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Mulberry signs JV with Onward for Japan

Luxury fashion and accessories brand Mulberry has added another joint venture (JV) in Asia with news that it has signed an agreement with existing license partner Onward Global Fashion to form a 50:50 JV company to operate its business in Japan.

UK-based Mulberry says that the new company will benefit from its digital and brand building capabilities coupled with Onward’s experience in distributing luxury brands across the Japanese market.

The new company will be called Mulberry Japan and will have its HQ in Tokyo. It will develop the Group's retail, digital, omni channel and wholesale business in the Japanese market and is expected to be “profit-neutral” for Mulberry during the initial two-year development phase.

Mulberry and Onward will be equal partners, each owning 50 per cent of the share capital of the new company. On this the Mulberry’s CEO Thierry Andretta stated that the luxury firm sees Japan as a “significant growth opportunity” and that in Onward it has “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."

Mulberry Japan will manage all retail, digital fulfilment and wholesale distribution for the Japanese market. A general manager has been appointed to build a local team, based in the Tokyo head office with the firm expected to be up and running later this year. The Japan deal comes as Mulberry makes growth in Asia a priority. Earlier this year it set up Mulberry (Asia) Limited as a JV with Challice Limited to operate the group's business in Hong Kong, China and Taiwan. That launch also came along with “significant” marketing investment in North Asia. In addition to local marketing initiatives, Mulberry plans to invest around £3 million in additional support over the next two years.

 
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