Posh handbag maker Mulberry Group PLC (LON:MUL) today announced a joint venture to develop retail, digital, omni-channel and wholesale business in the Japanese market.
The joint venture company, Mulberry Japan, will be headquartered in Tokyo and 50/50 owned with Onward Global Fashion, a wholly owned unit of Tokyo Stock Exchange-listed Onward Holdings, the UK firm said in a statement.
Mulberry and OGF, the parent company of the Japanese joint venture partner, will invest a total of £2.8mln to develop the distribution network and build the brand's presence in Japan.
"I am pleased to announce our partnership with OGF in Japan, a market where we see significant growth opportunity for Mulberry. In OGF we have a partner which has extensive luxury goods experience and a robust infrastructure which will enable us to advance our international retail and omni-channel strategy in this key market," Thierry Andretta, Mulberry's chief executive said.
Earlier this year, Mulberry announced a joint venture aimed at the China, Hong Kong and Taiwan markets.
In mid-morning trading, Mulberry was down 24.50p at 1,055p per share.