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TOKYO, Feb. 21 (Jiji Press) — Men’s suit seller Konaka Co. and Samantha Thavasa Japan Ltd., a fashion goods manufacturer and seller under the wing of Konaka, have reached a basic agreement on their merger, according to the two Japanese companies’ announcement.
The merger through a stock swap is planned to take effect on July 1, the announcement said Tuesday.
Samantha Thavasa will become a wholly owned subsidiary of Konaka and will be delisted from the Tokyo Stock Exchange. The Samantha Thavasa brand will be retained.
Established in 1994, Samantha Thavasa enjoyed great popularity for its mainstay handbags mainly among young women. It became a subsidiary of Konaka in 2020.
Struggling partly due to the COVID-19 pandemic, however, Samantha Thavasa incurred a net loss of ¥1.9 billion in the fiscal year to February 2023. It hopes to achieve an earnings recovery through cooperation with Konaka.
