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Grupo Cortefiel to open 80 stores in South Korea

11
Nov '10
This is the latest in a series of strategic alliances signed during the course of this year aimed at securing the Group's expansion in key markets such as the UK, Russia and Ukraine and Italy, and coincides with the opening of flagship Springfield and women'secret stores in central London.

Following the signing of this new agreement for South Korea, Cortefiel has taken a step further in its globalisation policy with the backing of major international partners operating on strategic markets.

The agreement includes an undertaking to open more than 80 stores in this Asian country, one of the most highly developed and dynamic markets in the region and a major exporter of technology, electronics and cars to Spain.

Thanks to this alliance JK Partners, the Korean industrial conglomerate in relation with Sharp Inc, will be responsible for running some 90 Springfield and women'secret stores around the country. This agreement also entails a purchase option for Grupo Cortefiel within a 7 year period.

The signing of this agreement coincided with the opening this week of flagship Springfield and women'secret stores in the heart of the City of London, in the 'One New Exchange' mall, one of the UK capital's iconic buildings designed by French architect Jean Nouvel. The mall is just a short distance from St Paul's Cathedral, a prime location that draws crowds of tourists and business men and women from all over the world.

The London openings are part of the agreement signed this year between Grupo Cortefiel and Brand Empire, a commercial subsidiary of the powerful British property firm Land Securities.

Grupo Cortefiel


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