British luxury label Mulberry has announced its new Asian-focused company Mulberry Asia is set to begin trading in Hong Kong from April 3.
The new company comes following a business agreement with Challice Limited and will see Mulberry Asia operate the group’s operations in Hong Kong, China and Taiwan.
Mulberry Group plc will own 60 percent of the share capital of Mulberry Asia, with Chalice holding the remaining 40 percent. The new Asian-focus company will trade in Hong Kong as well as have a subsidiary in China, with a branch office in Taiwan expected to be operational this year once the business secures relevant business licences for the territories.
Mulberry Asia will initially operate four stores, two in China, one in Hong Kong and one in Taiwan, as well as manage the regional wholesale operations. These will be supported by the group's Chinese language mulberry.com site and omnichannel platform throughout the region.
Both the new Mulberry Asia and the group plan to “significantly invest” in North Asia, the press statement confirmed, with the group planning to invest 3 million pounds in additional support over the next two years to build brand awareness in the region and capitalise on international tourist flows to the UK, Europe and North America.
In addition, the brand's store network will be enhanced with a new store in Shanghai as well as relocation of its existing stores in Hong Kong and Beijing.
Mulberry chief executive, Thierry Andretta, said: "We are delighted to launch Mulberry Asia, which enables us to advance our international strategy of developing the brand's retail and omnichannel model in a key luxury market. We see significant growth opportunity in the region and look forward to taking this major step forward in fulfilling Mulberry's global potential.”
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