The retail arm of South Korean IT group NHN Corp, NHN Commerce, has acquired a 77.8 per cent stake in Ikonic Srl, the parent company of Italian luxury multi-brand retailer Coltorti. 

The terms and value of the deal have not yet been disclosed. The Korean company said the acquisition is part of NHN Commerce’s effort to further strengthen its global presence and support local brands to expand internationally.  

Founded in 1934 in Jesi, Ikonic operates four Coltorti boutiques in Italy. The Italian luxury fashion firm, currently retailing more than 250 brands, reported annual sales of US$77 million last year. 

According to WWD, Coltorti’s founder Maurizio Coltorti, who had led the brand’s global expansion, will retain a significant minority stake in the Ikonic. 

Further reading, Kering Group snaps up high-end fragrance label Creed.