Published: 18:51 EDT, 28 March 2017 | Updated: 18:51 EDT, 28 March 2017>
Fan: Duchess of Cambridge wears a Mulberry coat
Mulberry is setting its sights on an expansion into Asia.
The British luxury retailer has teamed up with Singapore billionaire Christina Ong – who controls 56 per cent of Mulberry through her company, Challice – to set up a business in the region.
The 68-year-old and her husband, who are worth an estimated £1.5billion, will control 40 per cent of the Asian division, while Mulberry will hold on to the remaining 60 per cent.
Thierry Andretta, chief executive of Mulberry, said: ‘Mulberry Asia enables us to advance our international strategy of developing the brand in a key luxury market.’
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The brand – a favourite of the Duchess of Cambridge – is investing £3million in marketing over the next two years, aimed at attracting Asian tourists who shop in the UK, Europe and North America.
Mulberry Asia will begin trading on April 3, initially with four stores – two in China, one in Hong Kong and one in Taiwan.
Shares fell 0.7 per cent, or 7.5p, to 1081p.>
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