In a strategic maneuver aimed at solidifying its footprint in the thriving Greater China region, the Salvatore Ferragamo Group, in partnership with its subsidiary Ferragamo Hong Kong, has taken complete control of three pivotal joint ventures—Ferragamo Moda (Shanghai) Co. Limited (FMS), Ferragamo Retail Macau Limited (FRM), and Ferrimag Limited (FIM). These joint ventures were initially established in collaboration with entrepreneur Peter K.C. Woo for the distribution of Ferragamo products in Greater China.
The acquisition of the minority stakes previously held by Woo’s Imaginex Holdings Limited and Imaginex Overseas Limited effectively positions Salvatore Ferragamo S.p.A. and FHK as the exclusive owners of these enterprises, marking a significant strategic shift. The transaction boasts a total valuation of $42 million.
The equity interests involved in this acquisition represent 25% of FMS and FIM, along with 24.8% of FRM. The finalized deal is slated for completion by November 9, 2023.
Leonardo Ferragamo, Chairman of Salvatore Ferragamo S.p.A., expressed, «The acquisition of the equity interests held by Imaginex Group signifies the culmination of an exceptional 35-year partnership and development journey, conducted with Peter Woo. This journey has positioned our Group as a trailblazing Italian luxury brand in this vital market. With the consolidation of these equity interests, alongside the establishment of an efficient size and organizational structure, we are well-prepared to further amplify our presence in these markets. We continue to place our trust in the enduring alliance with Peter Woo, who remains a shareholder and director of our Company.»
Marco Gobbetti, CEO and General Manager of Salvatore Ferragamo S.p.A., emphasized, «The successful execution of this transaction will significantly fortify Ferragamo’s foothold in the Greater China region, a pivotal market for the Group, arriving at a momentous phase in the brand’s reinvigoration.»
