Japanese general merchandise retailer Don Quijote Holdings Co. Ltd. will change its name to Pan Pacific International Holdings to reflect its plans of expanding in the U.S. and China, the Nikkei Asian Review reported Oct. 11, citing president and CEO Koji Ohara.
The report said Ohara announced the name change at a news briefing to outline Don Quijote's recently announced acquisition deal with Japanese convenience store chain FamilyMart UNY Holdings Co. Ltd. The deal will see Don Quijote acquiring all of FamilyMart's subsidiary Uny Co. Ltd. and FamilyMart acquiring 20.17% of Don Quijote.
The name change will take effect in February next year, according to the newswire.
"Don Quijote won't stay in Japan but will build a top-level retailer worldwide," Ohara reportedly said. The company plans to expand its presence in California, Hawaii and Singapore, where it already runs stores, but did not mention specific markets where it plans to launch, the report added.
Ohara also hinted at the company's plan to partner with FamilyMart's parent, Itochu Corp., "to advance to the world," according to the report.