Italian accessories firm Furla and Hong Kong-based Fung Group said Friday that they have formed a joint venture to open more than 100 new Furla boutiques in Greater China.
As reported in WWD, Furla is embarking on a major international expansion push.
Furla said it will have a majority stake in the joint venture, which will manage Furla's network of 20 directly-owned stores. The Italian company opened its first new retail concept store in Hong Kong in August 2012.
The Bologna, Italy-based company closed 2012 with total sales of 212 million euros, or $271.3 million at average exchange. The Asia-Pacific area accounts for 13 percent of Furla sales.
The Furla JV was formed with Fung Capital Asia, part of the privately-held Fung Group. Sourcing and logistics giant Li & Fung is a separate subsidiary of the Fung Group and not related to the joint venture.
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