Tokio Marine sells Barneys Japan stake to 7 Eleven parent

Barneys - which sells imported designer fashion and other luxury items - has five main store locations in Japan: three in Tokyo, one in Osaka and one in Fukuoka. It also has five smaller outlets dotted across the country and an online store.

According to a filing, the company recorded sales of JPY19.5 billion for the last fiscal year. This figure is expected to grow on the back of increased spending on high-end goods in Japan.

Barneys Japan was originally established 1989 as an 80-20 joint venture between Isetan, a major Japanese department store operator, and Barneys New York. Isetan eventually took a 100% of the JV after Barneys New York filed for bankruptcy in the mid-nineties.

Tokio Marine and Sumitomo Corp. then jointly acquired Barneys Japan from Isetan in 2006 for JPY1.25 billion.

The deal represents Tokio's third exit from its 2005 vintage fund which reached a final close of JPY32.6 billion. Sumitomo will hold on to its 50.1% stake.

The Barneys deal is the second time this week that Seven & I has paved an exit for private equity. On Tuesday it was revealed Advantage Partners will sell its stake in catalogue and web-based retailer Nissen Holdings to Seven & I Net Media, a subsidiary of Seven & I, for JPY2.36 billion. Seven & i is looking acquire up to 50.74% of Nissen.

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• Topics
• North Asia
• Consumer
• Exits
• Japan
• Consumer
• Tokio Marine Capital
• Exit