Italian luxury fashion label, Salvatore Ferragamo, has announced the company’s acquisition of 100% stake in four joint-venture companies across Asia.
The four companies in question include Ferragamo Korea Ltd., Ferragamo (Thailand) Ltd., Ferragamo (Malaysia) Sdn. Bhd. and Ferragamo (Singapore) Pte Ltd. Prior to the four companies, Salvatore Ferragamo has purchased the remaining 20% stake in the joint venture with the Hong Kong-based company Trinity Ltd. for a total cash transaction based on the Italian luxury fashion label’s Net Depreciated Asset Value as of December 31, 2016.
According to the Group, the transaction took place in the framework of the joint venture agreement entered in 2012, which is given a choice to sell or acquire the remaining 20% shares of the aforementioned four companies at the end of the agreement. This also allowed Salvatore Ferragamo S.p.A., the parent company of the Salvatore Ferragamo Group, to own 100% of the companies’ share capital.
Thanks to the latest transaction, Salvatore Ferragamo is expected to expand its brand in the Asia region.