TOKYO (Reuters) – Private equity firm Bain Capital will acquire Mash Holdings for about 200 billion yen ($1.44 billion), a spokesperson for the Japanese apparel maker said.
The Tokyo-based company will use Bain’s expertise to expand in overseas markets and is aiming on going public in the next three to five years, the spokesperson said.
“We would like to expand further overseas in the future, centred on China,” the spokesperson said.
The company’s Gelato Pique brand pajamas, which it first launched in 2008, and other items including a cosmetics line rolled out in 2010, have grown increasingly popular with young people in Japan.
Mash Holdings’ revenue stood at 102.3 billion yen in the fiscal year through August 2022, of which about 90% came from the domestic market and the remaining 10% from overseas.
Bain could not immediately be reached for comment outside regular working hours.
($1 = 139.2800 yen)
(Reporting by Daniel Leussink, Editing by Louise Heavens)