TSI Holdings, the Tokyo-listed apparel group (TSE: 3608), signed a definitive share transfer agreement on July 9, 2026 to acquire Toyo Enterprise Co., Ltd. and its trading affiliate Leilani Trading Co., Ltd., finalizing terms first agreed in a basic agreement on April 10, 2026. The deal gives TSI an 87.7% direct stake in Toyo Enterprise, bought from two individual shareholders, Kyoichi Kobayashi and Hiroyuki Kobayashi. TSI is also buying 100% of Leilani Trading, which itself owns the remaining 12.3% of Toyo Enterprise. Between the direct and indirect holdings, TSI ends up with full economic control of both companies.
Toyo Enterprise, a Sumida Ward-based textile products planner, manufacturer, wholesaler and trader founded in 1965, has been growing at a healthy clip. Net sales climbed from ¥2.84bn in the year to October 2023 to ¥4.46bn in the year to October 2025, while operating income nearly doubled over the same stretch to ¥946mn.
| Metric | Year to Oct 2023 | Year to Oct 2024 | Year to Oct 2025 |
|---|---|---|---|
| Net sales | ¥2.84bn | ¥3.73bn | ¥4.46bn |
| Operating income | ¥464mn | ¥709mn | ¥946mn |
| Net income | ¥363mn | ¥533mn | ¥718mn |
| Net assets | ¥5.04bn | ¥5.58bn | ¥6.19bn |
Leilani Trading, founded in 1999, imports and sells textile products. Its sales rose to ¥431mn in the year to July 2025 from ¥368mn a year earlier, with operating income up to ¥99mn from ¥55mn.
TSI said the purchase price will be set through negotiation based on an independent third-party valuation, but it will not disclose the figure because the sellers are individuals. The deal is due to close on August 3, 2026, with both companies folded into TSI's consolidated results from that month. TSI said it is still calculating the effect on group earnings and will make further disclosures if warranted. Before the agreement, TSI had no capital or personnel ties to either company, though it noted a minor existing trading relationship involving some of its own brand products.