Mitsui & Co., Ltd. (headquarters: Chiyoda-ku, Tokyo; CEO: Shoei Utsuda; indicated below as "Mitsui & Co."), has acquired from Taiwan's Chinatrust Group's companies and others stock in ShopNet Co., Ltd. (office: Neihu District, Taipei; indicated below as "ShopNet"), a provider of 24-hour television shopping. Mitsui & Co. has reached an agreement with current shareholders that ShopNet will now become a subsidiary. As a result of the acquisition, Mitsui & Co. will assume 85% ownership of ShopNet stock, while Chinatrust Group companies will maintain 15%. This is the first time a Japanese corporation has assumed the business rights to a 24-hour shopping concern in Taiwan or anywhere else in Asia.
Economic growth in Asia in recent years has been accompanied by a sharp expansion in consumption. Having determined that 24-hour television shopping will expand rapidly in Asia as well, Mitsui & Co. decided to acquire ShopNet, Taiwan's third largest provider of 24-hour TV shopping.
Since January of 2006, ShopNet has been broadcasting 24-hour television shopping over cable TV on a channel called "ViVa." In Taiwan, cable television reaches about 6.3 million households (the equivalent of 84% of all households in Taiwan), and ShopNet is broadcast to all households with cable. Using ShopNet as a subsidiary, Mitsui & Co. plans to wed the respective TV-shopping business know-how of Taiwan and Japan while also adding to ShopNet's product portfolio both merchandise that is selling well via TV shopping in Japan and the finer products of Japanese companies.
Mitsui & Co. initiated its television shopping business in 1984 on late-night programs on terrestrial channels in Japan. It later established QVC Japan as a joint venture with the USA outfit QVC., Inc., in 2001 in order to begin 24-hour television shopping business operations. In 2004, it invested in Grand Marche Inc., a TV-shopping subsidiary of Tokyo Broadcasting System, Incorporated, and is currently pursuing multifaceted TV-shopping business operations. With 24-hour television shopping industries having been established in Japan, South Korea, and Taiwan, there are currently nascent developments taking place in China and India. Mitsui & Co. hopes to use its work in Taiwan to make inroads into the 24-hour television shopping business in Asia in order to accommodate the diversifying styles of consumption in each respective nation.
ShopNet Co., Ltd.
||British Virgin Islands
||Neihu District, Taipei
||Shuichi Kanno (scheduled to assume position on April 1)
||24-hour television shopping in Taiwan
|No. of employees
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