HUMAN MADE to Acquire UNDERCOVER

HUMAN MADE Inc., the company behind HUMAN MADE, announced on June 15 that it has signed a basic agreement to acquire all shares of Undercover Co., Ltd., the company operating UNDERCOVER.

Summary

The agreement announced on June 15 is non-binding, with both parties aiming to finalize a share purchase agreement in September 2026 and complete the transaction in February 2027. If the deal proceeds as planned, UNDERCOVER will become a consolidated subsidiary of HUMAN MADE beginning in the first quarter of the fiscal year ending January 2028.

The acquisition price has not been disclosed and will be determined based on an independent third-party valuation.

Expanding Through Brand Acquisitions

For more than three decades, UNDERCOVER has established a distinctive position at the intersection of streetwear and high fashion. HUMAN MADE, meanwhile, has expanded beyond its core apparel business in recent years, growing into retail, food and beverage, licensing, and collaborative ventures.

In its announcement, HUMAN MADE reaffirmed that investing in brands with strong cultural significance and untapped business potential is a central part of its growth strategy.

According to the company, HUMAN MADE’s mission is to cultivate a culture born from human creativity and craftsmanship and help transform it into one of Japan’s defining creative industries. UNDERCOVER, having built a unique brand identity over more than 30 years, was viewed as highly aligned with that vision. The two companies have also collaborated previously, establishing an existing business relationship before the proposed acquisition.

The Figures Behind Ura-Harajuku Culture

What makes this transaction particularly significant is the long-standing relationship between NIGO® and Jun Takahashi.

In 1993, the two co-founded NOWHERE in Tokyo’s Harajuku district, a store that would later become one of the defining symbols of the Ura-Harajuku movement and Japanese street culture.

Through the launch of A Bathing Ape by NIGO® and UNDERCOVER by Takahashi, Tokyo’s streetwear scene evolved into a global cultural force.

Over the following decades, Takahashi established himself as one of Japan’s most internationally recognized designers through UNDERCOVER’s presence on the Paris runway calendar. NIGO®, meanwhile, expanded his career as a brand founder, entrepreneur, and creative director, building influence far beyond the boundaries of streetwear.

After more than 30 years of parallel journeys, the two are now set to reconnect through a new corporate structure.

A New Phase for HUMAN MADE

In recent years, HUMAN MADE has evolved beyond a single fashion label into a broader business platform.

In addition to its listing on the Tokyo Stock Exchange in 2025, the company has continued to expand its reach through collaborations with Adidas Originals, KAWS, Levi’s, Verdy, and a wide range of cultural partners. The company increasingly resembles a diversified business group rather than a traditional brand operator.

At the same time, Europe is home to major fashion conglomerates such as LVMH Moët Hennessy Louis Vuitton SE, Kering, and OTB Group, all of which manage multiple brands under a single corporate structure. In Japan, however, leading fashion brands have traditionally remained independently operated, and large-scale fashion groups have been relatively rare.

The proposed acquisition of UNDERCOVER has the potential to challenge that longstanding structure.

While HUMAN MADE is not yet comparable in scale to Europe’s luxury conglomerates, its strategy of strengthening its business foundation through the acquisition of culturally influential brands represents a direction rarely seen among Japanese fashion companies.

As such, this development may signal the emergence of a new type of Japanese fashion group, making HUMAN MADE’s next moves closely watched by the industry.

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