Seven & i Holdings Co. said Thursday it now wholly owns Barneys Japan Co. after buying a stake of just over 50 percent in the operator of the Barneys New York luxury fashion stores in Japan from major trading house Sumitomo Corp.
The Japanese retailing giant, which acquired a 49.9 percent stake in Barneys Japan from an investment fund in 2014, did not specify the price of its latest buyout, but the deal is estimated in the billions of yen.
Sumitomo, plagued with massive losses from its resources business, has been realigning its assets.
Barneys Japan runs 11 stores in Japan and sells items online. It did ¥19.5 billion ($163 million) in sales in the year ended February 2013.
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