ValueAct Capital Activist Presentation Deck
Complexity: Business Partnerships Have Been Bungled
Long history of weak execution in business partnerships including with H2O, Mandai, Odakyu, and Izumi
Partnership with H2O (2016)
Partnership with Mandai (2015)
Operational Collaboration
Sale of Dept
Stores
• H2O to take over
Kobe, Takatsuki
and Seishin stores
3 --
---> 2 stores
S point
Introduction of S
point to 7-Eleven
stores in Kansai
Area
Sources: Public company
documents, VAC analysis
Was Execution Followed-through?
Yes but it took
2 years
ONI
H2O ended up partnering with Lawson in 2021
LAWSON
RETAILING
Others
Strongest
department store in
Kansai x SEJ store
network
STATION
No Major
Update
●
●
The areas of logistics, human
resource development, and joint
product development.
Financial services related to point
schemes and settlement systems
Was Execution Followed-through?
No Major Update
Mandai ended up leaving for new
partner in 2021
now FRESH
mandai
INO
RETAILING
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