By  on May 22, 2007

TOKYO — The emerging Japanese specialty store Restir is stepping into real estate management in Japan via a joint venture with Goldman Sachs.

Restir Investment will be owned by Restir Holdings and Goldman Sachs, will develop commercial real estate from the fashion-management viewpoint and invest in fashion-related firms here.

In the venture, Restir will work on operations such as brand management and marketing, while Goldman Sachs will offer financial know-how. The retailer and the financial firm will split the initial investment in the joint venture of 750 million yen, or $6.5 million at current exchange. The two firms expect to invest a total of 50 billion yen, or $430 million, on retail and fashion-related developments over the next three years.

Industry observers said the deal represents a marriage between a financial group that knows the value of fashion-related real estate and a retailer with unique branding and marketing methods that needs funding to expand. Restir established a joint venture with Balenciaga in May 2006, and earlier this spring opened a flagship in the newly developed Tokyo Midtown site in Roppongi. For the store, Restir collaborated with Chanel to exhibit the French brand's couture collection and sell Chanel handbags.

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