Dickson Concepts (International) is to buy the remaining stake in Hong Kong Seibu Enterprise from its Japanese owner for $23.22 million, its second move in the luxury retail market in a month. The upmarket retailer, in which chairman Dickson Poon owns 54 per cent, said the group had agreed to buy the 13.16 per cent stake it did not own from Seibu Department Stores in Japan. Hong Kong Seibu Enterprise, which is engaged in the management and operation of two Seibu department stores in Hong Kong, will become a wholly owned subsidiary of Dickson Concepts. It previously held 86.84 per cent. It also holds an exclusive long-term franchise to establish, operate and expand Seibu stores in Hong Kong, China, Taiwan and other Southeast Asian countries. The acquisition came after Dickson Concepts last month said it would open a branch of Harvey Nichols, the well-known London department store, at the Landmark in Central. The store will cover 60,000 square feet and involve an investment of more than $100 million. Raymond Lee, the deputy chairman of Dickson Concepts, said: 'Seibu department stores in Hong Kong and Shenzhen were profitable and Hong Kong is our largest market.' 'It is a coincidence that the two deals came in such a short period of time,' he told South China Morning Post. The consideration represents a premium of 500 per cent to the net tangible asset value of the 13.16 per cent stake in Hong Kong Seibu Enterprise, which was valued at about $4 million on March 31. The company said the purchase would draw on internal funds.