Italian firm Furla teams up Li&Fung's parent in distribution JV
HONG KONG Feb 1 (Reuters) - Italian premium leather goods and fashion accessories retailer Furla has teamed up with Hong Kong-based Fung Holdings (1937) Ltd to distribute its products in China, Hong Kong and Macau with immediate effect, aiming to open over 100 boutiques in the next four years.
Fung Holdings (1937) Ltd, a privately held business entity controlled by the Fung family, is the parent of global supply chain manager Li & Fung Ltd.
Furla said it would hold a major stake in the venture. It gave no dollar value.
Founded by Aldo Furlanetto in 1927 in Bologna, Furla distributes its products to 71 countries through 320 single brand boutiques, 1290 points of sales in department stores and specialised stores.
Despite slower economic growth in China, the mainland market remains a darling to many luxury brands.
British luxury brand Burberry, which was one of the first major brands to warn about worsening trading conditions in China in September, said last month that consumer sentiment there had improved.