Xiamen-based Xtep International Holdings Limited plans to establish a joint venture with Wolverine Group, a boot-making business in the United States. [Photo/IC]

Xiamen-based Xtep International Holdings Limited announced establishment of a joint venture with Wolverine Group, a renowned boot-maker in the United States, on March 4.

According to the agreements between the two sides, Xtep and Wolverine will pay the joint venture about 155 million yuan ($23 million) as initial financing.

The to-be-established business will market Saucony and Merrell, two popular brands of Wolverine, as well as Wolverine's other racing and outdoor shoes, clothing and accessories in the Chinese mainland, Hong Kong and Macao based on Xtep's retail network and its close relations with shopping center operators in China.

The joint venture plans to set up exclusive shops for Wolverine at high-end shopping centers in mainland cities and expand its business in Hong Kong and Macao.

In addition to the classic products of Wolverine, these stores will also offer customized options according to Chinese customers' body types and taste.

Founded in 2002, Xtep International Holdings Limited is a publicly traded sportswear firm headquartered in Xiamen and Hong Kong. It is engaged in the design, development, manufacturing and sale of athletic shoes and sporting goods under the "Xtep" brand.