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Salvatore Ferragamo eyes Korean & SE Asian markets
24
Dec '12
Salvatore Ferragamo S.p.A , parent company of the Salvatore Ferragamo Group, one of the global leaders in the luxury sector, has acquired from Trinity Luxury Brands Holdings Ltd and Ferrinch (L) Ltd (which are wholly-owned subsidiaries of Trinity Ltd), a further 30% stake in the joint venture distribution companies for a total cash consideration of approximately US$ 25.5 Million, based on the Estimated Net Depreciated Asset Value at December 31, 2012.

The total amount paid will be adjusted depending on the Actual Net Depreciated Asset Value at December 31, 2012. The four companies involved in the transaction are Ferragamo Korea, Ferragamo Malaysia, Ferragamo Singapore and Ferragamo Thailand.

In line with the previous contractual agreements, and within the framework of the new five-year joint venture contract (expiring on December 31, 2017), Salvatore Ferragamo S.p.A. has executed, with each of the companies, an agreement for the distribution of its products in the strategic markets of Korea, Malaysia, Singapore, Indonesia and Thailand.

The new agreement also includes a put and call option, which can be exercised at the occurrence of certain conditions, to sell/acquire the remaining 20% at a price based on the Net Depreciated Asset Value of the four companies.

Maintaining the valuable cooperation with Trinity Ltd Group, Salvatore Ferragamo S.p.A. now holds 80% of these companies operating in the strategic markets of Korea and South East Asia, where Ferragamo is already present with about 70 mono-brand doors.

Salvatore Ferragamo S.p.A


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