TSI Holdings (3608) and World Co. (3612) agreed to integrate their businesses by forming a joint holding company, INFINITY UNITED Inc., through a joint share transfer planned for March 1, 2027.
The two Tokyo Stock Exchange Prime-listed companies signed a business integration agreement in the spirit of equality on Oct. 14, 2026, following board resolutions at both companies, and jointly prepared a share transfer plan.
The companies said they began discussions around June 2026 and that their brand portfolios barely overlap in customers, sales channels, merchandise and price points. They plan to share infrastructure such as IT systems, logistics and corporate functions, combine customer data, cross-supply products and jointly develop sales channels, including regional and overseas markets. Their stated aim is to establish a "third pole" in the fashion industry.
TSI Holdings also reported results for the first half of the fiscal year ending February 2027 (March 1-Aug. 31, 2026). Revenue growth was driven mainly by Daytona International and Waterfront, both consolidated in the previous fiscal year and contributing from the start of the period. Gross margin fell 2.1 percentage points from a year earlier, while the SG&A ratio improved 2.2 points.
| Item | H1 | YoY |
|---|---|---|
| Revenue | ¥88.9 billion | +34.4% |
| Operating profit | ¥995 million | +55.5% |
| Net profit attributable to owners of parent | ¥1.12 billion | -14.9% |
The company kept its full-year forecast of ¥200.0 billion in revenue, ¥7.5 billion in operating profit and ¥7.7 billion in net profit. It also kept its year-end dividend forecast of ¥70.00 per share, up from ¥40.00 a year earlier.
The joint holding company is scheduled to be established on March 1, 2027. The integration requires approval at both companies' shareholder meetings and from relevant authorities.
| Hikari Tsushin, Inc. | |
| Offer price | ¥1,000 per common share |
| M&A / TOB | 1 |
| Guidance | 0 |
| Buybacks | 0 |
| Dividends | 0 |
| Capital | 0 |
| Earnings | 0 |
| People | 0 |
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