26th Jul 2019 10:22
(Alliance News) - Mulberry PLC said Friday it acquired the remaining stake it did not hold in its Korean subsidiary for GBP1.3 million as it expands its control in this "important" market for the luxury bags maker.
Mulberry bought the 40% outstanding stake in Mulberry Korea from its local partner, SHK Holdings Ltd. Following the transaction, Mulberry now wholly owns the subsidiary.
Including the GBP3.1 million investment Mulberry made in the subsidiary, Mulberry has now invested GBP4.4 million in the unit.
"Over the last eighteen 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," Mulberry Chief Executive Officer Thierry Andretta said.
"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," Andretta added. "Taking full ownership of our business marks an exciting development in advancing our international omni-channel and digital strategy."
Shares in Mulberry were 4.6% higher at 275.00 pence in London on Friday.
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