Itochu Corp reached an agreement with Authentic Brands Group (ABG) for rights to distribute market and license Reebok in Japan.
Itochu will start its business via LOCONDO, Inc. , which is headquartered in Shibuya-ku, Tokyo and led by Yusuke Tanaka, president and chief executive officer.
Itochu said, “Itochu will work closely with ABG, LOCONDO and its partner network, to leverage a wide range of knowledge and expertise in brand development, retail and e-commerce, in order to enhance Reebok’s presence in Japan, aiming to achieve sales of 20 billion yen at retail within the next five years. Itochu has positioned the expansion of its steadily growing sports-related business under the Textile Company as one of its priority strategies. Through expansion of the globally excellent Reebok brand, Itochu will promote business transformation by prioritizing consumer needs and offer premium high-demand products, which is one of the basic policies in its medium-term management plan, Brand-new Deal 2023, and will continue to enhance its earnings platform.”