Look Holdings to fully acquire Il Bisonte for ¥10.9 billion
today Jun 12, 2019
Look Holdings announced on June 12 that it will acquire 100 percent of the Bisonte Italia Holding S.r.l. business, which operates the leather goods and accessories brand Il Bisonte. Look Holdings will acquire the business for a total of ¥10.9 billion ($100 million).
The shares are scheduled to be transferred from Bisonte Holdings UK Limited, the current holder of 100 percent of the business’ shares, to Look Holdings on July 1, 2019. The board made the resolution to proceed with the deal and the contract was signed both on June 12.
Look Holdings, which produces, imports, and sells men’s and women’s wear in Asia, started to import Il Bisonte products into Japan and retail them there. After acquiring exclusive marketing rights in Korea, Look Holdings developed a retail business with both exclusive brand stores and franchised stores in both countries and also retailed wholesale to large select shops and through e-commerce. The business became its highest earner.
As part of its medium-term management plan announced in February, the business planned to establish a profit base by investing in its core businesses. By making Bisonte Holdings and thus Il Bisconte a subsidiary, Look Holdings aims to secure its stable operation for the long-term and take command of its management.
Moving forward, the business aims to increase product value, increase sales in the Japanese market, and expand the brand internationally. Bisonte Holdings’ revenue total for the year ending in December 2018 was €35.2 million and its operating profit was €1.75 million.
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