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Non-Tech : Goldman Sachs Group Inc. NYSE:GS

GS 791.82

-0.1%

9:42 AM EST

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From: Don Green	7/23/2005 12:44:03 AM
	of 411

US securities giant Goldman Sachs is joining Japan's lucrative wedding market and will be the first foreign brokerage company to compete in the ¥2 trillion ($18bn) a year business, the daily Nihon Keizai Shimbun reported on Friday. In collaboration with Mitsui & Co, Goldman Sachs hopes the move will enable it to make better use of the golf courses and hotels that it has acquired in Japan. Mitsui, plans to handle the distribution of wedding presents and other matrimony-related goods, according to the daily. The paper said that as part of their joint effort, Goldman and Mitsui had spent a total of ¥500m to take a roughly 20% combined stake in Dears Brain, which operates "guest house" style wedding facilities and services. Exchanging nuptials in a golf course, which is where baseball slugger Ichiro held his recent wedding, is very popular in Europe and the US. The new business partners are eager to start the trend in Japan. Goldman Sachs has been preparing for the new move by purchasing a printing company, which processes wedding invitations, and a nationwide hair salon chain. The American company owns 90 gold courses in Japan, as well as hot spring resort hotets, the newspaper said.

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