Otsuka Kagu Founder to Open Store near Tokyo

Economy

Tokyo, Nov. 7 (Jiji Press)--High-end furniture retailer Takumi Otsuka Co. said Wednesday it will open a store at department store chain Takashimaya Co.'s <8233> Omiya outlet in the city of Saitama, north of Tokyo.

Takumi Otsuka, established by Katsuhisa Otsuka, the founder of rival Otsuka Kagu Ltd. <8186>, plans to open two or three more outlets at department stores in Tokyo next year, informed sources said.

The move by Takumi Otsuka will intensify competition with Otsuka Kagu, led by Kumiko Otsuka, the eldest daughter of Katsuhisa.

Katsuhisa Otsuka stepped down as chairman of Otsuka Kagu in March 2015 after losing a boardroom fight with Kumiko, president of the company, and later established Takumi Otsuka.

The new Omiya outlet, set to open on Dec. 7, will have a total floor space of some 450 square meters in the second basement of the Takashimaya store.

[Copyright The Jiji Press, Ltd.]

Jiji Press