US retailer Brooks Brothers has entered into a joint venture with Walton Brown Group to accelerate growth in Greater China.

The 50/50 joint venture with Walton Brown, a subsidiary of Asian retail and brand management group The Lane Crawford Joyce Group, will commence in January for an initial term of ten years. 

Brooks Brothers, which operates more than 460 stores globally, says the joint venture will leverage its global appeal as well as the strengths and capabilities of Walton Brown in strategic retail brand management in Greater China. 

The joint venture will manage Brooks Brothers' 90 stores in Greater China, and will activate a “strategic expansion plan” to open more than ten points of sale in the first two years across key cities in China, Hong Kong, Macau, and Taiwan. 

In addition to freestanding stores, the joint venture will invest in a multi-channel distribution platform providing wholesale, outlets, travel retail and e-commerce channels to bolster brand presence and fuel business growth in the region. 

“We are confident in China's growth prospects in the premium sector for the coming years and this is the optimal time for us to position Brooks Brothers for long term sustainable growth,” says Brooks Brothers chairman and CEO Claudio Del Vecchio.

He adds: "With Walton Brown's in-depth local market insights and extensive distribution capabilities and network in retail, we believe we can capture new opportunities to further deepen our relationship with Chinese consumers." 

Following the formation of the joint venture, Brooks Brothers and Walton Brown will establish a corporate office and showroom in Hong Kong in early 2016.

Thomson Cheng, president of Walton Brown, notes: “With the foundation in place, we believe the brand has enormous potential with the new generation of sophisticated and prosperous consumers in China and with the launch of the online business in 2016 we will be able to significantly increase reach with this consumer segment."