Italian luxury footwear, fashion and leather goods firm Salvatore Ferragamo has raised its stake in a distribution joint venture with Hong Kong-based Trinity as it continues to expand in Southeast Asia.
Ferragamo has acquired an additional 30% stake from Trinity Luxury Brands Holdings Ltd and Ferrinch – both wholly-owned subsidiaries of Trinity – for $25.5 million
The move means the Italian firm now has an 80% stake in the four companies involved in the transaction: Ferragamo Korea, Ferragamo Malaysia, Ferragamo Singapore and Ferragamo Thailand.
The deal also sets out a new five-year contract that runs until December 31, 2017.
Salvatore Ferragamo also has an option to acquire the remaining 20% stake it doesn’t already own at a price based on the net depreciated asset value of the four companies.
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