LONDON — French music, fashion and lifestyle company Maison Kitsuné, founded by Gildas Loaëc and Masaya Kuroki in 2002, has signed a 50/50 joint venture deal with China’s top men’s trousers-maker JoeOne group. Financial terms of the deal were not disclosed.
The partnership, registered as Maison Kitsuné China Co. Ltd., will operate the brand’s fashion business and e-commerce in the Greater China region, including mainland China, Hong Kong and Macau.
The company, which has one store in Hong Kong, plans to expand its China business to 50 points of sale in the next five years. Starting in September, it will open three stores in Hong Kong, Shanghai and Chengdu.
Maison Kitsuné has 400 points of sale worldwide. As a part of its overall Asian expansion plan, the company signed an exclusive distribution partnership with South Korea’s Samsung C&T and opened its first shop in Seoul last year.
“We are thrilled to be partnering with JoeOne on this exciting joint venture, which will provide Maison Kitsuné with broad resources to boost our business in Greater China. JoeOne’ s deep expertise and knowledge of the Chinese retail market and consumers make them an ideal partner to develop our long-term growth strategy in the region,” Loaëc said.
Founded in 1989, JoeOne is a household brand known for its top-quality trousers and has 2,700 stores operating across China. The company began a platform-based, multi-and omnichannel strategy in 2016. Maison Kitsuné is the latest brand to have tapped JoeOne to expand its product offering and appeal to the growing number of fashion-savvy Chinese consumers.