Luxury sportwear brand Luxurious Sportswatches has signed a deal to develop a new Australian brand, the brand said in a statement.

“We are very excited about our opportunity to develop the brand as a new international brand, and our vision for a sustainable and exciting brand with the same passion for design and sustainability is a perfect fit,” the statement said.

“Luxurious Sportsweets vision is one of creating an innovative, premium brand with high quality, sustainability and craftsmanship.

We have been a long-standing supporter of the brand and are very happy to be working together on this project.”

The deal is valued at more than $100 million.

“The Luxury brand will be a truly global brand that will bring high-quality, quality, innovative products and innovative brands to consumers around the world,” Luxurious Sportswear said in the statement.

The Australian brand will launch the brand’s Australian website and a social media presence on Monday.

“Vintage Sportswares mission is to bring the best in modern design, craftsmanship, and design technology to the Australian market.

We will deliver our brand and brand identity to the global market, providing innovative, quality products at a competitive price point,” the brand added.