CHINA: Salvatore Ferragamo raises stake in Chinese distribution JVs
Salvatore Ferragamo has increased its stake in distribution firms operating in Greater China
Italian luxury footwear, fashion and leather goods group Salvatore Ferragamo has lifted its stake in distribution firms operating in Greater China as it looks to expand its presence in Asia.
The company has raised its stake in distribution joint ventures with Imaginex Holdings and Imaginex Overseas from 50% to 75%. Ferragamo has also renewed the agreements until 31 December 2019.
The news comes after Ferragamo boosted its stake in a distribution joint venture with Hong Kong-based Trinity last month.
The luxury fashion business saw its profits rise 8.1% in the first nine months of the year, helped by a double-digit hike in revenues.
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