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Mulberry Group fully acquires its Korean business

28
Jul '19
Pic: Mulberry Group Plc
Pic: Mulberry Group Plc
In line with its international development strategy, British luxury brand Mulberry Group plc has acquired 40 per cent of the share capital of Mulberry Korea previously held by its local partner, SHK Holdings Limited. Following the acquisition, the Group now owns 100 per cent of Mulberry Korea, which has now become a wholly owned subsidiary of the Group.
 
For purchasing the minority stake, the British company invested £1.3 million in Mulberry Korea. Together with its initial investment of £3.1 million made during August 2018, the Group's total investment in Mulberry Korea has risen to £4.4 million.
 
"Over the last eighteen months, we have recruited a new management team and taken day to day control of the business in South Korea, an important market for luxury goods where the Mulberry brand has significant growth potential.  We would like to thank our longstanding partner, SHK, for its invaluable contribution in developing Mulberry in South Korea, our second biggest retail market globally. Taking full ownership of our business marks an exciting development in advancing our international omni-channel and digital strategy," said Mulberry CEO Thierry Andretta. (RKS)
 

Fibre2Fashion News Desk – India


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