The Salvatore Ferragamo Group has confirmed the purchase of the minority interests held by Imaginex Holdings and Imaginex Overseas in three joint ventures, Ferragamo Moda Shanghai (FMS), Ferragamo Retail Macau (FRM) and Ferrimag (FIM), incorporated to distribute Ferragamo products in the Greater China area.
Commenting on the development, Leonardo Ferragamo, chairman of Salvatore Ferragamo said in a statement: "The acquisition of the equity interests held by Imaginex Group concludes an extraordinary path of alliance and development conducted, together with Peter Woo, over the last 35 years, which has allowed the group to be among the first Italian luxury brands to establish itself in this important market.”
The company added that equity interests involved in the purchase are equal to 25 percent of FMS and FIM and 24.8 percent of FRM, with the result that the company and its subsidiary Ferragamo Hong Kong (FHK) will become the sole shareholders of the aforementioned companies. The total consideration for the purchase of the three equity interests has been set at 42 million dollars and will be settled from available cash resources at the same time as the transfer of the equity interests.
"The conclusion of the transaction will strengthen Ferragamo's presence in the Greater China area, one of the most relevant markets for the group, at a very important time for the brand's relaunch," added Marco Gobbetti, CEO and general manager of Salvatore Ferragamo.