Japanese footwear company Asics Corp. said on June 11 that it will spin off its premium sneaker brand Onitsuka Tiger into a separate company, as the brand gains increasing popularity among foreign tourists.
According to the announcement, Onitsuka Tiger will be separated from Asics and operate as an independent company to capitalize on strong growth in international markets, particularly driven by rising numbers of tourists visiting Japan.
Onitsuka Tiger, founded in 1949, is one of Japan's oldest athletic shoe brands. In recent years, Onitsuka Tiger sneakers have become a sought-after item for foreign visitors to Japan, contributing significantly to parent company Asics' revenue.
The decision to spin off the brand follows exceptional growth in Onitsuka Tiger's business performance. Asics expects that operating independently will give Onitsuka Tiger greater flexibility in product development strategy and market expansion.
Asics is Japan's leading sports footwear conglomerate, globally renowned for its running shoes and sports equipment. The spin-off of Onitsuka Tiger is part of Asics' restructuring strategy to focus on core business segments.
