Japan-based firms ITOCHU Corp and ITOCHU Textile Prominent Ltd have closed a transaction with Fenix Group Holdings Ltd to invest in ASF Limited. As a result of the deal, ITOCHU now holds a 30% stake in ASF, according to 4 Traders.

Fenix is a Hong Kong-based holding company that handles a wide range of retail businesses. The company handles the operation of luxury fashion brand Anteprima and food supermarket City Super, the report stated.

The Anteprima brand is very popular in Asia and Europe. The fashion brand operates around 100 outlets worldwide. ASF is an intermediate holding firm that falls under the sponsorship of Fenix, the report added.

ITOCHU and Fenix have established a partnership that spans more than 30 years in the original equipment manufacturer (OEM) production. Through this latest transaction, Fenix aims to expand the development of its Asian retail business. ITOCHU, on the other hand, is prioritizing expansion of its overseas earnings along the process of accelerating its overseas expansion, 4 Traders said in its report.