Fast Retailing, the parent company of Japanese fashion retailer Uniqlo, is to purchase a majority stake in US-based denim brand J Brand.
The company has agreed to purchase an 80.1% stake in J Brand Holdings from private equity backer Star Avenue Capital and J Brand management for approximately $290m (£180.7m).
The transaction, which is expected to be completed by the end of December subject to regulatory approvals, will extend Fast Retailing’s brand portfolio in the affordable luxury market as well as helping the Japanese business to gain more of a presence in the US market.
The existing J Brand management team, led by Jeff Rudes as founder and chief executive, will continue to lead and operate the company as one of Fast Retailing’s branded businesses, which also include luxury brands Helmut Lang and Theory.
J Brand wholesales its products in more than 2,000 stores in around 20 countries.