Mulberry takes full ownership of Korea business
Luxury handbag maker Mulberry has bought a minority interest in Mulberry Korea, meaning it now owns 100% of the business.
The company said on Friday that it has bought a 40% stake in Mulberry Korea, which was previously held by its local partner, SHK. It has also made an addition investment of £1.3m in the business.
Together with its initial investment of £3.1m made in August last year, this brings the group's total investment in Mulberry Korea to £4.4m.
Chief executive officer Thierry Andretta said: "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."