Yohji Files For Bankruptcy Protection, Finds Investor

[runner]

Yohji Files For Bankruptcy Protection, Finds Investor

by Amanda Kaiser

Posted Friday October 09, 2009

TOKYO--Yohji Yamamoto Inc. has filed for bankruptcy protection with the Tokyo District Court.
Japanese investment company Integral Corp. released the news Friday by issuing...

wwd.com

 

[runner]

and press release is up on his site yohjiyamamoto.co.jp
only in japanese at the moment.

 

[lmelanie]

oh no!

 

[droogist]

There were rumours along these lines going around for the past few days...

The investment group has an English press release up on thier website, here: http://integ625.rsjp.net/file.php?id=1255063769

Here's the full text:

9th October, 2009
FOR IMMEDIATE RELEASE:

Integral Entered Into Agreement To Sponsor Yohji Yamamoto Inc.

Integral Corporation and Integral 1 Limited Partnership (collectively “Integral”) are pleased to announce that they have entered into a sponsor agreement to invest in the internationally respected, high-end clothing brands, Yohji Yamamoto Inc. and Limi Yamamoto Inc. (Representative Director: Mr. Shohei Ohtsuka, Head Office: Shinagawa-ku, Tokyo)

Yohji Yamamoto Inc. has gained a world wide reputation as a leading high-end fashion brand created through the unique vision of its chief designer, Mr. Yohji Yamamoto. Yohji Yamamoto Inc. has been highly respected in the industry since its Paris debut in 1981 and has been ranked in the top 10 designers by the French Journal du Textile. Yohji Yamamoto Inc.’s brand lines include “Yohji Yamamoto”, “Y’s” and “Y-3” (collaboration with adidas AG). Limi Yamamoto Inc.’s brand (“LIMI feu”) debuted at Paris collection in 2006 under the leadership of its renowned designer, Ms. Limi Yamamoto.

To execute the transaction, Integral will form a special purpose company to acquire businesses, related
subsidiaries and assets from Yohji Yamamoto Inc. Yohji Yamamoto Inc. filed for bankruptcy protection from creditors under the Civil Rehabilitation Law on 9 October 2009. Prior to transaction close, Tokyo District Court must authorize the carve out and transfer of Yohji Yamamoto Inc.’s business. Following approval and signing of agreements, Integral’s special purpose company will become the new Yohji Yamamoto Inc.

With the support of its new financial sponsor, the new Yohji Yamamoto Inc. and Limi Yamamoto Inc. will
continue to design high-end apparel as they have done in the past for the runways in Paris, New York, Beijing and Tokyo and further strengthen their retail and wholesale distribution channels.

Integral invests in Japanese companies with a long-range perspective and a unique approach called “hybrid investment” which consists of both principal and fund investments. Integral plans to make a hybrid investment into the new Yohji Yamamoto Inc. and is committed to partnering with Yohji Yamamoto Inc. for long-term success. Integral will provide Yohji Yamamoto Inc. with capital and financing as well as assist with management resources, including appointing Mr. Yoshihiro Hemmi (Integral’s partner; former CEO at Tohato Inc. and Vice-President at adidas Japan) as Chairman of the Board.




Please Contact Integral For Additional Information:
Pacific Century Place 30F, 1-11-1 Marunouchi Chiyoda-ku, Tokyo, Japan 100-6230
Integral Corporation
Tel: +81-3-6212-7301 Fax: +81-3-6212-7302
URL: http://www.integralkk.com/en/


About Integral Corporation
Integral Corporation was founded in September 2007 with the support of GCA Savvian Group Corporation (TSE Mothers Market, ticker: 2174, Head Quarters: 1-11-1 Marunouchi, Chiyoda-ku, Tokyo, Japan) (http://www.gcasavvian.com/en). “Integral” stands for “to accumulate over time”. Integral will make long-term equity investment based on a strong relationship of deepest trust with management, and aim to build the highest wisdom “over time”. Integral will share the same objectives and time horizon with the management of invested companies, and provide support in both managerial and financial areas. Integral invests in both listed and unlisted Japanese companies from a long-range perspective with a unique approach called “hybrid investment” which consists of principal and fund investment. Integral will aspire to become a trusted company by offering both managerial and financial support (“i-Engine function”) and thereby will contribute to our society.

 

[skot4mc]

thanks for the up-to-the-minute news runner and droogist...
i'm glad an investor has been secured. wow, i was worried for a moment there.

this of course could mean many things for the future, but lets hope it's all positive for the original company and those involved.

 

[Crea]

Thanks for the news updates runner and droogist! Read a NYT article about it, but of course TFS would have more up to date news!

This didn't come as a shock but it still made me sort of want to cry...
Glad they've got financial backing but hopefully things won't change too much...maybe a mainstream CDG Play-esque line? Whatever it takes to keep some money flowing in, just hope Yohji and Limi get to keep most creative freedom over their main lines...

 

[Scott]

thank heavens! i did not want to see this go the route of branquinho. perhaps that explains the recent collection?

 

[Mutterlein]

I knew something was going on when they closed down their NY office. There was a fashion blog story about Yohji, they staked out the Soho store to see who, if anyone, shopped at it. No one came in.

 

[cesarcmma]

Wow...I hope things get better for them.

 

[ponytrot]

oh my god! fingers crossed the new business/management goes very fortuitously.

 

[Petit Lucille]

does this mean that the brand will be as it was or it will change?

 

[Mutterlein]

It'll be interesting to see how well nepotism works for Limi with the new owners...

 

[MulletProof]

Inaya had already informed us on this but it's still sad to see it's official.. I really really hope things work out for him and go back to normal and don't intervene with the creative process of his collections.

 

[tatouejeremie]

this comes as a big surprise to me, i've always been under the impression that he was running a very stable business

 

[Scott]

^i agree. let's be hopeful that these people will be that rare company that won't just think about business but also yohji's integrity as a creative.

 

[mirrra]

hope the things will work with the new management...

...perhaps that explains the recent collection?

i agree, Scott, i thought the same...

 

[mikka000]

i've often wondered about yohji yamamoto. i friend of mine told me that the tokyo store is aoyama is very quiet.and when i look at his shows, the clothes are magnificent but i always had a niggling feeling that they weren't translating into sales. i hope it works out for YY though. without him fashion would be a very desolate place.

 

[mikeijames]

it's good to have friends in high places, yohji. i hope this serves as a great wake up call for all of those who refuse to adjust their business models -- and to a certain degree, their designs -- to fit with the times.

 

[Leeroi]

What happened to Yamamoto is exactly what happened to Lacroix. Everyone adores him, but no one really buys his clothes. More people in Japan actually buy Comme des Garcons than Yamamoto because it's more wearable. It's sad really since his designs are beautiful and practically screams the historical culture of Japan.

 

[mikeijames]

i wonder if they'll have to vacate that soho space. it's one of the most spare and beautiful -- if not pretentious looking -- boutiques in that shopping district.