Hong Kong sportswear maker 361 Degrees International has formed a joint venture with One Way Sport Oy to design, produce and distribute the Nordic firm's products within the Greater China region.

The joint venture - to be named One Way International Enterprise Limited - will be 70% owned by 361 Degree subsidiary 361 Investment Co, and 30% owned by One Way Sport. The former will initially contribute RMB12m (US$2m) in cash and One Way Sport will contribute its One Way trademarks in the Greater China region.

The formation of the joint venture will give 361 Degrees access to technological knowhow of One Way Sport in the Nordic region and outdoor sports which it said will help to diversify the group's business and product portfolio.

"We believe our cooperation with One Way Sport will bring better and more professional sports products to sport enthusiasts in the Greater China region," 361 Degree president and executive director Ding Wuhao.

"This collaboration will not only enable lovers of outdoor and cycling sports to enjoy more professional and more high-performance products, this also allows for cross-border and cross-cultural innovation."

The agreement will see 361 Degrees become responsible for the daily operations and management of the venture, while One Way Sport will provide research and development support, in addition to design support, technical innovation support and assistance in market development.