Founded as a single kimono shop in 1673, Mitsukoshi grew to become one of Japan's leading department store chains with about 15 domestic main stores, some 65 smaller stores, and another 25 outlets in other countries, including the US and Germany. Following decades of mismanagement, customers lost to specialty stores, and a prolonged downturn in Japan's retail sector, Mitsukoshi was acquired by its younger rival Isetan for about $2.5 billion in stock in 2008. The two companies are subsidiaries of newly-formed Isetan Mitsukoshi Holdings. Together they form one of Japan's largest department store chains, with about $15.5 billion in sales.