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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mulberry Group Plc | LSE:MUL | London | Ordinary Share | GB0006094303 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 107.50 | 100.00 | 130.00 | 0.00 | 07:31:01 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Apparel & Accessories, Nec | 159.13M | 13.24M | 0.2204 | 4.88 | 64.58M |
TIDMMUL
RNS Number : 3773K
Mulberry Group PLC
07 July 2017
Mulberry Group plc
Joint Venture Agreement in Japan
Mulberry Group plc ("the Group"), the British luxury brand, announces the signing of an agreement with Onward Global Fashion Co., Limited ("OGF"), a Japanese registered entity, to form a new 50:50 joint venture company to operate its business in Japan. OGF is a wholly owned subsidiary of Onward Holdings Co., Limited, a company which is listed on the Tokyo Stock Exchange.
-- The new company, Mulberry Japan Co. Limited ("Mulberry Japan"), will be headquartered in Tokyo
-- Mulberry Japan will develop the Group's retail, digital, omni-channel and wholesale business in the Japanese market
-- The Group and OGF will be equal partners, each owning 50% of the share capital of Mulberry Japan
-- The Group and OGF will invest a total of GBP2.8 million (Yen400 million) in Mulberry Japan's share capital to provide funds to develop the distribution network and build the brand's presence in Japan
-- Mulberry Japan will benefit from the Group's digital and brand building capabilities coupled with OGF's experience in distributing luxury brands across Japan
The joint venture will advance the Group's strategy of directly participating in key international luxury markets while continuing to refine its positioning in the UK.
THIERRY ANDRETTA, CHIEF EXECUTIVE OFFICER, COMMENTED:
"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."
Joint Venture Structure
Mulberry Japan will manage all retail, digital fulfillment and wholesale distribution for the Japanese market. A general manager has been appointed to build a local team, based in the Tokyo head office. Mulberry Japan is expected to be operational from late 2017. The distribution platform currently consists of a new Mulberry store in Tokyo Ginza G6, two concessions (one in Tokyo, one in Osaka), wholesale and the Group's mulberry.com site.
The joint venture will be accounted for as a minority interest in the Group's financial statements. The Group anticipates the investment in Mulberry Japan to be profit-neutral at Group level during the initial two-year development phase.
FOR FURTHER DETAILS PLEASE CONTACT:
Mulberry Investor Relations Allegra Perry 020 7605 6795 Bell Pottinger Daniel de Belder / Elizabeth Snow 020 3772 2561 GCA Altium Sam Fuller / Tim Richardson 020 7484 4040 Barclays Nicola Tennent / Thomas Dugarin 020 3134 9801
This information is provided by RNS
The company news service from the London Stock Exchange
END
JVERFMATMBAMBFR
(END) Dow Jones Newswires
July 07, 2017 02:00 ET (06:00 GMT)
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