XTEP COMBINED WITH WOLVERINE TO ESTABLISH A JVVENTURE COMPANY. BUSINESS, DEVELOPMENT TWO INTERNATIONAL POPULAR BRANDS MERRELL AND SAUCONY IN Mainland China, HONGKONG AND MACO
On March 4, 2019, Xtep International Holdings Limited, a leading professional sportswear company in China, announced directly owned subsidiaries Xtep Holdings Limited and Wolverine World Wide, Inc. together with its subsidiaries ("Wolverine"; NYSE: WWW) a wholly owned subsidiary of Gemini Operations BV ("JV Partners") entered into a joint venture agreement, forming a joint venture business entity. , distributes and develops Merrell and Saucony brand shoes, apparel and accessories in domestic China, Hong Kong and Macau.
According to the joint venture agreement, Xtep and Wolverine will each invest 155 million CNY in the joint venture company as initial investment. The joint venture company will use the retail network and relationships with Xtep's shopping mall operators to develop and launch products of the two brands Merrell and Saucony in China, along with other brands. related area. The company will open new stores, mainly in cities and major commercial centers in China, and develop brands in Hong Kong and Macau. The product business policy will be applied a synchronous strategy, upgrading classic product lines and creating product lines suitable for the style and body shape of consumers in China.