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Notice Regarding the Shares Transfer of Our Subsidiary
We are pleased to inform you that we signed an agreement today for the transfer of our shares in our consolidated subsidiary AT Co., Ltd. to Atsuro Tayama Design Studio Ltd. The details of the agreement are provided below.
1. Reason for the transfer
We made AT Co., Ltd. a wholly owned subsidiary in October 2002 through an exchange of shares. And since that time we endeavored to raise the corporate value of AT Co., Ltd. through a collaboration that combined the developmental strengths of the designer Atsuro Tayama with our own store operation know-how. AT Co., Ltd. currently operates 26 stores located primarily in department stores and offers a brand of products with highly unique design tastes including the Paris collection "ATSURO TAYAMA" designed by Atsuro Tayama, and trendy adult fashion "A/T."
Mr. Tayama has also participated as a director of product development for our brands OZOC and INDIVI, and he has helped to establish these product lines as our leading brands. Furthermore Mr. Tayama has also participated in the development of several of our other brands targeting the junior baby-boomer generation of customers.
We have transferred AT Co., Ltd. to Atsuro Tayama Design Studio Ltd. because Mr. Tayama has completed the transfer of some of his existing responsibilities to other staff, and now has time to focus upon the company he originally founded, AT Co., Ltd.
2. Summary of the company to be transferred
(1) Company Name