Retail in Asia


ITOCHU Corporation acquires controlling stake in DOME Corporation

Japanese general trading company ITOCHU Corporation announced early April that it has agreed to acquire a majority of issued shares in DOME Corporation, which is the exclusive Japanese distributor of Under Armour, Inc. Upon completion, DOME will be owned and managed by ITOCHU Corporation and Under Armour, an existing shareholder of DOME Corporation.

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With this acquisition, ITOCHU will account for 70 percent of the issued share while Under Armour will operate 30 percent of DOME’s share. ITOCHU, which prioritises the expansion of the sports-related textile business, pursues a larger foothold in the apparel market, which is expected to grow in Japan by acquiring stakes of DOME. The sports culture in Japan is evident from the projected growth of sportswear in the country which is estimated to grow at a CAGR of 8.5 percent during 2021-2025. According to GlobalData’s Sportswear Survey, Under Armour is the 8th largest sportswear brand in Japan and accounts for 8.2 percent of the country’s sports apparel sales as of 2021.

Founded in 1996, Under Armour is an inventor, marketer and distributor of branded athletic performance apparel, footwear and accessories. Under Armour began operations in Japan in 1998 when DOME became the brand’s exclusive distributor, with the aim of making athletes better based on its business philosophy of enriching society through sports and creating social value.

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ITOCHU has declared “realising business transformation by shifting to a market-oriented perspective” as one of the basic policies in its Brand-new Deal 2023 medium-term management plan and has also positioned the expansion of the sports-related business under the Textile Company as one of its priority strategies. Going forward, ITOCHU will continue to identify changing trends in the world by looking closely from the customer perspective while leveraging its wide knowledge and extensive networks to further expand DOME’s business and enhance its corporate value through distribution of Under Armour.