Japanese retail group Fast Retailing Co, which operates the Uniqlo value casual clothing chain, has signed a deal to buy out shoe retailer Onezone Corp.

Fast Retailing said it would acquire all of Onezone's shares from US investment fund Oaktree Capital Management LLC and Japanese trading company Mitsubishi.

Fast Retailing's chairman, Tadashi Yanai, will become Onezone's chairman, while Fast's sales head Hisao Kuwahara will take on the role of Onezone president.

Onezone, known as Marutomi before April 2002, operates a chain of 330 footwear stores throughout Japan, and completed a restructuring plan in December 2004.