![]() The information contained herein includes forward-looking statements. ![]() Historical and current exchange rate information may be found at Story continues dollars have been made at the exchange rate of ¥110.0500 = US$1.00, which was the foreign exchange rate on Augas reported by the Board of Governors of the Federal Reserve System in its weekly release on September 7, 2021. The purchase price will be paid by cash on hand, and an initial payment of ¥69,013,698 ($627,112.20) was made on August 31, 2021. The second stage, at which point the remaining shares of ZACC will be transferred to the Company, is scheduled to close on January 1, 2022. The first stage of the acquisition is scheduled to close on October 1, 2021, when the shareholders of ZACC will transfer 60% of the common shares of ZACC to the Company. We aim to combine mutual services such as high-end beauty services and relaxation services by leveraging the high brand power of ZACC and the Company and to support opening of new ZACC brand salons by sharing the Company's expertise in franchising, employee independence programs, etc.” commented MEDIROM Founder and CEO Kouji Eguchi. “We continue to pursue the growth of our business by acquiring assets that expand our presence throughout Japan. ZACC owns and operates three (3) luxury hair salon brands, ZACC vie, ZACC raffine, and Zacc ginza, all of which has been recognized by customers for over 30 years for their high level of techniques and hospitality. ![]() (Nasdaq CM: MRM), a Japanese-based holistic healthcare Company (the “Company” or “MEDIROM”), today announced that it has entered into a share transfer agreement (the “Agreement”) with all of the existing shareholders of ZACC Kabushiki Kaisha (“ZACC”), a Japanese hair salon operator of “ZACC” brand, pursuant to which it will acquire 100% of the shares of ZACC through a two-stage acquisition for total consideration of 370,000,000 Japanese yen (which we refer to as “¥”) ($3,362,108.13). ![]() 22, 2021 (GLOBE NEWSWIRE) - MEDIROM Healthcare Technologies Inc. ZACC develops and carries its original brand products and has published its makeup book for sale.NEW YORK, Sept. In addition, the staff members contribute articles on haircutting, coloring, perms, and beauty columns to industry magazines. ZACC also holds seminars and shows in Japan, Paris, China, Taiwan, etc., expanding their activities overseas. Some of the staff members are trained to provide additional services, such as hair and make-ups for commercial shootings. Under each concept, the salons serve a wide range of guests including celebrities. We look forward to the collaboration with ZACC and to enhancing value for both companies,” commented MEDIROM CEO Kouji Eguchi.Įstablished in 1988, ZACC is currently operating hair salons located in Aoyama-area, each with its own unique characteristics. “The collaboration with ZACC provides a unique opportunity to leverage MEDIROM’s human resource management programs outside of our owned and franchised establishments, along with the potential opportunity to develop additional relaxation salon outlets as part of independent self-care storefronts. The Company has been a leading service provider in relaxation and healthcare industry since 2003, introducing a new concept that healthcare management is a “lifestyle.” Through this partnership, the Company expects to enhance customer satisfaction and store profitability by sharing all the resources and launching jointly operated salons. ZACC has been recognized in the beauty industry for more than 30 years for its high-level of professional skills, customer-oriented services and brand recognition. (Nasdaq CM: MRM) (the "Company"), today announced that it has signed a "Letter of Intent" with ZACC Kabushiki-Kaisha (“ZACC”), an owner and operator of hair salons in Tokyo, Japan to launch jointly operated hair and beauty salons incorporating the Company’s franchising expertise and unique human resource management programs to accelerate and enhance new ZACC brand store openings in Japan and overseas. TOKYO, Ap(GLOBE NEWSWIRE) - MEDIROM Healthcare Technologies Inc.
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