Salvatore Ferragamo deepens Greater China footprint
Italian shoe and leathergoods group Salvatore Ferragamo has invested $42 million in consolidating its stake in three joint ventures originally founded alongside Hong Kong businessman Peter Woo to establish Greater China distribution thirty-five years ago.
The company and subsidiary Ferragamo Hong Kong moved to acquire the minority interests held by Imaginex Holdings and Imaginex Overseas in joint ventures Ferragamo Moda Shanghai, Ferragamo Retail Macau and Ferrimag to the tune of 25%, 24.8% and 25%, respectively, becoming sole shareholders in the process. Chief executive, Marco Gobbetti, described Greater China as “one of the most relevant markets for [us], at a very important time for the brand’s relaunch”.
Board chairman, Leonardo Ferragamo, added that it will continue working with shareholder director Mr Woo as it moves to bolster its presence in the region “with increased intensity”.
Ferragamo's new Gancini motif was inspired by its own 90s-era archive. Image courtesy.
