May 26, 2021
It used to be a common sight in major Japanese cities, especially during the Lunar New Year holidays: hordes of Chinese tourists arriving on buses and cruise ships and going on shopping sprees for duty-free, made in Japan goods. There’s even a term for that particular consumer behavior: bakugai, or explosive buying.
International travel, however, has come to a standstill amid tougher border controls caused by the pandemic, dealing a heavy blow to corporations that have relied on the purchasing power of inbound visitors from the world’s second-largest economy. In 2019, foreign visitors of which nearly a third were Chinese spent ¥4.8 trillion in Japan. Last year, spending plunged 85% to an estimated ¥745 billion.
Blackstone enters exclusive talks for Fancl Asia unit: sources businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.
CMC picks Sequoia China, Carlyle, others for second round bidding for Fancl Asia
Photo: Reuters Premium
Sequoia Capital China and Carlyle Group Inc. were picked to participate in the next round of bidding for Japanese skincare brand Fancl’s Asia business outside its home country, people with knowledge of the matter said.
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