July 7, 2017 / 6:24 AM / 6 months ago

BRIEF-Mulberry signs agreement with Onward Global Fashion Co for Japan JV

July 7 (Reuters) - Mulberry Group Plc:

* Announces signing of agreement with Onward Global Fashion Co to form a new 50:50 JV company to operate its business in Japan

* Mulberry Japan will develop group’s retail, digital, omni-channel and wholesale business in Japanese market

* Group and OGF will be equal partners, each owning 50 pct of share capital of Mulberry Japan

* Group, OGF to invest 2.8 million STG in Mulberry Japan’s share capital to provide funds to develop distribution network, build brand in Japan

* Mulberry Japan will manage all retail, digital fulfillment and wholesale distribution for Japanese market

* Mulberry Japan is expected to be operational from late 2017

* Joint Venture will be accounted for as a minority interest in group’s financial statements

* Group anticipates investment in Mulberry Japan to be profit-neutral at group level during initial two-year development phase Source text for Eikon: Further company coverage:

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