Japanese retail giant Seven & I Holdings is to acquire 49.9 per cent stake in Barneys Japan.

Barneys Japan currently has 10 stores, including five outlet stores across the country.

Seven & I, which operates 7-Eleven convenience stores and Seibu and Sogo department stores, will buy the stake from Tokio Marine Holdings for 6 billion yen ($58.7 million).

It will make Seven & I the second largest shareholder of Barneys Japan after Sumitomo Corporation.