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The Italian luxury brand announced it has acquired a 100% stake in four joint-venture companies, which control the company’s distribution in South Korea and South-East Asia.
Salvatore Ferragamo has acquired from Trinity Luxury Brands Holdings and Ferrinch, which are wholly-owned subsidiaries of Trinity Ltd, a listed company in Hong Kong, the remaining 20% stake in the SEAK joint venture distribution companies for a total cash consideration based on their Net Depreciated Asset Value as of December 31, 2016.
The transaction involves the four companies Ferragamo Korea, Ferragamo Malaysia, Ferragamo Singapore and Ferragamo Thailand. According to the Group, the transaction occurred in the framework of the joint venture agreement entered in 2012, which provided for a put and call option to sell/acquire the remaining 20% shares of the said four companies, hence, allowing Salvatore Ferragamo SpA. to own 100% of the companies’ share capital.
Salvatore Ferragamo is now present in the strategic markets of Korea and South East Asia with a well-established retail network of 70 stores.