Japanese partner buys Joseph

Luxury fashion chain Joseph has been sold to Japanese menswear retailer Onward Kashiyama. The deal values the 63-store retailer, founded by Joseph Ettedgui, at£140 million.

Joseph managing director Thierry Letrilliart said: 'We have known Onward Kashiyama for many years as our menswear partner in Japan, and the combination offers significant advantages to Joseph, especially in respect of expansion in the Far East.'

At the same time, Joseph announced a rise in sales of 3 per cent for the year to March. Like-for-like sales rose 3.6 per cent. EBITDA rose 34 per cent to£13.3 million, because of tightly controlled costs and margins.