Ocean, a tax-free shopping system, carried out a third-party allotment capital increase of approximately ¥500 million. Yamato Holdings’ corporate venture capital arm and Shizuoka Capital, a subsidiary of Shizuoka Financial Group, among others, participated as underwriters. The funds will be used to expand the store network and develop the system.
Ocean’s funding has included a new third-party allotment capital increase of approximately ¥500 million. The underwriters include existing venture capital investor Z Venture Capital, the corporate venture capital arm of Yamato Holdings, and Shizuoka Capital. The stated aims are to expand the store network and develop the system.
Ocean’s system can be accessed through QR codes and other means at stores. After shopping, visitors to Japan register their passport information and refund method and proceed with the relevant procedures. The number of participating stores has now reached approximately 500, and the system has also been introduced at stores such as Animate.
The company plans to use Yamato HD’s logistics network and Shizuoka FG’s connections with local businesses to extend implementation to stores in regional areas. Alongside the expansion of implementation, it is also considering new businesses, including marketing support services using data related to tax-free shopping procedures.
Ahead of changes to tax-free shopping procedures for foreign visitors from November onward, a new process will be introduced to standardise in-store displays at tax-inclusive prices. Under the new process, eligibility for tax-free treatment will be determined by customs before departure, after which the consumption tax amount will be refunded.