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TOKYO, NNA - Japan’s designer goods reseller Komehyo Co. said it is teaming up with Saha Pathana Inter-Holding Public of Thailand Co. to enter the rapidly growing used goods market in the Southeast Asian country.
Komehyo Hong Kong and Saha Group will set up a joint venture capitalized at 5 million baht ($151,800) in December, which will begin operation in mid-2019. It will buy and sell jewelry, watches and hand bags.
Komehyo will hold 49 percent of the Bangkok unit while Saha and its five affiliates will hold 51 percent.
Bangkok is an important addition to Komehyo’s overseas operations currently in Hong Kong, Shanghai and Beijing - but the company said the joint venture would have only a marginal impact on its earnings forecast for the year ending in March 2019.
Komehyo posted group sales of 45.4 billion yen ($401 million) in fiscal 2017 ended in March 2018.