World Footwear

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Ferragamo acquires minority stake in three Greater China joint ventures

Nov 2, 2023 Italy
Ferragamo acquires minority stake in three Greater China joint ventures
The Board of Directors of the luxury group has announced the purchase of the minority interests held by Imaginex Holdings and Imaginex Overseas in the three Greater China joint ventures
The Ferragamo Group has confirmed the purchase of the minority interests held by Imaginex Holdings and Imaginex Overseas, companies related to the board member Mr. Peter K. C. Woo, in three joint ventures, Ferragamo Moda Shanghai (FMS), Ferragamo Retail Macau (FRM) and Ferrimag (FIM), set up to distribute Ferragamo products in the Greater China region.

“The acquisition of the equity interests held by Imaginex Group concludes an extraordinary path of alliance and development conducted, together with Peter Woo, over the last 35 years, which has allowed the Group to be among the first Italian luxury brands to establish itself in this important market”, commented Leonardo Ferragamo, Chairman of Salvatore Ferragamo.

According to the statement, the stakes involved in the purchase are equal to 25% of FMS and FIM and 24.8% of FRM, resulting in the Company and FHK becoming the sole shareholders of the aforesaid companies. The total consideration for the purchase of the three equity interests was set at 42 million dollars and will be paid from available cash resources at the same time as the transfer of the stakes.

The CEO and General Manager of the group, Marco Gobbetti, added that “the conclusion of the transaction will strengthen Ferragamo’s presence in the Greater China area, one of the most relevant markets for the Group, at a very important time for the brand's relaunch”, in line with the provisions of the Strategic Plan presented to the market in May 2022.


Image Credits: arredanegozi.it


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