Signaling the importance of the key Asian market for the luxury group, Ferragamo will become the sole shareholder of the joint ventures established with Peter K.C. Woo, paying $42 million.
Group, the Florence-based company revealed on Wednesday it will become the sole shareholder of the three Greater China joint ventures established with entrepreneur Peter K.C. Woo.’s board has approved the purchase of minority stakes held by Woo’s Imaginex Holdings Limited and Imaginex Overseas Limited for a total of $42 million.
Ferragamo and its subsidiary Ferragamo Hong Kong purchased the minority interests held by Imaginex Holdings Limited and Imaginex Overseas Limited in the three joint ventures — Ferragamo Moda Co. Limited , Ferragamo Retail Macao Limited and Ferrimag Limited — incorporated to distribute the brand’s products in the Greater China area.
The payment will be settled from available cash resources at the same time as the transfer of the equity interests and will take place within Nov. 9. Last week, commenting on the company’s performance in the first nine months of 2023, Gobbetti said that the firm’s midterm ambition is confirmed. In May last year, the executive said he was
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