Tokio Marine CP Sells Barneys Japan To Seven & i

Tokio Marine Capital Partners has agreed to sell its 49.99% holdings in Barneys Japan to Seven & i Holdings, which holds major department store operator Sogo & Seibu,   in addition to 7-Eleven and supermarket chain Ito Yokado.

The sale of the Japanese business of Barney‘s New York is reportedly for JPY 6 billion. It logged sales of JPY 19.5 billion last fiscal year and expects a higher number this year aided by increased spending on high-end goods.

In 2006, Tokio Marine and Sumitomo Corp. jointly acquired Barneys Japan from Isetan, another major  department store operator. Isetan had acquired a stake in Barneys New York in 1989 and later suffered a USD 400 million write-off when Barneys NY went bankrupt.  

Sumitomo Corp. will continue to hold a 50.01% stake in Barneys Japan. 

This makes the 3rd exit from Tokio's 2005 vintage fund. Last week, Bushu Pharmaceuticals, the last portfolio company of Tokio's 2005 fund, acquired a pharmaceutical plant nearby Tokyo from Eisai Co. The acquisition will triple Bushu's production capacity.