Ahead of other Japanese companies, we established a foothold in China in 1972. Since then, our priority strategy has always been building relationships with leading local partners in China centering on Shanghai-based ITOCHU TEXTILE (CHINA) Limited (hereinafter ITS). We have also built strong networks with many other companies. In 2016, ITOCHU established joint venture Descente (China) Co., Ltd., with a subsidiary of ANTA Sports Products Limited, a leading sportswear company, and DESCENTE LTD. and the three companies have been increasing sales in the Chinese domestic market. Additionally, since signing a strategic partnership with the Lanvin Group in 2021, we have accelerated the global development of the brand businesses.
In the Asia region, we are strengthening our sourcing functions and expanding internal sales using a variety of brands owned by ITOCHU within the region through ITOCHU TEXTILE PROMINENT (ASIA) LTD. (hereinafter IPA) based in Hong Kong. Further, in 2015, ITOCHU formed a capital and business alliance with Vietnam National Textile and Garment Group (hereinafter VINATEX) through IPA. VINATEX is the largest textile group in Vietnam, which is considered to be a large manufacturing base for the apparel sector, just behind China. Together with VINATEX, ITOCHU will build upstream and downstream value chains in Vietnam and the ASEAN region.
Moving forward, ITOCHU will work to build global value chains while strengthening our relationships with leading local partners centered on ITS and IPA and aiming at the creation of a production system in China and the entire Asia region, in addition to expanding sales of clothing in Europe, the United States and the Asia region, including Japan and China.