Sanrio Co. Ltd.’s Shanghai subsidiary has inked a master license agreement with Hong Kong-based KT Licensing Ltd. for Mainland China, paving the way for the development of merchandise bearing the trademark of Hello Kitty and other Sanrio characters.

KT Licensing, which unveiled the deal Thursday, is owned by an investment vehicle of the families of Victor Fung and William Fung, the controlling shareholders of the sourcing and apparel manufacturing conglomerate Li & Fung Group. A Li & Fung spokeswoman said the agreement does not involve other Li & Fung subsidiaries.

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