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Biz News Korea(Eng)

Benetton Group makes Benetton Korea wholly owned subsidiary

Collected: 2016.04.05

Distributed: 2016.04.06

Source: Go Direct

[Michel Lhoste]

Italy-based global fashion group Benetton Group announced on Monday that it made Benetton Korea its wholly owned entity. The group that runs 5,000 sales outlets around the world had been operating Benetton Korea with Korea’s fashion company F&F in a 50:50 joint-venture since 1998. Benetton Korea has more than 300 shops around Korea, recording 150 million euros ($170 million) in sales.

Benetton Group acquired a 50 percent stake in Benetton Korea from F&F to wholly own the unit as a part of its plan to expand its presence in Asia. Under full control, the group will pursue integrated reorganization and marketing strategy and help several sub-brands such as United Colors of Benetton and Sisley make inroads into the far eastern region.

The Italian fashion house deems Korea the second important overseas market after India. Michel Lhoste, an executive in charge of international business, pledged to strengthen the brand power under new leadership.

By Park In-hye

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