Japanese conglomerate Mitsui has acquired a minority stake in Singapore-based apparel retailer Triple for an undisclosed amount.
Triple, a wholesaler of American sportswear brand Under Armour, operates brand stores, shop-in-shop operations, wholesale distribution and e-commerce in Southeast Asian countries.
Triple currently has five Under Armour stores and shop-in-shop outlets in Singapore and three in the Philippines and three in Malaysia.
Triple CEO Michael Binger was quoted by DealStreetAsia as saying: "Mitsui has a network of relations with brands that are not yet represented in South-east Asia, and with the wide business interests of Mitsui and Triple’s rapid growth, there will be other areas of cooperation, including logistics."
The retailer plans to open four new outlets this year, and around six in 2016 across Singapore, Malaysia and Thailand.
Triple intends to foray into Indonesia, Brunei and Vietnam markets with partner stores and shop-in- shop locations.
The company expects to have approximately 35 locations, including shop-in-shop executions for the Under Armour brand by the end of 2018.
Mitsui Asia Pacific consumer service business department general manager Toshi Sakurai said: "Mitsui’s current strategy focuses on brand marketing in downstream sector, among which sports and lifestyle is the key category judging from the global trend.
"Establishing the retail network in rapidly growing market such as South-east Asia is regarded as the key element to leverage this brand marketing strategy. Triple’s participation is the best fit to these points."