Lingerie company Van de Velde and its Chinese partners have agreed to end Top Form International joint venture Guliano.

Van de Velde established the holding company Guliano together with its Chinese partners in 2002 in order to maintain joint control of TFI.

TFI is now "financially sound" and does not need Van de Velde's backing any longer more, the group said.

The end of the JV will not affect TFI's and Van de Velde's 20-year-old supplier relationship.

The Chinese partners will step out of Guliano, recovering the 19.56 per cent TFI shares they bought at the time of Guliano's establishment. Therefore Van de Velde will sell 2.3 per cent of its stake to them.

Top Form produces lingerie in its production plants in China, the Philippines and Thailand. It also distributes its own lingerie through its own stores in Hong Kong and through wholesale channels in China and Hong Kong. The company employs over 8500 people.

Van de Velde NV is a market leader in women's lingerie.