Mulberry teams up with Japanese firm in 'significant growth opportunity'
Luxury handbag maker Mulberry has signed a joint venture agreement that will see it expand further into the Japanese market.
The group has teamed up with Japanese firm Onward Global Fashion, with both firms holding 50% in a new company called Mulberry Japan.
Headquartered in Tokyo, it will manage all retail, digital fulfilment and wholesale distribution for the Japanese market.
Mulberry chief executive Thierry Andretta described the Asian nation as a "significant growth opportunity" as he ploughs ahead with a strategy of entering "key international luxury markets while continuing to refine its positioning in the UK".
Mulberry and Onward will each pump £2.8 million into the new entity.
Last month Mulberry reported rising full-year profits, helped by an increase in tourists taking advantage of the weak pound in the UK.
The company said pre-tax profits in the year to March 31 rose 21% to £7.5 million, while revenue was up 8% to £168.1 million.
The firm last year launched the first collection under recently hired creative director Johnny Coca, with nine new bags - including a revamp of its best-selling Bayswater design.
The "Zipped Bayswater" bag has become an immediate bestseller since its launch in October.