Mar 1, 2011
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Hong Kong's Peter Woo takes 8% of Ferragamo

Mar 1, 2011

MILAN, March 1, 2011 (AFP) - The Ferragamo group has sold eight percent of the luxury clothing brand Salvatore Ferragamo to Hong Kong businessman Peter Woo and his family, the Italian fashion house said in a statement on Tuesday.

Salvatore Ferragamo
L'homme d'affaires Peter Woo vient d'entrer au capital du groupe italien Salvatore Ferragamo

"The Ferragamo family holding company Ferragamo Finanziaria SpA has sold 8 percent of the share capital of Salvatore Ferragamo Italia Spa to Peter Woo's family," the Florence-based group said.

The group also said it would increase its "equity interest in the Ferragamo group's distribution companies based in the Greater China (Hong Kong, China, Taiwan and Macau)" from the current 50 percent (60 percent for Macau) to 75 percent in January 2013.

The announcements represent "significant developments involving (Ferragamo's) long-standing relationships with the Chinese world" and with the Woo family, a partner of the group in Greater China for over 20 years.

The group opened its first Hong Kong store in 1986 and the first in mainland China in 1994. The Ferragamo distribution network now has over 90 points of sale in Greater China, almost half of which are directly operated, it said.

Ferruccio Ferragamo, head of Salvatore Ferragamo Italian Spa, said he hoped the agreements would "strengthen the Ferragamo group's presence in a key area of the luxury business for the third millennium."

The deals would "enable us, at the same time, to strengthen our strategic relationships with a steadfast and experienced partner with whom we share a long-term vision," he added.

China has developed an insatiable appetite for luxury goods.

According to a study published at the beginning of February by CLSA, a brokerage group specialising in Asia, by 2020 China will be the biggest market for luxury commodities in the world.

Italian fashion group Prada announced their decision to list on the Hong Kong stock exchange at the end of January.

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