Departmental stores major Isetan to sell Barney's stake to Sumitomo
26 Jun '06
2 min read
Through this deal, Isetan hopes to invest the take in strengthening their main department store business with reforming their stores and also in their business in China.
Sumitomo will be purchasing 50.1 percent of Barney's Japan stakes, and Tokyo Marine Capital will be taking the rest.
Sumitomo hopes to increase stores from current 3 (2 in Tokyo and 1 in Yokohama) to around 6 in the next 6years and hope to double sales to 30MJYen.
Although Isetan's history with Barney's have been a painful one, Isetan has managed to re-determine what their main business is, and structure their management in a matching manner through this experience.
The costs were high, but perhaps it was worth it when considering what they have earned through the experience.
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