By  on January 8, 2013

Paul Stuart, known for its special take on Anglo-American fashion, has been sold to its Japanese licensee.

The venerable New York City retailer, which has been a fixture on Madison Avenue for nearly 75 years, was acquired by Mitsui & Co. Ltd., for an undisclosed sum on Dec. 28. The news was kept under wraps until Tuesday when the Tokyo-based company revealed that Paul Stuart’s founding families agreed to sell their shares to Mitsui, which has become the retailer’s sole owner.

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