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Pola Orbis announced its subsidiary H2O Plus resolved at a board meeting to establish a joint venture—C2O Plus Asia Limited—with Asia Development Enterprise Co., Ltd. (ADE), which has a distributorship agreement with H2O Plus.
This new venture has been developed to help H2O Plus and Pola Orbis expand its business further overseas, centering on the growing Asia and Chinese market, to achieve its long-term vision of ¥250 billion or more consolidated net sales and 20% or higher overseas sales ratio by 2020.
H2O Plus, which joined Pola Orbis in July 2011, has been already operating business in China with ADE acting as its distributor. However, H2O Plus will aim to accelerate the growth of business in China by establishing a joint venture to increase retail sales, manage brand throughout retail stores and launch new products based on consumer buying behavior.
For the subsidiary, H2O Plus will own 51% and ADE 49%, and it represents a $10 million investment. Additionally, the new business will be based in Hong Kong.