Completion of the transfer of stock of Sony’s retail operations
June 07, 2006
Based on the basic agreement reached between Sony Corporation and Nikko Principal Investments Japan Ltd. (a 100% subsidiary of Nikko Cordial Corporation) in February 2006, a holding company (StylingLife Holdings Inc.) has been established for Sony’s group of retail businesses (comprising PLAZASTYLE CORPORATION, LightUp Shopping Club Inc., B&C Laboratories Inc., CP Cosmetics Inc., Maxim’s de Paris Corporation, and Lifeneo Inc.) targeting the independent management of these retail businesses by its own management and employees. In association with the aforementioned basic agreement, 51% of StylingLife Holdings’ stock has now been transferred to a 100% subsidiary of Nikko Principal Investments Japan.
Although Sony is currently conducting a detailed analysis of the effect of this stock transfer on Sony’s Consolidated Income before Income Taxes, Sony anticipates a gain on sale of assets of approximately 17 billion yen. This impact is reflected within Sony’s consolidated forecast for the fiscal year ending March 31, 2007 announced on April 27th, 2006.
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