Apparel makers Renown Inc. and D’urban Inc. on Monday established Renown D’urban Holdings Inc. through a share exchange deal and integrated their operations in a bid to overcome a difficult market environment.
Renown D’urban Holdings, capitalized at 10 billion yen, placed Renown and D’urban under its wing by issuing 100 shares for 1,000 Renown shares and 120 shares for 1,000 D’urban shares.
It was listed on the first section of Tokyo Stock Exchange. Renown and D’urban, which was created in 1970 as a spinoff of Renown’s men’s wear division, plan to complete the integration of operations, including combining overlapping operations and reorganizing group companies, next February.
The holding company was expected to have 128.2 billion yen in total assets.