Sanrio, Avex Asia Form Joint Venture in Singapore
posted on by Crystalyn Hodgkins
Sanrio Co., Ltd. and Avex Asia Pte. Ltd. announced on Friday that they are establishing a joint venture in Singapore to oversee expansion of Sanrio characters in the Southeast Asia region.
The new Sanrio South East Asia Pte. Ltd. company in Singapore will be officially established on November 2, and will start business in January 2021. Sanrio will own 70% of the company and Avex Asia will own 30%. The business' capital stock is worth US$2 million. Shunta Takahashi, president of Avex Asia, is serving as the CEO of the new company, with Tomokuni Tsuji (president and CEO of Sanrio) as chairman.
Avex Asia was established in 2013 to expand Avex's presence in Southeast Asia in areas like concerts, licensing, and distribution.