TOKYO — Nigo, the fashion and music impresario who founded Japanese street label A Bathing Ape, openly admits he’s never really had a head for business. That partially explains why Hong Kong-based retailer I.T Ltd. managed to snap up 90 percent of his company Nowhere Co. for just 230 million Japanese yen, or $2.8 million at average exchange rates. The company, which owns the brand known as Bape, has posted losses for the past two fiscal years and has racked up its share of debt.
Although Nigo downplayed the severity of Nowhere’s financial situation — even to the extent that he denied the company is actually losing money — he acknowledged that dealing with the administrative side of running a business has never been his strong suit.
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