Safilo Group, a global manufacturer and distributer of luxury and branded eyewear, announced it has signed a joint venture agreement in South Korea with Parma International, a local distribution company, with the aim of increasing the Italian company’s reach in the country.
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The joint venture between Safilo and Parma, 51% owned by Safilo, will be based in Seoul, and will distribute the eyewear collections of many of the brands in Safilo’s portfolio.
According to a press release, the South Korean company, which operates in the eyewear and sporting goods sectors, looks to help the Italian company develop “new distribution channels in the market together with marketing and digital communication services.”
“We are committed to building a solid, profitable and long-term business in South Korea, a market that holds strategic importance for Safilo at a global level, both for its domestic market and for its role as a trend setter in design for the whole world,” commented Angelo Trocchia, CEO of Safilo Group.
“Parma International’s experience in distribution and knowledge of the local wholesale and retail market make them an ideal partner with whom to develop our long-term growth strategy.”
Safilo’s current Korean distributor Seeone will continue to manage the distribution of some brands of Safilo’s portfolio, added Safilo, without specifying which brands.
Founded in 1934, Safilo continues to make and distribute sunglasses, optical frames, sports eyewear and other associated products.
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Headquartered in Padua, the company operates a network of subsidiaries in 40 countries – in North and Latin America, Europe, Middle East and Africa, and Asia Pacific and China – and boasts more than 50 distribution partners in key markets across the globe.
Safilo’s own brands include Carrera, Polaroid, Smith, Safilo and Oxydo. It also holds the licenses for Dior, Fendi, Banana Republic, Boss, Givenchy, Marc Jacobs, and Tommy Hilfiger, among other international and luxury brands.