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Business deals

Singapore fund takes top stake in Japanese duty-free chain Laox

Acquisition shifts control of struggling retailer from China's Suning group

Laox shoppers in Tokyo before the pandemic: The duty-free store operator is looking to adapt to the travel slump. (Photo by Wataru Ito)

TOKYO -- A Singapore-based investment fund has become the top shareholder in Laox, a Japanese operator of duty-free stores, by acquiring a partial stake from China's Suning Commerce Group.

The change in control comes as evaporating tourism demand amid the coronavirus pandemic forces Laox to seek new profit drivers.

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