Japan's Fast Retailing Co has sold its 60% stake in retail subsidiary Aspesi Japan back to Italian company Alberto Aspesi & Co.

Aspesi, located in Legnano, Italy, is involved in the design, manufacture and sale of Aspesi brand clothing.

Fast Retailing said it expects minimal impact on financial results for the year ending August 2008 as a result of the sale.

Fast Retailing did not disclose the price of the transaction but it reportedly bought the stake three years ago for JPY345m ($3.21m), according to Reuters.