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The premium British leather handbag brand acquired the minority interest in the share capital of Mulberry Korea, the Group's business in South Korea.
Following the 40% acquisition on July 24 of the share capital of Mulberry Korea, previously held by its local partner SHK Holdings Limited, Mulberry now owns 100% of Mulberry Korea. An additional investment made in Mulberry Korea amounted to £1.3 million (US$1.58 million) and, together with an initial investment of £3.1 million (US$ 3.77 million) in August 2018, the Group's total investment in Mulberry Korea totals £4.4 million (US$5.35 million). According to Mulberry, the Acquisition is in line with its international development strategy.
"Over the last 18 months, we have recruited a new management team and taken day to day control of the business in South Korea, an important market for luxury goods where the Mulberry brand has significant growth potential”, said Thierry Andretta, CEO, Mulberry. “Taking full ownership of our business marks an exciting development in advancing our international omni-channel and digital strategy”.