Cainz takes over Tokyu Hands

Japanese Tokyu Hands Holding has sold its DIY chain Tokyu Hands to its competitor Cainz. Tokyu Hands currently has 86 stores, 24 of which are franchised. Five smaller stores are located in Singapore and ten in Taiwan.

Sales fell by 34.6 per cent to JPY 63.113 bn (EUR 487 mio) in the financial year 2020/2021 (ending 31 March 2021). In order to improve its performance, the company says it has recently invested in particular in own brands, e-commerce and the expansion of franchising. However, the Covid 19 pandemic has further accelerated the change in the retail environment, it said in a statement explaining the sale.

The home improvement chain Cainz currently operates 125 stores in Japan with an annual turnover of around USD 4.5 bn (around EUR 4.0 bn). In 2020, sales increased by 18 per cent.