Japanese tax-free store operator Laox to expand in China
Japanese tax-free store operator Laox plans to raise US$94 million to expand its activities in China and boost its e-commerce footprint.
The company will issue shares to Granda Galaxy (a wholly-owned subsidiary of Suning Appliance Group), and Global Worker (a wholly-owned subsidiary of Chuben Sangyo).
Once the funds are in the bank, Laox will further increase its investment in the Chinese market and expand its e-commerce business worldwide. Since entering the Chinese market in 2011, Laox has introduced high-quality Japanese goods and services to China through Suning’s online and offline platforms and its Tmall flagship store. In the future, Laox aims to become one of the largest suppliers of “Made-in-Japan” goods to better serve more Chinese local consumers, and plans to promote more quality products and consumption experience to other countries and regions through the Belt and Road Initiative.
Suning believes Laox will further strengthen its close cooperation with the company in overseas purchase, commodity procurement, marketing and logistics services, thus increasing the Suning’s international influence and attracting more customers who are looking for better-quality goods.
By the end of last year, Laox had 38 retail stores in the Japanese market, which had attracted nearly 2.5 million shop visitors in the year and achieved annual sales of about $1.12 billion.