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Paul Stuart acquired by Japanese firm Mitsui $ Co. Ltd.

Discussion in 'Classic Menswear' started by Nick V., Jan 9, 2013.

  1. Nick V.

    Nick V. Well-Known Member

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    Just saw this in an e-mail trade publication:

    January 9, 2013 By Harry Sheff Leave a Comment
    NEW YORK—Luxury retailer Paul Stuart has been acquired by Tokyo-based Mitsui & Co. Ltd., its longtime licensee for the Japanese market. The terms of the deal were not disclosed.

    Paul Stuart CEO Michael Ostrove said in a statement, “I am delighted that we are able to cement and extend our relationship with respected partners of such long standing. Their commitment to Paul Stuart’s quality, integrity and continuity in every way mirrors our own. It is our great good fortune, as we begin our 75th Anniversary year, to be presented this opportunity not only to polish, preserve and enhance our existing position, but to further build and expand our brand in such a positive manner.”

    Paul Stuart, which operates three single-branded stores in New York and Chicago, was founded in 1938. Mitsui began importing Paul Stuart goods to Japan in 1975 and became a licensee in 1991. Mitsui sub-licenses Sanyo Shokai Ltd., which, among other things, operates Paul Stuart stores in Aoyama and Ginza in Tokyo and about 100 department store shop-in-shops. Mitsui says that the Paul Stuart brand did about $133 million in sales in the year ending March 31, 2012 in the Japanese market.

    Mitsui said in its own statement, “Through the current acquisition, Mitsui will secure access to the brand’s worldwide trademark. This will allow Mitsui to expand its business to a full-scale global brand business. Mitsui also wishes to contribute to the Japanese sub-licensees, by securing the sustainability of the license business in the market, which will result in stabilizing the business base of their license business.”

    The Japanese firm has also pledged to “render its utmost effort in conserving the brand’s heritage,” and “elevate the value of the brand.” It plans to grow Japanese license business to by $100 million by 2015.
     
  2. ter1413

    ter1413 Well-Known Member

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    I was in the NY store yest....
     
  3. mack11211

    mack11211 Well-Known Member

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    J Press too is owned by its former licensee in Japan.

    That has turned out all right, mostly.

    I hope for the same at PS.
     
  4. ThinkDerm

    ThinkDerm Well-Known Member

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    I wonder what this means for PS.
     
  5. nutcracker

    nutcracker Well-Known Member

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    Paul Stuart in Japan has been quite a different animal from that in the states. as the press statement says, there are over 100 PS stores here (probably over 50 in Tokyo alone) selling mostly slightly cheaper Made in Japan (or myabe China) clothes by local sub-contractors like Sanyo. Mitsui is probably counting on taking the success here in Japan to China and elsewhere.

    Mackintosh and Thom Browne are few other brands that have been recently taken over by former Japanese licencees.
     

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