Asia Tech Wire (Oct 17) -- Japan's Itochu Corporation said Wednesday that it will expand its licensing business in the content industry, including animation and games.

It targets total annual sales of related merchandise and other goods to increase to 100 billion yen (US$669 million) in five years.

ITOCHU established a joint venture in Hong Kong in 2021 to engage in character licensing business.

The company had previously obtained a license for the popular Nordic character Moomin, and sells peripheral merchandise and other products in China and Southeast Asia.

In order to further expand its business, ITOCHU has acquired an exclusive license for the well-known character Opanchu Usagi in Asia, excluding Japan and South Korea, and is aiming to reach total sales of 50 billion yen by 2026 as a first step.