Last Updated: 2024.11.21
Announcement and Notices - [Overseas Regulatory Announcement-Regarding a Change in Specified Subsidiaries]
FAST RETAILING CO., LTD.
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FAST RETAILING CO., LTD.
迅銷有限公司
(Incorporated in Japan with limited liability)
(Stock code: 6288)
OVERSEAS REGULATORY ANNOUNCEMENT
This overseas regulatory announcement is made by Fast Retailing Co., Ltd. (the "Company") pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
Please refer to the attached notice regarding "A Change in Specified Subsidiaries" of the Company issued on the website of the Tokyo Stock Exchange today.
By order of the Board
Fast Retailing Co., Ltd.
Shea Yee Man
Company Secretary
Japan, 21 November, 2024
As at the date of this announcement, our Executive Directors are Tadashi Yanai, Takeshi Okazaki, Kazumi Yanai and Koji Yanai and our Independent Non-executive Directors are Nobumichi Hattori, Masaaki Shintaku, Naotake Ono, Kathy Mitsuko Koll (aka Kathy Matsui), Joji Kurumado and Yutaka Kyoya.
November 21, 2024
FAST RETAILING CO., LTD.
(Tokyo: 9983 / Hong Kong: 6288)
Notice of FAST RETAILING CO., LTD. (the "Company")
Regarding a Change in Specified Subsidiaries
The Board of Directors of Fast Retailing Co., Ltd. resolved at their meeting held on November 21, 2024 to increase capital extended to Fast Retailing USA Technologies LLC through the Company's consolidated subsidiary in the United States. The details of this decision are listed below.
1. Reason for the Change
Fast Retailing Co., Ltd. decided to increase its stake in Fast Retailing USA Technologies LLC through its fully owned subsidiary, Fast Retailing US Inc. The purpose of this move is to acquire knowledge and expertise on cutting-edge technologies, primarily in the United States, in order to improve customers' shopping experience. The said capital increase will raise the total amount of capital provided to Fast Retailing USA Technologies LLC to no less than 10% of the Company's capital, so Fast Retailing USA Technologies LLC will be classified as a specified subsidiary.
2. Overview of Fast Retailing USA Technologies LLC
Name | Fast Retailing USA Technologies LLC |
---|---|
Location | Delaware, USA |
Name and Title of Business Representative | Takeshi Okazaki, CEO |
Business Description | The acquisition of knowledge, expertise, and development/operational capabilities with regard to cutting-edge technologies in the retail industry, primarily in the United States. The conducting of investment activities and provision of services to facilitate the utilization of those cutting-edge technologies in the Company's operations. |
Capital | Before the capital increase: USD 1 |
Established | June 2024 |
Investment Ratio | Fast Retailing US Inc 100% |
Relationship between the Company and subsidiary firm |
Capital relationship: 100% via Company subsidiary |
3. Date of Change: November 21, 2024
4. Future Outlook
The impact of this move on the Company's consolidated financial results is expected to be negligible.