JAPAN: Itochu Takes Stake In Converse
Japanese firm, Itochu Corp, has taken a minority stake in the failed US footwear firm, Converse Inc. Itochu plans to boost annual sales of Converse-brand products in Japan from 40bn yen to 50bn yen. Itochu has already acquired the trademarks for Converse's clothing and accessories and has also now obtained the rights for its footwear.