Focus On Glasses Business, Japan Jins Give Up Its Accessories And Groceries Business

Jins holdings, the parent company of Japanese glasses chain jins, has announced that it will sell its men's accessories and groceries business operated by feel good Inc. to bag and grocery retailer Tokyo derica, which is part of the fashion accessories group sac's bar holdings.

Through this transaction, Tokyo derica will acquire the online business and 7 stores of fee good's men's groceries and accessories brand naughtiam, including AEON mall Gaoqi store, AEON mall Yusheng store, and qingjingze Prince shopping Plaze store. Nauchtiam has 21 stores in Japan, selling bags, accessories, hats, etc.

In addition, feel good's stores in other businesses, such as lady's grocery brand hitch hike, will be closed before the end of August this year. Hitch hike has 17 stores in Japan. Feel good said it hopes to complete the liquidation and dissolution of assets by August this year.

Jins group was founded by Tian Zhongren in 1988, formerly known as Jin Co., Ltd., which sold clothes and groceries. It was only in 2001 that Jin brand was launched to set foot in glasses business. In 2013, the company was listed on the Tokyo Stock Exchange and renamed as Jin holdings in 2017.

Although jins group is currently focusing on glasses business, it is still operating clothing and groceries business since its establishment. In the face of fierce competition from e-commerce and second-hand trading platforms in recent years, combined with the impact of Xinguan epidemic, although it has taken measures to control costs and close loss making stores, it is still unable to recover profits. The group announced at the end of April that it would close its grocery business.

For the fiscal year ended August 2019, the core operating data of the general merchandise business of jins group are as follows:

Sales increased 102% to 2.6 billion yen, accounting for 4.3% of the total sales;

In the same period of last year, the operating loss was 200 million yen;

Tokyo derica sells handbags, backpacks, wallets and other goods. It owns several accessory brands, such as sac's bar, Gran sac's, etc. by the end of March 2020, it has operated 626 stores in Japan.