Wig ( ) 5 ( ) Profile は 1968 年 に 創 業 以 来 国 内 売 上 No.1 企 業 として 総 合 毛 髪 関 連 事 業 の 発 展 に 貢 献 してまいりました Co., L

Transcription

1 2O15 Corporate Profile Contents 1 Profile Wig 10 () 11 5 ( )

2 Wig ( ) 5 ( ) Profile は 1968 年 に 創 業 以 来 国 内 売 上 No.1 企 業 として 総 合 毛 髪 関 連 事 業 の 発 展 に 貢 献 してまいりました Co., Ltd., has contributed to the development of total hair-related solutions since 1968 as the No. 1 provider of associated products and services in Japan. 5 ADERANS FONTAINE BOSLEY HAIRCLUB5 Leading Technology Sophisticated artificial hair technology, exemplified by the in-house development of Cyberhair and Vitalhair, has earned the a stellar reputation for quality worldwide. Facilities To ensure our ability to provide high-quality wigs to our customers, we maintain our own production facilities and an integrated manufacturing and sales structure. Five Core Brands We have five core brands: for men, Ladies for women and for women in the domestic wig business; and overseas, for hair transplantation services and now Hair Club for non-surgical hair restoration services. Under these brands, we are building a global presence for high-quality products and services, emphasizing the manufacture and sale of wigs and other hair-replacement products, the provision of healthy hair-growth services, and hair transplantation services. Europe Americas United States Canada France Germany Belgium Netherlands United Kingdom Sweden Norway Denmark Asia China Taiwan Thailand Philippines Singapore Laos Japan Global Brand Development by the

3 Wig ( ) 5 ( ) ( ) Years ended February 28 or 29 Net Sales Millions of yen 80,000 10,000 Operating Income (loss) Millions of yen 10,000 Net Income (Loss) Millions of yen 60,000 5, , ,000 20,000 5,000 20, /2 2012/2 2013/2 2014/2 2015/2 10, /2 2012/2 2013/2 2014/2 2015/2 30, /2 2012/2 2013/2 2014/2 2015/2 Total Assets Millions of yen 80,000 Net Assets Millions of yen 80,000 Equity Ratio % ,000 60, ,000 40, ,000 20, /2 2012/2 2013/2 2014/2 2015/ /2 2012/2 2013/2 2014/2 2015/ Reference: Net Sales by Reporting Segment (For the Fiscal Year Ended February 28, 2015) Millions of yen 2, % Wig 24, % (Custom-made wigs) 29, % (for Hair Transplantation Market) 10, % 9, % (Ready-made wigs) EC Note: represents sales beauty supply route business, medical-use wig business and electronic commerce business. The latest financial information will be posted at:

4 Wig ( ) 5 ( ) , M&A C S R Since its establishment in 1968, has developed into a leading provider of total solutions aimed at hair-related issues by taking a heartfelt approach to the creation of products that make customers happy. is leading the on a new medium-term management plan that functions as a waypoint on the road to achieving 100 billion in consolidated net sales by fiscal 2021, ending February 28, The plan highlights six basic strategies 1) sustainable growth for operations in Japan; 2) expansion and growth of operations overseas; 3) R&D on products that the market seeks; 4) globalization of the supply chain; 5) enhanced group governance and corporate social responsibility; and 6) training and development of global personnel which we will implement from a perspective that views the world as a single market and the as a single company within this market, oriented for global business development transcending national borders. This approach will fuel progress toward our medium- to longterm goal of sustained return to shareholders above 10% and improved corporate value. Ultimately, our corporate mission as the is to use our hair-related businesses to help as many people as possible acquire the physical and emotional qualities that underpin the realization of dreams and promote a good impression, and in so doing, bring smiles to faces and support happy lives. The, as a whole, will consistently pursue product excellence, technological excellence and heartfelt omotenashi (a level of customer-oriented politeness and genuine warmth that makes customers feel welcome, valued and respected). On behalf of everyone under the umbrella, I ask for your continued support and encouragement as we strive to turn into a world brand. July 2015 Nobuo Nemoto Representative Director, Chairman and President Co., Ltd.

5 Wig ( ) 5 ( ) (Custom-Made Wigs) As a top brand in Japan, is synonymous with high-quality wigs. Custom-made wigs, hair-volumizing products, healthy hair-growth services and hair and scalp care products and services are offered through a 160-store network (as of May 31, 2015). Custom-made WIGS, HAIR Care, Scalp Care, and Hair RESTORATION Trusted brand in Japan services begin with careful consultations regarding customers hair and scalp. Then, depending on each customer s concerns or preferred hairstyle, the right products and services to make the individual look and feel as attractive as they can be are selected from custom-made wigs, created to match the customer s hair color and shape of head, hair-volumizing products, which utilize the customer s own hair to create volume in specific areas, and healthy hair growth services, which create scalp conditions conducive to healthy hair growth. We have also enhanced after-sales services, including regular product checks and wig maintenance, haircuts and own-hair care. 男 性 向 けオーダーメイド ウィッグブランド 2 女 性 向 け オーダーメイド ウィッグブランド Men s Custom-Made Wig Brand Two approaches: Increase hair and grow hair The annual fee, no-cost maintenance Hair Club, which offers custommade wigs and hair-volumizing products to men who worry about thinning hair, has earned top marks. Hair Simulation is a tablet-use app available at all and Ladies salons in Japan that enables clients to visualize their appearance after hair-volumizing services Women s Custom-Made Wig Brand High-quality, top brands with excellent fashion features Female customers have the option of visiting a directly operated salon anywhere in the country or taking advantage of a home visit. In addition, holds try-on fairs at event halls and department stores across Japan where products are displayed and easily accessible to touch and try on. () () For more information on the business for men: only) For more information on the business for women: only)

6 Wig ( ) 5 ( ) 女 性 向 け レディメイド ウィッグ ブランド Women s Ready-Made Wig Brand 全 国 227の 百 貨 店 直 営 店 大 手 流 通 チェーン 店 にて レディメイド ウィッグを 提 供 しています (2015 年 5 月 末 現 在 ) As of May 31, 2015, ready-made wigs were available through a 227-store presence including department stores, directly operated salons and major distribution chains. READY-MADE WIGS b y Rich variety of ready-made wigs are easy way to have fashionable fun High-quality, very fashionable ready-made wigs are available through department stores and directly operated salons. These wigs contain a mixture of human and synthetic hair fibers and include top-of-the-line products under the VALAN label, all made by hand, and stylish ROLOC wigs that exude personality. In addition, we are promoting Swanee by, a sister brand to, through major distribution chains, and offer wig products, particularly in an affordable price range, to encourage greater use of our services. フォンテーヌの 新 業 態 店 舗 ルネ オブ パリス byフォンテーヌ のコンセプトは Wig for Life Style ファッションや 美 容 への 意 識 が 高 い40 ~ 50 代 の 女 性 を 対 象 に ウィッグを 特 別 なものではなく デイリーユーズ 商 品 として 提 案 します 海 外 から 直 輸 入 の ルネ オブ パリス を 含 め フォンテーヌ の 様 々なウィッグブランドを 取 り 揃 え ヘアケア 商 品 や 美 容 機 器 もご 用 意 しています The concept for René of Paris by, a new type of salon under the label, is Wig for Life Style. Targeting highly fashion- and beauty-conscious women in their 40s and 50s, this concept presents wigs as items for daily use not something saved for special occasions. The salons offer a selection of brands, including René of Paris imported directly from overseas, as well as hair care products and beauty appliances. For more information on the business: (Japanese only)

7 Wig ( ) 5 ( ) 美 材 ルート 医 療 事 業 Beauty Supply Route Ready-made wigs are offered to beauty salons across Japan through distributors of beauty supplies. We promote sales though such opportunities as workshops for beauticians and hairstylists. We also offer ready-made wigs to cosmetics stores on a wholesale basis and sell ready-made wigs to the general public. Medical-Use Wig has opened salons inside hospitals. Each salon is equipped with mobile salon chairs, in consideration of the physical limitations that many patients have, and offers regular barber and beauty salon services, such as shampoo, cut, perms, coloring, makeup and nails, using proprietary products gentle to the skin. Various wigs, including the medical wig Rafra, are also available at these in-hospital locations. EC リテール 事 Amazon.com, Inc. EC and Retail Wigs and hair care products for men and women are available through the -operated online Shop as well as online stores at merchant@amazon.co.jp, Rakuten Global Market and Yahoo! Shopping. also sells Hair Repro medicated scalp care products, Eyelash & Brow Essence eyelash and eyebrow beauty liquid and other items at general merchandise shops throughout Japan. * is a trademark of Amazon.com, Inc. or its affiliates.

8 Wig ( ) 5 ( ) ボズレーは 北 米 市 場 における 毛 髪 移 植 (ヘアトランスプラント)の リーディングカンパニーです Hair transplantation In the North American market, continues to be the market leader transplantation の 毛 髪 移 植 とは? What is a Hair Transplantation? It is a surgical procedure whereby a highly qualified and experienced physician, working with a trained clinical staff, removes healthy follicles from the back and sides of the scalp and relocates them to areas of hair loss on the scalp., a U.S.- based member of the, is the world s leading authority and practitioner of surgical hair restoration, and continues to enjoy the top share of the North American market. As of July 31, 2015, the company has 24 surgical offices and 46 consultation offices throughout the U.S.. ボ ズレ ー の メスを 使 わ な い 植 毛 技 術 F U E ( Folicular Unit Extraction ) が 注 目 を 集 め て います 従 来 からのFUT 施 術 と 異 なり 頭 皮 を 切 らないFUEへのニーズは 医 療 機 器 の 改 良 とともに 増 加 傾 向 にあり ボズレーの 事 業 拡 大 が 期 待 されます Follicular Unit Extraction (FUE), a hair-transplantation method performed without the use of a scalpel, is available from and is gaining attention. Demand for FUE, which does not make an incision in the scalp, has increased along with improvements in medical equipment, and should underpin further growth of s business. For more information on the business:

9 Wig ( ) 5 ( ) Wig 北 米 North America: United States is driving wholesale and retail activities ahead in the U.S. market for men s and women s custom-made and readymade wigs. Seeking further growth, the Company is working to strengthen existing brands and cultivate new marketing channels. Hair Club in United States 北 米 市 場 において 毛 髪 に 悩 む 男 性 女 性 向 けに 総 合 毛 髪 関 連 事 業 を 展 開 するリーディングカンパニーです Hair Club is the leading provider of all hair restoration solutions FDA-approved or cleared to work for hair loss HAIR LOSS TREATMENTS FOR MEN and WOMEN ヘアクラブとは? What proven solutions for hair loss does Hair Club offer? We are proud to have become the most trusted hair restoration and hair replacement company in the world by adhering to one key principle: Every product and service we offer must be a proven solution to those suffering from hair loss. Our goal is to find the customized solution that is best for every individual based on his or her needs, expectations and budget, not to make one single solution work for everyone. We back up that commitment by providing superior care, matchless expertise, iron-clad privacy and personal service that is second to none, offering non-surgical options as well as hair transplantation services through our affiliation with the network of the licensed physicians of the Medical. With more than three-and-a-half decades of industry leadership, we have helped hundreds of thousands of men and women get their hair and their lives back. Hair Club has a talented staff of hair restoration consultants, licensed cosmetologists and world-class stylists who offer unprecedented expertise, in-depth experience and more possibilities for hair restoration than any other company in the business. For more information of Hair Club:

10 Wig ( ) Wig 5 ( ) 欧 州 UK Hair Centre in London Benelux B.V. Benelux B.V. in Rotterdam Europe: AH AH wig series in Asian market France, Germany, Belgium, the Netherlands, United Kingdom, Sweden, Norway, and Denmark is developing wholesale and retail operations for men s and women s custom-made and ready-made wigs in Europe. In Asia, excluding Japan: アジア AH China, Taiwan, and Singapore Outside its home market, is developing retail operations for men s and women s custom-made and ready-made wigs in key markets of Asia. In Taiwan, we launched new AH ready-made wig series for Asian market. Salons inside Sweden hospitals University hospital of Norrland in Sweden 欧 州 では 病 院 内 サロン6 店 舗 を 含 むネットワークをもち 医 療 事 業 は 安 定 的 持 続 的 に 成 長 しています また 欧 州 の 多 くの 国 で 医 療 用 ウィッグが 保 険 や 政 府 の 援 助 の 対 象 となるな ど 利 用 しやすい 環 境 にあります 当 社 グループは 医 療 用 ウィッ グの 従 業 員 教 育 に 力 を 注 ぎ 商 品 特 性 を 熟 知 したスタッフが 患 者 様 に 配 慮 した 技 術 サービスを 提 供 しています The is developing a network of salons now at six inside hospitals, which contribute to the stable and sustainable growth of its medical-use wig business. Medical-use wigs are easily accessible in Europe where insurance and government assistance facilitate necessary purchases. Efforts are being directed groupwide into employee training on medical-use wigs so that staff is well acquainted with product features to offer techniques and services from a patient s perspective. For more information on group companies:

11 Wig ( ) 5 ( ) アデランスの 海 外 生 産 TOPICS 生 産 物 流 三 極 体 制 の 一 端 を 担 うラオス Laos Inserting hair into the base of wigs Vientiane plant (partner plant) relies on experienced technicians at its own production facilities and the facilities of alliance partners in Thailand, the Philippines and Laos to craft delicately constructed, high-quality wigs under and integrated production and marketing structure. In 1988, established its first overseas base the Briram plant operated by Thai, Ltd. Further expansion of its production capability in Southeast Asia came with the establishment of plants operated by World Quality Co., Ltd. (Thailand) in 1992, and Philippines, Inc., in Following the inauguration of a second Philippines plant in September 2013, we established Lao Co., Ltd. in May 2014, and the Savannakhet plant our first wholly owned manufacturing base in Laos which launched full-scale operations in July TOPICS Laos a Key Location in Three-Point -Logistics Network began outsourcing production of wigs to a facility in Vientiane, Laos, in 2012.The facility, which focuses on inserting hair into the base of custom-made wigs, is operating at full capacity. With the start of preliminary operations at lease facilities, in Savannakhet, southern Laos, in September 2014, completed Savannakhet Plant, its first wholly owned facility in Laos, in July The Savannakhet Plant is located at the key transportation hub linking Laos to Thailand, where already has factories, so it facilitates highly efficient distribution of products and materials within the. We will utilize the threepoint production network built on operations in Thailand, the Philippines and Laos to ensure stable and efficient production and distribution of products to meet demand from the Hair Club, in North America, and rising demand from the women s market in Japan. Ceremony of new Savannakhet plant in Laos Thailand Savannakhet plant Briram plant Saraburi plant Philippines 12 Philippines 1st/2nd plants

12 Wig ( ) 5 ( ) Activities at From a corporate growth perspective, activities undertaken by the are aimed at contributing to enhanced corporate value through the integration of business and attainable value and strengths in solving the hair-related concerns of customers. For more information on our activities, please go to アデランス 愛 のチャリティ 病 院 内 ヘアサロンのバリアフリー フォンテーヌ 緑 の 森 キャンペーン ,000 Love Charity Love Charity is a long-running program, originally introduced in 1978 as a social contribution measure to commemorate our 10th anniversary. For more than 35 years, this program has presented wigs at no cost to children who have lost their hair and thereby alleviates the mental anguish caused by the change in appearance. Barrier-free Access to Salons in Hospitals We open salons inside hospitals. These salons are barrier-free to facilitate visits by patients in wheelchairs. In addition, all locations are equipped with movable salon chairs that allow patients to remain seated while they get a haircut and shampoo. Our professional staff is able to provide a variety of services particularly appropriate to people who are ill and undergoing medical treatment that has left their hair in a rather delicate condition. Green Forest Campaign The Green Forest Campaign, which encourages collection of wigs no longer used, was launched back in A portion of sales from customers participating in the wig collection program during the fiscal year is used to plant seedlings. As of 2014, a total of 802 seedlings had been planted, and the number should top 1,000 as of 2015.

13 Wig ( ) 5 ( ) 5 /Millions of yen / Fiscal / Fiscal / Fiscal / Fiscal / Fiscal ,725 67,755 51,089 47,422 48,171 Net sales 2,880 3,616 3,559 2,531 5,883 Operating income (loss) 5,075 4,281 3,301 1,134 23,213 Net income (loss) 72,448 63,892 40,904 35,697 39,546 Total assets 37,142 35,823 30,219 26,161 25,472 Net assets 5,703 10, Interest-bearing debt 5,495 6,325 4, ,186 2,915 18,036 2, ,579 Cash flow provided by (used in) operating activities Cash flow provided by (used in) investing activities 2,580 11,711 2, ,607 Free cash flow 3,662 2, ,170 1,894 Depreciation and amortization 2,919 2,011 1,782 1,249 2,150 Capital expenditures /Yen Net income (loss) per share 1, Net assets per share % 55.7% 73.6% 73.2% 64.4% Equity ratio * ROE (*1) * ROA (*2) Cash dividends per share (annual) 1. ROE/ 2. ROA/ Notes 1. ROE = Net income/equity capital 2. ROA = Net income/total assets

14 Wig ( ) 5 ( ) /Millions of yen Balance Sheets ( ) Current term (As of February 28, 2015) ( ) Previous term (As of February 28, 2014) Assets 32,837 27,111 Current assets 39,611 36,780 Fixed assets 12,871 11,723 Tangible fixed assets 20,977 20,292 Intangible fixed assets 5,762 4,764 Investments and other assets 72,448 63,892 Total assets Liabilities 12,496 11,036 Current liabilities 22,809 17,032 Fixed liabilities 35,306 28,069 Total liabilities Net assets 39,198 37,348 Shareholders equity 12,944 12,944 Common stock 13,157 13,157 Capital surplus 17,378 18,268 Earned surplus 4,282 7,022 Treasury stock 2,327 1,788 comprehensive income ,164 1, Unrealized gains (losses) on investment securities Foreign currency translation adjustments Accumulated retirement benefits adjustment Stock acquisition rights Minority interests 37,142 35,823 Total net assets 72,448 63,892 Total liabilities and net assets

15 Wig ( ) 5 ( ) /Millions of yen ( ) Current term (From March 1, 2014, to February 28, 2015) ( ) Previous term (From March 1, 2013, to February 28, 2014) of Income 76,725 67,755 Net sales 15,344 13,817 Cost of sales 61,380 53,938 Gross profit 58,500 50,321 Selling, general and administrative expenses 2,880 3,616 Operating income (loss) 3,615 1,475 Non-operating income Non-operating expenses 5,997 4,481 Ordinary income (loss) Extraordinary income Extraordinary expenses 5,922 3,741 Income (loss) before income taxes Corporate, inhabitant and business taxes 13 1,177 Adjustments to corporate and other taxes 5,075 4,305 Income before minority interests 23 Minority interests 5,075 4,281 Net income ( ) Current term (From March 1, 2014, to February 28, 2015) /Millions of yen ( ) Previous term (From March 1, 2013, to February 28, 2014) of Cash Flows 5,495 6,325 Net cash used in operating activities 2,915 18,036 Net cash provided by investing activities 1,002 9,036 Net cash used in financing activities Effects of exchange rate on cash and cash equivalents 3,894 3,197 Net increase in cash and cash equivalents 10,528 13, Cash and cash equivalents at beginning of fiscal year Increase in cash and cash equivalents from newly consolidated subsidiary 14,422 10,528 Cash and cash equivalents at fiscal year-end

16 Wig ( ) 5 ( ) As of February 28, 2015 Company Name Company Limited 134 Head Office 13-4 Araki-cho, Shinjuku-ku, Tokyo Founded March 1, ,944 Paid-in Capital 12,944 million 138,000,000 Number of Shares Authorized 138,000,000 37,246,388 Number of Shares Issued 37,246,388 8,754 Number of Shareholders 8,754 Number of Employees 5,927 (consolidated basis) 5,927 Main Hair-related business, control and management of business activities undertaken by subsidiaries and affiliates Listings First Section of the Tokyo Stock Exchange 51 Number of Subsidiaries 51 Please visit the following website for information about the group. 10* Principal Shareholders ( 10)* Number of Shares (Thousands) Shareholding Ratio (%) 1 3, Nobuo Nemoto 2 Name 3, The Bank of New York Non-Treaty JASDEC Account , JP Morgan Chase Bank , Japan Trustee Services Bank, Ltd. (Trust Account) 5 1, The Master Trust Bank of Japan, Ltd. (Trust Account) Mellon Bank NA as Agent for its Client Mellon Omnibus US Pension State Street Bank and Trust Company CMBL, SA Re, Mutual Fund The Chase Manhattan Bank NA London Special Account No JPMCB USA Resident s Pension JASDEC Lend ,301 Note: Excluding 2,301 thousand shares of treasury stock. * Ownership Breakdown* Composition of shareholders 6.2% 2,301 Composition of shareholdings 2.4% 923 (thousand shares) 13.5% 2.3% 856 (thousand shares) 1.7% 642 5, % % 3,150 Treasury stock 5 Less than five tangen units Brokerages 10 Less than 10 tangen units 12.3% 4,604 domestic corporate entities Foreign corporate entities Individuals institutions 25.6% 9, % 18, Less than 100 tangen units Less than 1,000 tangen units Less than 5,000 tangen units More than 5,000 tangen units 50.5% 18, % 9,094 37,246 thousand shares 37,246 thousand shares * * Amounts less than a full unit have been truncated, and percentages are rounded to one decimal place. Consequently, totals may not equal the sum of individual items.

17 Wig ( ) 5 ( ) Board of Directors and Corporate Audittors (As of September 1, 2015) CEO CEO, Representative Director, Chairman and President Nobuo Nemoto COO COO, Representative Director and Senior Managing Director Yoshihiro Tsumura Director Shigeru Ishiko Director Hisatake Kanazawa Outside Director Junichi Mizuo Auditor ( Outside Audit and Supervisory Board Member (Standing) Masayoshi Sato Outside Audit and Supervisory Board Member Kazuhiro Miyakawa Outside Audit and Supervisory Board Member Yoshikazu Suzuki Stock Price Range Trading Volume Thousands of shares 16,000 12,000 2,000 1,500 Stock Price 8,000 1,000 4,

18 Wig ( ) 5 ( ) As of February 28, ISO M Wittmann, Weiss & Bauer G.m.b.H

19 Wig ( ) 5 ( ) As of February 28, 2015 History (As of February 28, 2013) 1968 Sep Began operations in Shinjuku, Tokyo Mar Brought New Concepts Hair Goods, Inc. under consolidation Mar Co., Ltd. established with capital of 2,000,000. Sep Brought General Wig Manufacturers, Inc. under consolidation Mar Services Co., Ltd. established in Osaka as a sales company for, a new wig made by Kaneka Corporation. Aug All stock transferred to Kaneka Corporation and company name changed to Co., Ltd Jan Co., Ltd. established; assumed business from the old as wig wholesaler. Jul Corporation of America established as first representative office in the United States Aug Brought Co., Ltd., under consolidation. Sep Stock registered with the Japan Securities Dealers Association Oct Thai., Ltd. established Jan Listed on Second Section of Tokyo Stock Exchange. Mar Jun Capital: 7,088,000,000 Launched hair-growth services. Brought International Hair Goods, Inc. under consolidation Dec Listed on Second Section of Osaka Securities Exchange Mar Brought Rene of Paris under consolidation Jan Inc. (Taiwan) established. Apr Started developing network of women s salons Jan Europe B.V. established. Mar Sep Brought the following companies under consolidation: Gesmofra SAS (now, France SAS), Camaflex SAS (France), Monfair Mode SARL (France), Creation de Paris Camaflex Vertriebs GmbH (Germany), Monfair Moden Vertriebs GmbH (Germany), Camaflex S.A. (Belgium). World Quality Co., Ltd. established Mar Brought D. van Nooijen B.V. under consolidation. Nov Dec Holdings Co., Inc. (now, America Holdings, Inc.) established. Co., Ltd. stock registered with the Japan Securities Dealers Association May Siam Co., Ltd. established. Jul Oct Began selling stock in tangen units of 100 and 1000 shares rather than individually. Listed on the first sections of both the Tokyo Stock Exchange and Osaka Securities Exchange. Capital: 12,276,000,000. Monfair Moden Vertriebs GmbH obtains business rights to Wittmann, Weiss & Bauer G.m.b.H. Nov Co., Ltd. listed on the Second Section of the Tokyo Stock Exchange Sep World Quality Co., Ltd. and Thai., Ltd. obtained ISO Oct Tokyo Hair Beauty College established May Korea, Inc. established Aug Brought Medical Institute, Inc. (now, Inc.), Sterling Accommodations, Inc., and Medical Institute Canada, Inc. under consolidation. Dec Japanese Hair Industry Conference (now, Japan Hair Industry Association) established and joined as member Jan Philippines, Inc. established. May Jun Sep Brought Trend Hair Supplies Co., Ltd. under consolidation. Research Institute, Inc. established. Singapore, Pte. Ltd. established Dec Acquired stock in Co., Ltd., and turned company into a wholly owned subsidiary (stock delisted) Jan Brought Carl M Lundh AB under consolidation. Dec (Shanghai) Co., Ltd. established Mar International Holdings, LLC. established. May Jul Aug Sep Mexico, S.R.L. established. Medical Holdings, Inc. established. Turned MHR, Inc. into a subsidiary. Name changed to Holdings Co., Ltd., through transition to holding company, and new Co., Ltd., established as operating company Feb HT Support Services S.R.L. established Nov Hair Goods, Inc. established through integration of International Hair Goods,Inc., New Concepts Hair Goods, Inc., General Wig Manufacturers, Inc., Rene of Paris, and Retailing Company, Inc May absorbed MHR, Inc. and Medical Holdings, Inc. Sep Oct Holdings Co., Ltd. merged with Co., Ltd. and Co., Ltd., and the company name changed to Unihair Co., Ltd. Opened online shopping access for and products on respective brand websites Jul Name changed from Unihair Co., Ltd. to Co., Ltd Sep Brought Le Nouvel Espace Beauté SA under consolidation Apr Brought HC (USA) Inc. under consolidation May Lao Co., Ltd. established.