Chinese-Canadian celebrity Kris Wu has launched a fashion brand with an affiliate of smartphone-maker Xiaomi.
The joint-venture, Tianjin Xingyun Culture and Development, was registered with 1 million yuan ($150,000) in Beijing on Oct. 8.
Xiaomi-affiliated jewelry-seller Xingyun-Ruwo will pay 550,000 yuan for 55% of the venture’s total stake, according to public records. As creative director of the new brand, Wu will pay 450,000 yuan to hold the rest of the stake.
The group's products will be sold under the brand Accessory Culture Evolution (A.C.E), which will debut on Alibaba’s Tmall at 8:00p.m. Friday.
This is Wu's first personal stake in a company. Income from the joint-venture will be examined by tax departments as being generated from businesses and share-holding, not from filming – an advantage given tightening government supervision on the entertainment industry's possible tax evasions.
Wu is one of China’s biggest stars, with 44 million followers on Weibo.