The Cool Japan Fund is pulling out of a department store joint venture in Kuala Lumpur. The public-private institution invests in projects that promote Japanese goods and services overseas.
The Cool Japan Fund started operating the department store 2 years ago in partnership with Japanese retailer Isetan Mitsukoshi Holdings.
The store showcases anime, clothing and other products related to Japanese pop culture. It also sells rice wine and traditional craft.
Demand failed to pick up. Last year, the store posted a loss of about 4.5 million dollars.
The Cool Japan Fund will sell all its shares to Isetan Mitsukoshi. The retailer says it aims to turn the business around with a new product lineup.
