Otsuka Kagu Ltd. President Kumiko Otsuka said she wants to seek a reconciliation with her father after their feud hurt the furniture retailer’s brand image.
“Although our opinions regarding how to manage a listed company differed, I think I share with my father the same value of providing quality furniture that can be loved and used for a long time,” Otsuka said Monday. “I believe one day he will also understand that we do share this.”
Her comments at a news conference in Tokyo came as Otsuka Kagu, a well-known furniture store operator, is trying to revive its troubled business by forming alliances with other companies at home and abroad.
The family dispute over control of the furniture chain has dragged its sales down. Otsuka, who took the helm in 2015 after winning a proxy fight against her father and company founder, Katsuhisa Otsuka, indicated she is now willing to restore her relationship with him.
One of the proposals she mentioned was creating an organization of furniture makers and retailers with his participation.
Chen Haibo, president of Tokyo-based cross-border e-commerce operator High-Lines Co. and who attended the news conference with Kumiko Otsuka at the Foreign Correspondents’ Club of Japan, also called on her to heal her relationship with her father.
The e-commerce operator, which does business with Chinese e-commerce giant Alibaba Group Holdings Ltd., is one of the new capital partners for the retailer.
Otsuka Kagu saw a net loss of ¥3.2 billion for the year through December, mired in the red for the third consecutive year.
The retailer said in mid-February it will receive a ¥3.8 billion capital injection from High-Lines and other investors.
Kumiko Otsuka said the company will tap into the Chinese market by stepping up cooperation with High-Lines and Beijing Easyhome Yundi Huixin Retail Chain Co.
“Otsuka Kagu is now prepared to make the move from being on defense to instead move forward on offense,” she said.
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