TOKYO (Kyodo) -- Japanese trading house Itochu Corp. said Friday that its Hong Kong-based joint venture has acquired exclusive licensing rights for the popular Finnish Moomin characters in South Korea, citing a significant potential for expanding the brand in the country.

Itochu aims to leverage its distribution capabilities to increase the number of licensees in South Korea from approximately 20 companies to around 60 to 80 companies over the next three to five years.

Its joint venture, Rights & Brands Asia Ltd., established in 2021 to license popular characters for the Asian market, has already secured exclusive rights for Moomin in regions like China, Taiwan, Thailand and Singapore.

The total global distribution value of Moomin-related products exceeds 100 billion yen ($631 million) annually, according to Itochu.

Licensing agreements grant manufacturers the right to produce and sell merchandise featuring characters that are protected as intellectual property.

In addition to Moomin, the joint venture oversees licensing for various animation and comic characters, including The Smurfs.