SoftBank-backed Fanatics, a licensed sports merchandise retailer, and Hillhouse Capital, a global Asia-focused private equity firm, are set to form a joint venture. Financial terms were not disclosed. The 50-50 joint venture with Hillhouse will be based in Shanghai. It aims to localize operations including product design, sourcing and licensing to serve what Fanatics believes will be a multi-billion dollar market. “China has been a market we followed for a while, and we’ve been meeting with multiple partners in China trying to figure out how we approach it in the best way. The interest overall in the country around European football, and American sports is growing," Zohar Ravid, Fanatics Head of International Corporate Development.