Italian clothing company Miroglio Group has signed a joint venture with Chinese women's wear manufacturer Elegant Prosper under which Miroglio will acquire a 50 per cent stake in Elegant Prosper.

The deal, valued at over €5 million, should boost Elegant Prosper's market presence in China, allowing at least 70 new sales outlets to be opened there throughout 2005.

The deal is also expected to raise Miroglio's profile in the Chinese market.

Products from the venture will be distributed in over 130 outlets.
Miroglio, which is based in Marches, central Italy, has 15 ladies' fashion brands including Caractere, Motivi and Elena Miro.

Shanghai-based Elegant.Prosper, which saw a turnover of €10 m for 2003, operates two production sites in China.