TOKYO — Seven & i Holdings Co. Ltd. said Thursday that it has bought out Sumitomo Corp.’s 50.01 stake in Barneys Japan for an undisclosed price, giving Seven & i full ownership of the Japanese department store operator.
Seven & i Holdings bought an initial 49.99 percent stake in Barneys Japan in 2013 for an undisclosed sum from Tokio Marine Capital Co. Ltd. Sumitomo had retained a majority stake until now.
In a brief statement devoid of strategic details, Seven & i said it bought the rest of Barneys Japan “to generate further synergies with its group companies.” In addition to 7-Eleven convenience stores, other retailers within the group include Ito-Yokado superstores and Sogo and Seibu department stores.
In 2013, Seven & i said it had been working to develop its Sogo and Seibu chains into “new department stores.” The company said it wanted to capitalize on Barneys Japan’s product merchandising and visual merchandising expertise to strengthen its product development capabilities and private-brand goods.
Sumitomo Corp. and Tokio Marine Capital bought Barneys Japan in 2006 from department store giant Isetan, which is now part of Isetan Mitsukoshi Holdings Co. Ltd.
According to Barneys Japan’s website, the company operates five regular Barneys stores and six outlets in Japan. Seven & i did not release sales information but in 2013 it said that Barneys Japan posted sales of 19.52 billion yen, or $238.17 million at average exchange, for the year ended February 2013. The retailer has a licensing agreement with Barneys in the United States to use the Barneys New York name for its stores.