HONG KONG, Nov. 1, 2013 /PRNewswire/ -- 361 Degrees International Limited ("361 Degrees" or the "Company", together with its subsidiaries, the "Group"; HKSE stock code: 1361), one of the leading sports brand enterprises in China, is pleased to announce that the Company has entered into the Strategic Cooperation Agreement with One Way Sport Oy ("One Way Sport") for the formation of a Joint Venture ("JV").
One Way Sport is one of the global leading companies for Nordic and outdoor sports goods and has capabilities in design and marketing of high-performance technical apparel, premium-quality ski gear and carbon poles, footwear and accessories for consumers around the world. One Way Sport is also the owner of international outdoor brands "ONE WAY" and "OW", and owns certain registered "OW" trademarks and trademark applications.
With the formation of the JV, the Company will gain access to technological knowhow of One Way Sport in Nordic and outdoor sports which can help to diversify the Group's business and product portfolio.
Pursuant to the Strategic Cooperation Agreement, a JV Holding will be set up and will be owned as to 70% by 361 Investment Company Limited, an indirect wholly-owned subsidiary of the Company, and 30% by One Way Sport upon incorporation. The JV Holding, One Way International Enterprise Limited, will establish a JV Subsidiary, Zhonglan Sports Goods Co., Ltd., 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 (mainland China, Hong Kong, Macau and Taiwan). 361 Investment Company Limited will initially contribute RMB12 million in cash and One Way Sport will contribute its One Way trademarks registered and under registration in the Greater China Region into the JV. Distributable profits shall be distributed between 361 Investment Company Limited and One Way Sport on pro rata basis based on their shareholding percentages in the JV.
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, and controlling the quality of the One Way Products. One Way Sport will be responsible for providing research and development support and design support for One Way Products, and technical innovation support. It will also assist in market development by providing marketing strategies and concepts for the Greater China Region and access to international One Way Sport marketing resources for the Greater China Region. Both parties will cooperate 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 Sport and 361 Degrees combines for the first time the strength and experience of two successful brands in sales and marketing. Now in the partnership, One Way Sport and 361 Degrees will combine the marketing, creativity and design expertise of One Way Sport with the solid foundation of 361 Degrees in China to develop One Way to 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 fastest growing Nordic sports brand. We believe our cooperation with One Way Sport will bring better and more professional sports products to sport enthusiasts in the Greater China region. 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."
About 361 Degrees International Limited
361 Degrees International Limited is one of the leading sports brand enterprises in China, possessing brand marketing, research and development, design, manufacturing, distribution and retail capabilities. The Group's products include footwear, apparel, accessories and equipment for sport and leisure uses. The Group has established an extensive supply chain management system through proprietary and sub-contracted manufacturing operations; and an exclusive distribution and retail network in China through distribution via authorized distributors.
For more details, please refer to its website: www.361sport.com.
About One Way Sport Oy
One Way Sport is one of the global leading companies for Nordic and outdoor sports goods and has capabilities in design and market of technical apparel, premium-quality ski gear and carbon poles, footwear and accessories for consumers around the world. Headquartered in Vantaa, Finland, One Way operates today in Finland, Sweden, Germany, and USA, and has established distribution in 28 countries Worldwide with strong market share in the largest Nordic Sports markets such as Scandinavia, Central Europe, Russia and North America. One Way is the owner of international outdoor brands "ONE WAY" and "OW" and owns certain registered "OW" trademarks and trademark applications.
For more details, please refer to its website: www.onewaysport.com.

消息來源  361 Degrees