alert because police say they cannot rule out the possibility that another bear may still be roaming the area.

Self-Proclaimed 'Messenger of God' Among Seven Arrested Over Teen's Confinement

Nara Prefectural Police have arrested seven people, including a 46-year-old Yokohama man who described himself as a "messenger of God," on suspicion of unlawfully confining a teenage boy entrusted to their care by his parents, allegedly threatening him, confiscating his belongings, and forcing him to sleep naked.

Knives Found in Eye and Abdomen of Dead Man in Kobe

A man believed to be in his 50s or 60s was found dead with knives lodged in his left eye and abdomen inside a container at a company property in Kobe's Suma Ward on June 8th, prompting police to investigate the possibility of a criminal case.

Missing American Student Found Dead After Week-Long Search in Kyoto

The family of James "Weston" Higginbotham, a 20-year-old Auburn University student who disappeared during a family vacation in Japan, announced on June 7th that he has been found dead after a volunteer search-and-rescue team located his body in a mountainous area outside Kyoto, bringing a week-long multinational search to a tragic end.

Unlicensed Peruvian Man Conducts Risky Medical Procedure During Delivery

A clinic director and a former Peruvian staff member have been referred to prosecutors after the man allegedly performed medical procedures without a license, including an external cephalic version—a procedure used to manually turn a baby into the correct position before birth—at an obstetrics and gynecology clinic in Fukuoka City, raising concerns about patient safety and oversight in maternity care.

Video Shows Old Lady Chasing 14-Year-Old Girl After Cash Grab

A 14-year-old junior high school girl was arrested on suspicion of robbery resulting in injury after allegedly spraying a woman in her 60s in the face and stealing her wallet during a robbery attempt in Kasukabe, Saitama Prefecture.

Thousands Join Tokyo Pride

One of Asia's largest LGBTQ+ events was held in Tokyo on June 7th, bringing together sexual minorities, supporters, businesses, and community organizations to celebrate diversity and call for greater equality and protections for LGBTQ+ people.

Abashiri Prison Inmates Raise Wagyu Cattle

At Futamigaoka Farm, operated by Abashiri Prison in Hokkaido, the people caring for the cattle are not livestock farmers but inmates serving prison sentences. Through daily work raising cattle, they are learning responsibility, empathy, and the value of life as Japan marks one year since the introduction of a new correctional system that places greater emphasis on rehabilitation.

< 2 3 4 5 >