Leading Tokyo-based audiovisual software retail and rental store operator Culture Convenience Club and key music retailer Shinseido, also based in the Japanese capital, have struck a business and capi

Leading Tokyo-based audiovisual software retail and rental store operator Culture Convenience Club and key music retailer Shinseido, also based in the Japanese capital, have struck a business and capital alliance in a move aimed at creating Japan's biggest audiovisual software chain.

In a statement, CCC said it will buy new shares to be issued by Shinseido for ¥1.15 billion ($9.9 million).

Following the transaction, CCC will become Shinseido's biggest shareholder, with a 14.9% stake.

CCC said it plans to raise its stake in Shinseido to nearly 50% over the next three years.

CCC is best known as the operator of the 878-store Tsutaya retail/rental chain. Shinseido has some 230 stores nationwide.

The two chains' combined sales are roughly ¥150 billion ($1.3 billion) at present.