Luxury handbag maker Mulberry has taken full ownership of its Korean business, having a bought a 40 percent stake in Mulberry Korea from its local partner, SHK.
Mulberry now owns 100 percent of the company, in which it has made an additional investment of 1.3 million pounds. In August 2018 Mulberry invested 3.1 million pounds, taking the total investment in Mulberry Korea to 4.4 million pounds.
Chief executive officer Thierry Andretta said in a statement: "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.
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. Taking full ownership of our business marks an exciting development in advancing our international omni-channel and digital strategy.”
Mulberry said the acquisition is in line with the Group's international development strategy.
Photo credit: Mulberry AW19 campaign, source Mulberry website