A social reorganization, for 42 million USD, to strengthen its presence in China. Salvatore Ferragamo group has decided to interrupt the distribution joint ventures it had in China with Imaginex and Imaginex Overseas, companies owned by entrepreneur Peter K.C. Woo. How? By buying, through the Hong Kong subsidiary, minority shared in Ferragamo Moda Shanghai (25%), Ferragamo Retail Macau (25%) and Ferrimag (24,8%). “The closing of the operation will allow us to strengthen Ferragamo’s presence in the greater China area – commented CEO Marco Gobbetti, reported by Corriere della Sera –. It’s one of the largest markets for the group, in a very important moment for the brand relaunch”.
Manouvers in China
Ferragamo group published a quarterly report that demands actions. The ones in Asia will be activated thanks to a 42 million USD investment. “Today, without acquisitions – said the president, Leonardo Ferragamo -, and having reached an efficient size and organization, we will be able to increase intensity and continue strengthening our presence on these markets”. The group will continue, in any way, to entrust to Peter Woo, the work conducted until now to penetrate the Chinese market, because it remains as a stakeholder and advisor to the company.
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