Luxury designer handbag brand Mulberry has announced that it has bought out its South Korean partner, SHK Holdings, following an initial joint venture project.
Mulberry has now acquired 40% of the share capital of Mulberry Korea previously held by SHK, and as a result, the unit is now a wholly-owned by a subsidiary of the group.
The Somerset-headquartered firm has now increased its investment into the South Korean market to £4.4m, following the completion of the deal.
Thierry Andretta, CEO of Mulberry commented: “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.
“We would like to thank our longstanding partner, SHK, for its invaluable contribution in developing Mulberry in South Korea, our second biggest retail market globally. Taking full ownership of our business marks an exciting development in advancing our international omni-channel and digital strategy.”