It’s wonderful to see British domestic repairs group HomeServe plc formalise a joint venture with Mitsubishi to enter the Japanese market, following an extensive study by our Tokyo team into if and how it should set up in the country.
HomeServe is an international home repairs and improvements business, listed on the London Stock Exchange with a market capitalisation of £3.2 billion, providing people with access to tradespeople and technology to run their homes more easily. The new venture, HomeServe Japan Corporation, will be 50:50 owned by HomeServe and Mitsubishi Corporation to provide Japanese residents with emergency and repair services in electrics, plumbing, gas, heating, ventilation and air conditioning.
In deciding to move forward in Japan, HomeServe recognised that not only is the country the world’s third largest economy — with 53 million households — but recent liberalisation of its gas, electricity and water markets has created a fertile environment for its home assistance model.
The joint venture is part of the company’s global partnership approach to help utility companies deepen their relationships with customers to combat unprecedented challenges in regulatory change, new competitors, rising consumer expectations and rapidly evolving technology.
Jonathan King, Chairman of the joint venture, said, “We are very excited about the prospects for the business in Japan. We have a great partner in Mitsubishi Corporation and, thanks to the excellent groundwork from Intralink, a clear picture of the market, our customers and the opportunity for the new business.”
We wish HomeServe and Mitsubishi every success in Japan with this venture.
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