The Mitsukoshi and Tiffany & Co

Mitsukoshi, one of Japan's

Elsa Peretti Open center cuff

largest retail companies, plans to sell

Elsa Peretti Double Open Heart bangle

3.88 million shares by the end of February. If an overallotment option is exercised, the company will sell as many as an additional 390,000 shares. Based on Tiffany's closing price on Wednesday, the sale would raise about $243 million.
Tiffany and Mitsukoshi have done business together since 1972 and Mitsukoshi has been a significant shareholder since 1989,

Tiffany 1837 bangle

Tiffany said in a statement.
Mitsukoshi will use proceeds from the sale for general corporate purposes, store renovations and expansion.
Separately, Tiffany said sales at United States stores open at least a year rose 12 percent for the holiday period from Nov. 1 through Dec. 31.
Tiffany operates 130 stores worldwide, including 34 in the United States. The Zale Corporation is the largest United States jewelry retailer, based on revenue.
And Mitsukoshi Ltd., planned to sell its 12 percent stake in a public offering.