AirAsia has entered into a shareholder agreement to re-establish its Japanese subsidiary. The low-cost airline group has partnered with Octave Japan Infrastructure Fund; Rakuten, Japan’s largest online retailer; cosmetics and pharmaceutical manufacturer Noevir; and sports manufacturer Alpen. With a proposed launch in summer 2015, the shareholding ratio is reported to be 49 per cent for AirAsia; 19 per cent for Octave; 18 per cent for Rakuten and five per cent for Alpen. AirAsia’s CEO, Tony Fernandes, commented: “I am more confident than ever that AirAsia Japan, with the strong partnership we have with our new investors, will continue to realise our vision to revolutionise the low-cost carrier segment of Japan.” Odagiri Yoshinori, CEO of AirAsia Japan, added: “Our counterparts in Malaysia, Thailand, Indonesia, the Philippines and Ireland have seen great and encouraging responses in their markets, and we will work towards the same for Japan.” AirAsia Japan originally operated between August 2012 and October 2013 as a joint venture between AirAsia and All Nippon Airways (ANA). AirAsia withdrew from the venture and the airline was subsequently rebranded as Vanilla Air under the full ownership of ANA. AirAsia Japan is now working to obtain operational approvals for domestic and international flights.