SALVATORE FERRAGAMO STRENGTHENS BUSINESS IN ASIA
Italian luxury fashion house Salvatore Ferragamo S.p.A., parent company of the Salvatore Ferragamo Group, is increasing its Asian presence. Just last week the company announced that it has purchased the remaining 20 percent stake in the joint venture it has with Hong Kong-based company Trinity Ltd. for a total cash transaction based on Ferragamo’s net depreciated asset value as of December 31, 2016.
The four companies involved in the transaction are Ferragamo Korea Ltd., Ferragamo (Malaysia) Sdn. Bhd, Ferragamo (Singapore) Pte Ltd. and Ferragamo (Thailand) Ltd.
This transaction occurred in the framework of the joint venture agreement entered into in 2012, which provided for an option to sell/acquire the remaining 20 percent shares of the said four companies at the end of the agreement, allowing Salvatore Ferragamo S.p.A. to own 100 percent of the companies’ share capital.
Salvatore Ferragamo S.p.a. and Trinity Group had a long and valuable cooperation in the strategic markets of Korea and South East Asia, where Salvatore Ferragamo S.p.a. is now present with a well-established retail network of about 70 stores.
With this new transaction, more expansion is expected. According to the brand, the Asia Pacific region has become its main market in recent years, as it is responsible for 35.5 percent of the Italian fashion label’s global revenue.
