This is the English translation of the original Japanese-language press release dated August 30, 2018
and is provided for reference purposes only.
Readers are advised that the Company does not guarantee the accuracy of the content contained in thisreport. In the event of any discrepancy between this translation and the Japanese original, theJapanese original shall prevail.

August 30, 2018
To whom it may concern
Company Name: WACOAL HOLDINGS CORP.
Representative: Hironobu Yasuhara,
President and Representative Director(Code Number: 3591)(Tokyo Stock Exchange, First Section)
Contact:Akira Miyagi,
General Manager of Corporate Planning(Telephone: +81(75)682-1010)

Company Name: DESCENTE LTD.
Representative: Masatoshi Ishimoto,President and Representative Director(Code Number: 8114)(Tokyo Stock Exchange, First Section)
Contact:
Kenichi Tsujimoto,Director, Managing Executive Officer(Telephone: +81 (6)-6774-0365)

Notice on Conclusion of Comprehensive Business Alliance Agreement
Wacoal Holdings Corp. (hereinafter referred to as "Wacoal") and Descente Ltd.
(hereinafter referred to as "Descente"), at their respective Board of Directors' meetings heldon August 30, 2018, agreed to a Comprehensive Business Alliance Agreement (hereinafterreferred to as "this alliance") as described below to strengthen and develop businessfoundations and to improve corporate value through this alliance.
1. Comprehensive Business Alliance(1) Creating new business beyond the boundaries of current operations, including:・ New Brand Concepts
Create new opportunities in the athleisure market going beyond the barriers of fashion,sports, health and beauty(2) Developing commercial materials that utilize both companies’ "craftsmanship" strengths,
including:・Collaboration in compression wear, sports baselayer and swimwear
Joint product development and design, manufacturing and marketing, effectively
utilizing both company’s distribution channels.
(3) Effective use of assets owned by both companies, including:・Use of both companies overseas bases
Accelerate global growth by exploiting Wacoal’s strong business base in Europe andAmerica and Descente’s significant presence in Asia.
・Collaboration in e-commerce sites
Create linkage between the domestic and overseas e-commerce sites for bothcompanies.
・ Collaboration in the junior market category
Introduce new brands to the Junior wear market

This is the English translation of the original Japanese-language press release dated August 30, 2018
and is provided for reference purposes only.
Readers are advised that the Company does not guarantee the accuracy of the content contained in thisreport. In the event of any discrepancy between this translation and the Japanese original, theJapanese original shall prevail.

2. Reason for this alliance
Wacoal has developed the innerwear market toward the realization of a "Global
Wacoal" with the goal of "contributing to society at large through the promotion of feminine
beauty and wellbeing throughout the world”. Today, as a leading company in the global
innerwear market, it has firmly established itself not only in Japan, but also in China, Asia,
Europe and the United States.
In the sports apparel industry, Descente has created a healthy lifestyle through sports
based on the corporate philosophy of "bringing the enjoyment of sports to all", developing
products tailored for multiple sports with advanced concepts that bring together state-of-theart technology and function. In recent years, we have focused on enhancing our global
presence, while maintaining our corporate philosophy and business domain, thecornerstones of corporate value, which we are dedicated to improving further.
Under this new partnership, we have decided to pursue opportunities in "beauty,health and comfort" to take maximum advantage of Wacoal’s dominant position in the
innerwear market and Descente’s accumulated sportswear knowhow built with elite athlete
participation. Using our respective management resources we will cooperatecomprehensively to create new value beyond our current fields of fashion and sports, and by
doing so, strengthen, develop and expand both our domestic and global business.
Wacoal believes this partnership will contribute to an expansion into new markets andfurther strengthen overseas business, and Descente will strengthen and expand productdevelopment for the women’s market, which is expected to grow significantly and it isexpected this will contribute to further global expansion. This alliance has been forged witha mutual commitment to all those who wish to look and feel better and healthier. A
comprehensive partnership will commence here with a view to further strengthening therelationship in the future and in doing so improve corporate values.
3. Date（１）Resolution date of the Board of Directors（２）Execution date of the contract

August 30, 2018
August 30, 2018

4. Future outlook
We will establish a panel comprising members from both companies immediately andaim at early realization of business opportunities through this alliance.
At this time, the impact of this agreement on the results of both companies in the fiscal year
ending March 2019 is unknown. In the event it becomes clear there will be a significant
impact on our respective future business performances, we will promptly announce.

This is the English translation of the original Japanese-language press release dated August 30, 2018
and is provided for reference purposes only.
Readers are advised that the Company does not guarantee the accuracy of the content contained in thisreport. In the event of any discrepancy between this translation and the Japanese original, theJapanese original shall prevail.

５．Overview of the parties to this alliance① Overview of Wacoal(1) Company NameWACOAL HOLDINGS CORP.

(2) Head Office

29 Nakajimacho, Kisshoin, Minami-ku, Kyoto-shi, Kyoto(3) Representative

Hironobu Yasuhara, President and Representative Director(4) Business(5) Capital

Manufacture, wholesale and direct sales to consumers (for someproducts) of intimate apparel, outerwear, sportswear, and othertextile products and accessories.
13,260 million yen(6) Establishment

November 1, 1949

(7) Relationship between
Wacoal and Descente

There are no relationships in capital, human or trade.

(8) Consolidated operating results and financial position for the last three years
Fiscal Year

March 31, 2016

March 31, 2017

March 31, 2018

Net Assets

229,401million yen

232,482million yen

237,497million yenTotal Assets

292,854million yen

294,958million yen

298,534million yen

Net Sales

202,917million yen

195,881million yen

195,725million yen

Operating Income

13,865million yen

11,065million yen

12,534million yen

Income before Income Taxes

14,957million yen

16,569million yen

14,286million yen

Profit Attributable to Ownersof Parents

11,159million yen

12,525million yen

9,745million yen(Note) Since US-GAAP is adopted, Income before Income Taxes is indicated instead of Ordinary Income.

This is the English translation of the original Japanese-language press release dated August 30, 2018
and is provided for reference purposes only.
Readers are advised that the Company does not guarantee the accuracy of the content contained in thisreport. In the event of any discrepancy between this translation and the Japanese original, theJapanese original shall prevail.

②

Overview of Descente(1) Company NameDESCENTE LTD.

(2) Head Office

1-11-3 Dogashiba, Tennoji-ku, Osaka-shi, Osaka(3) Representative

Masatoshi Ishimoto, President(4) Businessスポーツ Manufacture and sales of sportswear and related articles(5) Capital

3,846million yen(6) Establishment

February 26, 1958

(7) Relationship between
Wacoal and Descente

There are no relationships in capital, human or trade.

(８) Consolidated operating results and financial position for the last three years
Fiscal Year
March 31, 2016
March 31, 2017
March 31, 2018
Net Assets

69,748million yen

70,944million yen

78,875million yen

Total Assets

107,624million yen

106,976million yen

117,828million yen

Net Sales

135,778million yen

131,543million yen

141,124million yen

Operating Income

10,376million yen

8,418million yen

9,596million yen

Income before Income Taxes

11,053million yen

8,631million yen

9,698million yen

Profit Attributable toOwners of Parents

7,870million yen

5,650million yen

5,771million yen

End