Optical firm in US retail venture

Optical frame-maker Moulin International Holdings has forged a two-tier co-operative venture with American eyewear-retailer, Cole National Corp, to strengthen distribution in the US and the mainland.

Managing director Cary Ma Lit-kin said after the company's annual general meeting that Moulin had secured a contract to supply four million spectacle frames to Cole National's 2,200 retail outlets over three years.

Mr Ma said North America is Moulin's biggest market, accounting for 49 per cent of sales last year.

Cole National has agreed to buy a 20 per cent interest in Moulin's 20-strong optical chain stores in Shanghai - America's Eyes - for an undisclosed amount.

Mr Ma said the strategic alliance would enhance its presence in the US, which will pave the way for a spin-off in a few years' time.

Bankers Trust is now Moulin's second-largest shareholder, with a 10 per cent stake. The Ma family holds 43 per cent.