ORIX Corporation told Japan's Kanto Local Finance Bureau that its stake in Baroque Japan Limited, the Tokyo Stock Exchange-listed apparel retailer trading as ticker 3548, dropped to 11.96% from 13.11%, a decline of more than one percentage point that automatically triggers disclosure under Japan's large-shareholding rules. The filing, labeled Change Report No. 7, covers a run of stock sales stretching from July 6 to September 2, 2026.
ORIX now holds 4,388,200 shares of Baroque Japan's 36,676,300 shares outstanding as of May 31, 2026. All the disposals disclosed in the filing were executed on-market in common stock, with volumes climbing toward the end of the window: 59,400 shares sold on August 27, 77,000 shares on August 28, and a window-high 81,100 shares on September 2, the day the reporting obligation arose.
| Date | Shares sold | Share of outstanding stock |
|---|---|---|
| July 6, 2026 | 2,400 | 0.01% |
| August 27, 2026 | 59,400 | 0.16% |
| August 28, 2026 | 77,000 | 0.21% |
| September 2, 2026 | 81,100 | 0.22% |
The filing states ORIX's purpose as pure investment, with no important proposals attached to the holding and no pledge or other material contract tied to the shares. Separately, the report records total funding of ¥4.17bn in ORIX's own capital, with no borrowings, tied to the shares it still holds, a figure describing how the retained position was originally financed rather than any value realized from the recent disposals.
At 11.96%, ORIX remains a substantial shareholder in Baroque Japan. The filing states its trigger was a decrease of one percentage point or more in the holding ratio; it does not disclose whether ORIX plans further sales or what additional threshold would prompt another report. The document was submitted on September 8, 2026, six days after the obligation arose.