Jerash Holdings, Busana enter agreement to form JV for sportswear, outerwear

Jerash Holding and Busana Apparel Group signed an agreement to form a joint venture company for producing custom, ready-made, sportswear and outerwear in Jordan for Busana’s global branded customers. The new company will operate under the name, J&B International Limited, and will bring together two of the industry’s leading apparel manufacturers, serving many iconic, high-profile global brands. Busana is supported by more than 28,000 employees worldwide and has 30 manufacturing facilities in Indonesia and Ethiopia. Jerash has long-established manufacturing operations in Jordan, with plans in place for further capacity expansion. As part of the agreement, Jerash will own a 51 percent equity stake in the joint venture, and Busana will own 49 percent. The companies will contribute a proportionate amount of $1.5 million as working capital to launch the new entity.