Benetton Group is revamping its international presence in Asia. The global fashion retailer announced that it will acquire the Benetton Korea estate and restructure its global operations to advance its broader growth strategy, Retail Gazette reported.
South Korea is Benetton Group’s third most-popular market outside of the company’s home nation of Italy. South Korea holds a 300-store network of the group’s two brands, United Colors of Benetton and Sisley. Sell-outs for both brands are also reported to be approximately 150 million euros (roughly $112 million).
“United Colors of Benetton and Sisley today are major players in the region, both in terms of market recognition and economic value,” said CEO of Benetton Group, Marco Airoldi. He added, “I am delighted to conclude this transaction and to start working with renewed vigor on developing new strategies to consolidate the group’s brands in the Asian market.”
Benetton Group International Business Director Michael Lhoste said the acquisition and reconstruction will fortify the company’s market reputation in South Korea.
(Source: Sourcing Journal Online )