Japanese department store operator Isetan Mitsukoshi has agreed to acquire the remaining 47.27 per cent stake in Isetan Singapore Limited for about S$140 million (US$103.6 million). 

The acquisition, expected to be completed in August, will make Isetan Singapore a wholly-owned subsidiary of Isetan Mitsukoshi. 

Isetan Singapore was established in 1970 to operate Isetan Mitsukoshi’s department store business in the country. The company was listed on the Singapore Exchange in 1981 and currently operates three department stores in Singapore under the Isetan brand. 

Isetan Singapore’s sales for FY23 were down 3.8 per cent to $84.3 million with a net loss reaching $1.2 million from a net profit of SGD1.3 million the year before. 

Last week, Isetan Mitsukoshi announced the company is to close its prominent flagship store in Shanghai after 27 years of running.