SoftBank is said to dispatch two executives to help Oyo Hotels. As, they are one among the largest startups. Oyo Japan, which is basically a joint venture between SoftBank’s domestic telecoms unit and the Indian online hotel operator together are creating a six-member committee to deal with this situation.
However, till now no official details are revealed. SoftBank Corp. An, investor at SoftBank’s Vision Fund Lucio Di Ciaccio and The Executive Vice President Eric Gan will join a group of Oyo Japan executives, including the new Chief Executive Officer Ryoma Yamamoto.
Oyo always has been among the hardest-hit in SoftBank’s portfolio about sharing economy outfits. By closing offices in provincial centers in June end, JuneIt slashed its regional presence in Japan. And, even looking to downsize its Tokyo headquarters. Under the new leadership, this company also merged its hotel-booking units. This move is helping to retrench internationally, as it is adapting to a smaller tourism industry, because of the pandemic.
The committee’s creatioy was announced at a townhall meeting on Aug. 3. This meeting was attended by SoftBank Corp. CEO Ken Miyauchi. Gan, who is a SoftBank veteran and is responsible for joint ventures with portfolio companies in Japan. Gan led eAccess Ltd., a rival wireless operator, before getting into SoftBank in 2013.
Japan has been a market of import to the hotel-booking startup. The Chief Executive Officer Ritesh Agarwal earned SoftBank supremo Masayoshi Son’s favor and got benefited from SoftBank’s brand promotion. In Japanese hotel operations got shrunk to 150 from about 600 in October through job re-assignments to SoftBank – According to the Bloomberg News.
Visitors to Japan totaled 2,600 in June. Whereas, the marking is decline d by 99.9% in previous year, according to the Japan’s tourism agency. Domestic tourism also crawled during a state of emergency between April and May. Now, The Tokyo 2020 Summer Olympics has also been postponed to next year. And the fear of infection will increase the pain for the country’s hospitality industry.
