Chinese sportswear brand Anta announced that its wholly-owned subsidiary Anko and the joint investor of Kolon have signed a joint venture agreement with Kolon for the establishment of a joint venture group.
The main businesses of the joint venture group will be exclusive marketing, sales, and distribution of products under the Kolon Sport brand in certain regions. Neither side released information on the capitalization level or ownership stakes within the JV.
Kolon Corporation is registered in South Korea and listed on Korea Stock Exchange. According to the agreement, Anko and the joint investor of Kolon will each own a 50% stake in the new joint venture.
The board of directors of Anta believes that this agreement will expand their business range in the Chinese sports supplies market, especially the medium- and high-end outdoor sports supplies. It is expected to improve the group’s profiting ability, sustainable development ability, and financial performance. The board said that the establishment of the joint venture group will benefit their future growth and overall business development.
(Source: China Retail News)