FamilyMart Co. and Itochu Corp. said Friday they will set up a joint venture in Shanghai to operate convenience stores in the region, beginning in the summer.
Capitalized at 70 million yuan, or $8.46 million, Shanghai FamilyMart Co. will be owned 65 percent by China CVS (Cayman Islands) Holding Corp. and 35 percent by CITIC Trust & Investment Co., the two companies said in a news release.
China CVS is owned mainly by FamilyMart, Itochu and Chinese firm Ting Hsin (Cayman Islands) Holding Corp., FamilyMart and Itochu said.
The two firms said they aim to expand the number of convenience stores to about 300 in the next three years.
FamilyMart is Japan's third-largest convenience store chain, while Itochu is one of Japan's giant trading houses.