Ferragamo raises stake in Asian JV
Salvatore Ferragamo has acquired a further 30 per cent of its Hong Kong distribution JV Trinity Group.
A part of Fung Group, Trinity is engaged in the retailing of high-end to luxury menswear brands in Greater China and Europe as well as licensing of its major brands globally.
Ferragamo, which now holds 80 per cent, paid approximately US$25.5 million for the extra share.
The JV is engaged in the retail and wholesale busineness of the Salvatore Ferragamo branded products in Indonesia, Malaysia, Singapore, Thailand and Korea, where Ferragamo is present with about 70 monobrand stores.
Ferragamo and Trinity have also entered into a new five-year exclusive distribution agreement.