(Finance) – The Board of Directors of Salvatore Ferragamoan Italian luxury house listed on Euronext Milan, has approved thepurchase of minority shareholdings held by Imaginex Holdings Limited and Imaginex Overseas Limited in three joint ventures Ferragamo Moda (Shanghai) Co. Limited, Ferragamo Retail Macau Limited and Ferrimag Limited, established for the distribution of Ferragamo products in the area of Greater China.
The total consideration for the purchase of the three shareholdings was defined in 42 million dollars and will be liquidated using the cash resources available at the time of the transfer of the shareholdings.
Thanks to this operation, the company consolidate and relaunchin line with the provisions of the Strategic Plan its presence in the area of Greater China which represents an extremely relevant market for the company with very high growth potential, we read in a note.
“The acquisition of the shares held by the Imaginex Group concludes an extraordinary journey 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 very important market”, commented the president Leonardo Ferragamo.
“Today, with the consolidation of the shareholdings, having reached a size and an efficient organization, we will be able, with increased intensity, continue to strengthen our presence on these markets by continuing to count on the alliance of Peter Woo, who remains a shareholder and advisor of our company”, he added.
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