Rakuten Card and Mizuho Financial Group's Investment
There is news that Rakuten Card is accepting investment from Mizuho Financial Group. While "accepting investment" sounds positive, in reality, it feels more like a sell-off to manage finances. Rakuten Card is the core financial arm of the Rakuten Group, but the truth is that they had to sell a part of it.
Rakuten Group's internet mall, Rakuten Ichiba, and its point system, Rakuten Super Points, are doing exceptionally well. However, Rakuten Mobile has been dragging down their performance. Comparing this to SoftBank, which can be said to have pioneered Japan's internet industry and succeeded in the mobile business, Rakuten seems to be struggling quite a bit.
Recently, the number of Rakuten Mobile subscribers has been increasing, so if they can get through this, the entire group might improve. But to overcome the current situation, they had to sell part of Rakuten Card, which is central to the group.
Since Mr. Mikitani, who founded Rakuten and still serves as its president, is from Hyogo Prefecture, I've been using Rakuten more often since moving to Kobe. A while back, I thought Amazon was the cheapest, but recently I feel that Rakuten offers better prices and services, thanks to market competition.
If Rakuten didn't exist, Japan's online shopping might have been dominated by Amazon. In such a near-monopoly, Amazon would likely have set higher prices to increase profits. Thinking about having to pay high subscription fees like overseas Amazon, I'm grateful Rakuten exists.
Thank you, Mr. Mikitani, and go Rakuten!