Sugi Holdings Forms Mongolia Joint Venture With Local Partners

MT Newswires Live03-05

Sugi Holdings (TYO:7649) has established a joint venture in Mongolia with ASAYAKE LLC and Honsyu Printing to expand its healthcare and beauty retail operations in the country, according to a Wednesday company statement.

The new company, SUGI ASAYAKE LLC, will handle retail, imports and wholesale of goods, as well as leasing of beauty and health equipment. Sugi Holdings will hold 88%, with Honsyu Printing and ASAYAKE each owning 6%. The venture is based in Ulaanbaatar.

Sugi, which operates about 2,300 stores in Japan, entered a business alliance with ASAYAKE in April 2024 and opened its first Mongolian flagship store in Ulaanbaatar in November under the name "SUGI Powered by ASAYAKE."

The partners aim to open additional stores and expand sales of Japanese healthcare and beauty products, including supplements and skincare items, targeting rising consumer demand in Mongolia.

The strategy combines Sugi's product development and store operations with ASAYAKE's media-driven marketing network and Honsyu Printing's packaging expertise.

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