Otsuka Kagu Chief Seeks Cooperation from Father on Industry Body

Economy

Tokyo, March 4 (Jiji Press)--Kumiko Otsuka, president of struggling Japanese furniture retailer Otsuka Kagu Ltd. <8186>, sought cooperation on Monday from her father, Katsuhisa, whom she battled for control of the firm, for a plan to create an industry body.

"I want to establish an industry organization comprising companies that share values about using good furniture for a long time, and I do hope my father will join it," Kumiko told a press conference in Tokyo.

But she said that she is not considering business integration between her company and high-end furniture retailer Takumi Otsuka Co., established by Katsuhisa, the founder of Otsuka Kagu.

Still, Kumiko said that she and her father share the same values about furniture, adding that she believes he will "come to understand this some time."

Otsuka Kagu has decided to form a business alliance with major Chinese peer Beijing Easyhome Yundi Huixin Retail Chain Co. and raise some 3.8 billion yen in fresh capital by issuing new shares to an investment fund participated by Chinese firms and others.

[Copyright The Jiji Press, Ltd.]

Jiji Press