Esprit, the renowned fashion retailer, announced joint venture with Mulsanne Group to take over the marketing of its products in Mainland China.
The fashion retailer, reportedly, will hold a 40 per cent stake in Esprit China business and notably the agreement includes Mainland China and not Taiwan and Hong Kong.
The joint venture, in all probability, will be launched in June 2020 following regulatory approvals.
Highlighting the relevance of the venture, Patrick Lau Yiu Pong, Company Secretary, Esprit, said “Esprit China has always been an important pillar of the retailer’s strategic plan.”
It is important to mention here that Esprit will be shutting down some of its poorly performing stores in Mainland China before transferring the remainder assets to the joint venture company.
Mulsanne Group is an investment holding company engaged in retail and online platforms for menswear, as well as product development.