Retail in Asia


Japan’s Mash Holdings to be acquired by Bain

Japanese apparel and cosmetics firm Mash Holdings announced on November 16 that it will be acquired by U.S. investment fund Bain Capital Private Equity for approximately JPY 200 billion (USD 1.43 billion).

With the acquisition, the owner of apparel brand Gelato Pique and beauty brand Cosme Kitchen, is expected to expand its reach globally, especially in China, with a plan to take the company public in three to five years, according to local media reports.

“In addition to our fashion, beauty, and food and beverage units, we will also expand our business in Japan and overseas, such as design, real estate, and the licensing business that we have been focusing on in recent years,” the company said.

Bain Capital will secure a majority stake in Mash Holdings by acquiring all shares owned by Mash president Hiroyuki Kondo, who will then reinvest in the company.

The apparel and beauty operator said it plans to maintain its brands and employees following the transaction, which is slated to be finalised this December.

Founded in 1998, Mash Holdings operates various businesses, including fashion, eateries and cosmetics. Its brand portfolio includes Cosme Kitchen, Gelato Pique, Snidel, FurFur, Emmi, and Pique Café, among several other brands.

According to Reuters, Mash annual sales reached JPY 102.3 billion in sales for the full-year ending August, up 13.8 percent from the previous year, thanks to an increase in loungewear sales as the pandemic kept people indoors during the 12-month period.

Some 90 percent of total sales came from Mash’s domestic market and the remaining 10 percent from its overseas regions.