Home / Knowledge / News / Apparel/Garments / Polo Ralph to assume direct control of its business in South Korea
Polo Ralph to assume direct control of its business in South Korea
23
Jul '10
Polo Ralph Lauren Corporation announced it has reached an agreement to assume direct control of its wholesale and retail distribution from its licensee, Doosan Corporation, in South Korea, beginning January 1, 2011. Doosan Corporation will continue to operate as the Company's licensee in the region through December 31, 2010.

The total purchase price will be approximately $47 million, comprised of a cash payment of $25 million for certain assets plus an additional payment estimated at $22 million for primarily inventory and various other assets to be determined at closing on December 31, 2010.

"Expanding and elevating our international presence is one of our highest strategic priorities," said Ralph Lauren, Chairman and Chief Executive Officer. "South Korea is one of our largest markets, and has always been an important territory for us. It remains one of the world's most vibrant markets for luxury goods. South Korean consumers have developed a strong appreciation for our iconic lifestyle sensibility and we are excited to build on this success."

"Polo Ralph Lauren has a history of success in South Korea and we want to thank the Doosan Corporation and their employees for their commitment and dedication to the development of our brands in this market over the last 12 years," said Roger Farah, President and Chief Operating Officer.

"Assuming control of South Korea is another important milestone in our broader Asian growth strategy. It is a major piece of the strategy that enables us to directly operate all of Asia with greater consistency across all markets and channels in a manner that is more closely aligned with our global brand positioning and objectives.

“We began the development of our Asian strategy several years ago with the acquisition of Japan in 2007, followed recently by the acquisition of several other important Asian markets in January 2010, including China, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Taiwan, and Thailand.

“Today, with the announcement of this transaction, we are looking forward to a fully integrated Asian strategy that includes South Korea, and leverages the Hong Kong-based leadership, expertise, and infrastructure we have established over the last year in order to optimize the unique opportunities of each country."

Doosan Corporation currently distributes Polo Ralph Lauren product through approximately 175 shop-in-shops and five freestanding locations throughout South Korea.

Polo Ralph Lauren Corporation

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search