Mulberry said that it has taken full control of its operations in Korea with the acquisition of a minority interest in Mulberry (Korea) Co, Ltd.
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The British luxury brand has acquired the 40% of the share capital of Mulberry Korea previously held by its local partner SHK Holdings Limited, and as a result, the unit is now a wholly owned subsidiary of the group.
The jointly-owned business in the country was only set up last year with SHK having handled the brand locally over a long period before that.
The additional investment made in Mulberry Korea is £1.3 million and together with its initial investment of £3.1 million made last summer, brings the group’s total investment in the unit to £4.4 million.
The company said the purchase is “in line with the group’s international development strategy” but gave no further details on whether the last year has been a success or not.
CEO Thierry Andretta added: “Over the last 18 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.”
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“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 omnichannel and digital strategy,” Thierry continued.
(Source: Fashion Network)