October 31, 2013 (Helsinki – Hongkong) – 361 Degrees Int. Limited (“361 Degrees” HKSE stock code: 1361), the leading sports brand enterprises in China and ONE WAY Sport OY Finland, are pleased to announce that the companies have entered into a joint venture agreement for the introduction and launch of the ONE WAY brand in China.
The Finnish company ONE WAY Sport is one of the global leading companies for Nordic and outdoor sports goods and has capabilities in design and marketing of technical apparel, cross-country skis and boots, premium-quality carbon poles, footwear and accessories for consumers around the world.
ONE WAY Sport is the official supplier of one of the biggest cross-country marathon races – Vasaloppet – an event which gathers on tracks 68,000 athletes from all over the world.
The Finnish company is proud to be the international sponsor and official supplier for the main Nordic sports events to happen in Scandinavia in the upcoming years – FIS Nordic World Ski Champiuonships 2015 in Falun, Sweden and 2017 in Lahti, Finland.
The companies are planning to open 150 ONE WAY shops in China. Mostly they will be opened in the first-tier & secondary-tier cities of the greater China, and focusing on mainland China and Taiwan. Our strategy is to develop on the scientifically and professionally specified sports markets.
ONE WAY brand is focusing in the greater China on full range of High-end products for outdoor, running, winter sports and cycling.
Established in 2003 and being the fastest growing sports brand in China, 361° has been dedicated to providing professional outfits for sports enthusiasts in more than 7,500 stores in China.
As a brand continuously promoting the development of global sports, 361° is not only the exclusive outfit supplier for multiple national teams and numerous professional teams in China, but also the outfit provider for other countries – national teams.
With the formation of the joint venture, the company will gain access to technological knowhow of ONE WAY in Nordic and outdoor sports, which can help to diversify the group’s business.
The joint venture holdings will establish a JV Subsidiary in Xiamen, Fujian Province, the PRC as a wholly foreign-owned enterprise, to design, produce, distribute and market ONE WAY products within the Greater China Region. The company is planning to start the operation from Jan. 1, 2014. However the sales in stores would be starting in the second half of 2014.
361 Degrees will be responsible for the daily operations and management of the JV, including organizing a team to design, produce, distribute and market the ONE WAY Products for the Greater China Region. ONE WAY will be responsible for providing research and development support and design support for One Way Products, and technical innovation support. Both parties will co-operate to facilitate and promote the market expansion of ONE WAY products in the Greater China region.
Mr. Andreas Bennert, President and Chief Executive Officer of ONE WAY Sport, said, “The partnership between ONE WAY and 361 combines for the first time the strength and experience of two successful brands in sales and marketing. Now in the partnership, ONE WAY and 361 will combine the marketing, creativity and design expertise of ONE WAY Sport with the solid foundation of Chinese Brand 361 in China to develop ONE WAY into one of the most modern and successful brands in Outdoor and winter sports in China.”
Mr. Ding Wuhao, the Company’s President and Executive Director, said, “We are delighted with our cooperation with the fastest growing Nordic sports brand. We believe our cooperation with ONE WAY Sport will bring better sports products to more people who love sports, and will enable both brands to enter the professional outdoor sports market in Greater China.”