British handbag retailer Mulberry has signed a joint venture agreement that will see it increase its presence in Japan.
The luxury brand has teamed up with Japanese firm Onward Global Fashion, with both companies having a 50 per cent stake in a new company called Mulberry Japan.
Headquartered in Tokyo, it will manage all retail, digital fulfilment and wholesale distribution of Mulberry for the Japanese market.
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Mulberry and Onward will each invest £2.8 million in the new entity.
Mulberry chief executive Thierry Andretta said Japan presented “significant growth opportunity” and is a key market in its international expansion strategy.
The news comes after Mulberry reported rising full-year profits last month, boosted by an increase in tourists taking advantage of the weak pound in the UK.