The Salvatore Ferragamo Group announced on Wednesday a strategic move to strengthen its presence in the Greater China area.
The Salvatore Ferragamo Group, along with its subsidiary Ferragamo Hong Kong, has taken full control of three joint ventures—Ferragamo Moda (Shanghai) Co. Limited (FMS), Ferragamo Retail Macau Limited (FRM), and Ferrimag Limited (FIM). These joint ventures were initially established with entrepreneur Peter K.C. Woo to distribute Ferragamo products in Greater China.
The purchase of minority stakes, held by Woo’s Imaginex Holdings Limited and Imaginex Overseas Limited, effectively makes Salvatore Ferragamo S.p.A. and FHK the sole owners of these companies. The price tag for this transaction amounts to a total of $42 million.
The equity interests involved in the acquisition represent 25% of FMS and FIM and 24.8% of FRM. The deal is set to be finalized by November 9, 2023.
“The acquisition of the equity interests held by Imaginex Group concludes an extraordinary path of alliance and development conducted, together with Peter Woo, over the last 35 years, which has allowed the Group to be among the first Italian luxury brands to establish itself in this important market,” said Leonardo Ferragamo, chairman of Salvatore Ferragamo S.p.A..
“Today, with the consolidation of the equity interests, having reached an efficient size and organization, we will be able, with increased intensity, to continue to strengthen our presence in these markets, continuing to count on the alliance of Peter Woo, who remains a shareholder and director of our Company.”
Marco Gobbetti, CEO and general manager of Salvatore Ferragamo S.p.A., added: “The conclusion of the transaction will strengthen Ferragamo’s presence in the Greater China area, one of the most relevant markets for the Group, at a very important time for the brand’s relaunch.”
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