Lulu Guinness has sold a 15% stake in the luxury handbags and accessories label to Hong Kong-based First Eastern Investment Group to further expansion in Asia.
Lulu Guinness has also signed an agreement to form a 50% joint venture with First Eastern to expand the brand in Asia, beyond Japan, where it already has a presence.
First Eastern said it will take advantage of its strong network across Asia to build upon the success that the Lulu Guinness brand has had in Japan.
Lulu Guinness has three stores in London, New York and Tokyo and is also wholesaled in department and speciality stores worldwide including Harrods and Selfridges in the UK, Bergdorf Goodman New York, Le Bon Marché and Colette in Paris and Isetan in Tokyo.
First Eastern has invested into over 100 projects in China covering infrastructure projects, light industries, real-estate development and financial services.
First Eastern Investment Group chairman Victor Chu said: “With our rich local and regional expertise as well as extensive investment experience, I am confident we will add substantial value to Lulu Guinness in their expansion across the Asia region.”
Lulu Guinness chief executive Martin Mason said: “Together with First Eastern, we are confident we will bring our exquisite handbags and accessories to customers in this fast-developing environment, who are demanding accessible high-end products like ours.”