Mulberry launches joint venture for Japan
Luxury brand Mulberry has signed an agreement with Onward Global Fashion to form a new 50:50 joint venture company to operate its business in Japan.
Onward Global Fashion is a wholly owned subsidiary of Onward Holdings which is listed on the Tokyo Stock Exchange.
The new company, Mulberry Japan, will have its headquarters in Tokyo and will develop the group's retail, digital, omnichannel and wholesale business in the Japanese market.
Mulberry and Onward Global Fashion will be equal partners, each owning 50% of the share capital of Mulberry Japan, and will invest a total of £2.8 million in Mulberry Japan's share capital to provide funds to develop the distribution network and build the brand's presence in the country.
Thierry Andretta, Mulberry chief executive, said: "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."
Expected to be operational in 2017, Mulberry Japan will manage all retail, digital fulfilment and wholesale distribution for the Japanese market. Mulberry said a general manager has been appointed to build a local team.
Mulberry’s distribution platform in Japan currently consists of a new Mulberry store in Tokyo Ginza G6, two concessions in Tokyo and Osaka, its wholesale channel and the mulberry.com site.
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