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Daikokuya-Tokyo, which sells second-hand luxury brand products, today (December 19) opened its first overseas outlet in Hong Kong, taking advantage of the city's booming luxury retail market and low tax regime.
The Japanese-owned store located in the heart of Tsim Sha Tsui will offer customers a new choice in buying and selling second-hand luxury brand watches, bags and jewellery. The large number of high-spending Mainland Chinese customers and locals looking for genuine luxury goods attracted Daikokuya to Hong Kong.
The Daikokuya Chairman, Mr Minoru Matsufuji, said, "We are drawn by the unique cluster of high-spending customers in Hong Kong, both from the Mainland and locally. This potential is not found anywhere else in Asia, so we think there are promising prospects in Hong Kong."
Mr Matsufuji added that the city's low corporate tax rate, at 16.5 per cent, added another incentive for a debut in Hong Kong.
Headquartered in Tokyo, Daikokuya's operation in Japan involves mainly the buying and selling of second-hand luxury brand products, but it also offers discount tickets and a pawn service to customers.
According to Mr Matsufuji, the Hong Kong store will be a local office and mainly involved in the buying and selling of second-hand luxury products imported from Japan. But expansion is likely. He said, "We would like to open more shops in Hong Kong depending on how quickly business develops."
The Associate Director-General of Investment Promotion, Mr Andrew Davis, welcomed Daikokuya's opening in Hong Kong, saying it is testament to the city's attractiveness for foreign investors. "The booming retail sector in Hong Kong offers a very strong customer base, especially with so many high-end customers from the Mainland finding genuine luxury products in Hong Kong. The arrival of high-end stores like Daikokuya will add impetus to the industry and offer customers a wider array of choices," he said.
Mr Davis added, "We wish Daikokuya every success in Hong Kong and we look forward to continuing our support for its future expansion in our city."
Starting a business in Hong Kong, for companies large and small, has become easier with the launch of the Government's electronic incorporation service in March 2011. The time required for company incorporation and business registration has now been significantly reduced from four working days to one.
About Daikokuya-Tokyo
Founded in 1979, Daikokuya is a renowned second-hand brand retailer with a chain of 136 directly owned or franchised stores across Japan. The company's operation in Japan involves mainly the buying and selling of second-hand luxury brand products, but there are also sales of discount tickets in addition to a pawn service for customers. For more information, please visit www.e-daikoku.com.
About Invest Hong Kong
Invest Hong Kong is the department of the Hong Kong Special Administrative Region Government established in July 2000 to take responsibility for Foreign Direct Investment and support overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kong's vibrant economy. As it celebrates its 11th year of operation, Invest Hong Kong has completed over 2 300 investment projects creating more than 28 000 new jobs in the first year of operation or expansion and $60 billion of investment. For more information, please visit www.investhk.gov.hk.
For event photos, please visit www.flickr.com/photos/investhk/sets/72157628479757089/.
Ends/Monday, December 19, 2011
Issued at HKT 16:06
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