Expansion of the Guitar Business through the Acquisition of Cordoba Music Group
First written in FY2023-Q3. 1 of 3 entries say "Advanced", first in FY2024-Q2. Latest entry: FY2026.
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- FY2026WorsenedAnnual report
「Yamaha Guitar Group, Inc. and its subsidiaries set ambitious growth targets after acquiring Cordoba Music Group, LLC in 2023 and expanding their product lineup, but performance has remained below the original plan, partly because of weak market conditions in Europe and the United States.」
The initiative to expand the guitar business through the Cordoba acquisition fell short of the original plan, and the Company recognized an impairment loss of ¥1,204 million on goodwill. - FY2024-Q2AdvancedAnnual report
「Yamaha Guitar Group, Inc., a consolidated subsidiary of the Company, acquired Cordoba Music Group, LLC on 7 February 2023. Because the purchase price allocation had not been completed as of the end of the previous consolidated fiscal year, provisional accounting treatment was applied. As the purchase price allocation was completed during the second quarter of the current consolidated fiscal year, the provisionally calculated amounts have been revised.」
The purchase price allocation for the acquisition of Cordoba Music Group was completed and the provisional accounting treatment was finalized. The fair value of the consideration paid was ¥5,122 million and goodwill was ¥852 million, with the provisional amounts reported at the end of the previous fiscal year revised retrospectively. - FY2023-Q3First statedAnnual report
「Yamaha Guitar Group, Inc. (YGG), our guitar business subsidiary, acquired an interest in Cordoba Music Group, LLC (Cordoba), which plans, develops, manufactures and sells guitars and related products. Cordoba thereby became a sub-subsidiary of the Company.」
On 7 February 2023, the Company acquired a 100% interest in Cordoba for consideration of US$39 million, or approximately ¥5.1 billion. This initiative to expand the guitar business in line with Make Waves 2.0 was intended to complement and expand the product lineup, leverage Cordoba's expertise in product planning and development, and strengthen its brand communication capabilities.