Benetton Group acquires its full Korea estate

Global fashion retailer Benetton Group has acquired their full estate of Benetton Korea as part of their focus and relaunch program.

The Group's new strategy includes reorganizing and restructuring their global operations to increase growth potential and competitiveness of their two brands United Colors of Benetton and Sisley. Benetton is calling for direct control of their various portfolios in other countries to accomplish their restructuring goal.

The acquisition of their Korean portfolio will help Benetton better expand in Asia. South Korea is one of the company's most important markets outside of India and Italy. The country holds over 300 stores and a sell-out value of 150 million euros.

Full ownership of the Korean business will also help Benetton strengthen their marketing and commercial strategy, as well as their total trading in the country.

"United Colors of Benetton and Sisley today are major players in the region, both in terms of market recognition and economic value. I am delighted to conclude this transaction and to start working with renewed vigour on developing new strategies to consolidate the Group's brands in the Asian market " said Marco Airoldi, CEO of Benetton Group, in a statement.

“With this transaction we want to strengthen the presence of our brands in Korea," added Michel Lhoste, International Business Director of Benetton Group. "Benetton Korea has an excellent, close-knit management team that will help us develop our partnership more decisively and dynamically with Korean department stores, which have always been the pillars of our business in this market."

photo: Benetton Facebook