Tokyo-based Itochu Corporation, one of Japan’s largest trading corporations, announced on April 5 that it has agreed to acquire a majority of the outstanding shares of Dome Corporation, also based in Tokyo and Under Armour’s exclusive Japanese distributor. Dome will be managed in the future by Itochu and Under Armour, an existing shareholder of Dome. Under Armour, a U.S. company founded in 1996, began operations in Japan in 1998, when Dome became the brand’s exclusive distributor.
In its medium-term management plan called “Brand-new Deal 2023,” Itochu has made transforming the business by shifting to a market-oriented perspective one of its fundamental strategies. In addition, Itochu has set the expansion of its sports business as one of its priority strategies. This will involve leveraging the company’s extensive networks to further expand Dome’s business and increase its enterprise value through the distribution of Under Armour, the company wrote in a statement.
