American luxury brand Thom Browne has announced that it will be taking over its South Korean subsidiary, which is set to be directly operated through a newly created and fully owned company, Thom Browne Korea.
It comes as the label ended its partnership with Samsung C&T Corporation, which had operated the business in Korea for 12-years.
Through the takeover, Thom Browne Korea will assume responsibility for all activities within the region, with external support from Samsung.
The duo will continue to work together via a retail management agreement, effective July 1, 2023, through which Samsung will manage the brand’s network of 17 stores in Korea.
In 2011, Thom Browne opened its first South Korean store in Hyundai Main Department Store, Seoul, and went on to open more in the likes of Lotte Main, The Hyundai Seoul and Shinsegae Gangnam.
In a release, Rodrigo Bazan, chief executive of Thom Browne said on the move: “Samsung is one our best partners for the development of Thom Browne around the world. We always appreciated their understanding of our fundamental values, and their ability to offer a very faithful representation of the brand to a sophisticated Korean audience.
“We are very happy to continue our strong partnership going forward. We believe in the strong potential to expand our business in the Korean market, and this innovative agreement provides a solid platform that perfectly combines our respective strengths.”