Initially, Kolon Corporation will invest 22.47 billion won ($19.84 million) and acquire 32.3 per cent stake, while its subsidiary Kolon Industries will acquire the rest. Later, the parent company will hand over a 7.3 per cent stake to Kolon Industries so that both would own 25 percent each, according to Korean media reports.
Kolon Sport entered China in 2006 and currently operates over 210 stores across the country. The joint venture will help Kolon Sport expand in the Chinese market, while helping ANTA to diversify its brands.
"With the establishment of a joint venture we will cooperate closely with ANTA and expect to promote and expand our brand not only in mainland China but also into the greater China. We will become the number one outdoor brand in the region," said Park Joon-sung, director of Kolon Industries.
ANTA Sports, China’s largest and the world’s fourth-largest branded sportswear company by market value, has a 10.3 per cent share in the Chinese sportswear market. (RKS)
ALCHEMPro News Desk – India
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