Columbia Sportswear Company (COLM), outdoor apparel, footwear, accessories and equipment manufacturer, announced Tuesday that it signed an agreement with Swire Resources, a subsidiary of Swire Pacific Ltd., to form a join venture to expand the market for the company's Columbia brand and establish and grow its Mountain Hardwear brand in China.
The new joint venture is expected to begin operations from January 1, 2014 with headquarters in Shanghai. Columbia will own 60% of the Joint venture and Swire will own 40%. The joint venture carries an initial term of 20 years and includes a provision for the purchase or sale of the minority interest any time after the fifth year.
Swire Resources has been the exclusive independent distributor of Columbia and Mountain Hardwear branded products in China since 2004, and Hong Kong and Macau since 2002. As of June 30, 2012, Columbia operated 530 retail locations of Columbia brands and 45 Mountain Hardwear brand in 135 cities. Swire will continue to serve as the exclusive independent distributor of Columbia Sportswear in Hong Kong and Macau.
Swire Resources' 2011 Columbia sales in China totaled approximately $123 million, generating low double-digit EBITDA. Sales are on pace to achieve double digit growth in 2012 and future plans include continued expansion of dealer-operated and owned retail locations in additional cities, Columbia Sportswear noted.
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