Italian fashion label Salvatore Ferragamo has taken over four JVs created in partnership with Trinity (Fung Group), which distributes the brand in South Korea and Southeast Asia.
Ferragamo says it has bought the companies’ 20 per cent share, still owned by Trinity through Trinity Luxury Brands Holdings and Ferrinch. The value of the transaction has not been disclosed.
Impacting Ferragamo Korea, Ferragamo (Malaysia), Ferragamo (Singapore) and Ferragamo (Thailand), the takeover follows an agreement signed in 2012. This included a purchasing option allowing for Salvatore Ferragamo to take full control of the JV companies.
At the time, Ferragamo had already increased its stake in the four companies to 80 per cent.
In the past few years, the Asia-Pacific region has become Salvatore Ferragamo’s main market, accounting for 35.5 per cent of its global revenue. At the end of September, the label’s sales in the region amounted to €360 million (US$375 million), equivalent to a 0.3 per cent decrease compared to the first nine months of the previous fiscal year.
The label has 70 monobrand stores in the region.