In a significant move to solidify its presence in the Chinese market, Italian luxury brand Salvatore Ferragamo has acquired minority interests in three joint ventures in the Greater China area. These joint ventures, initially established with entrepreneur Peter K.C. Woo, played a crucial role in distributing Ferragamo products in Greater China. With this acquisition, Salvatore Ferragamo, along with its subsidiary Ferragamo Hong Kong, now enjoys full control over Ferragamo Moda (Shanghai) Co. Limited, Ferragamo Retail Macau Limited, and Ferrimag Limited.

This strategic decision marks a major milestone in Ferragamo’s relaunch and underpins its commitment to expanding its footprint in China. The acquisition of the minority stakes, which were previously held by Woo’s Imaginex Holdings Limited and Imaginex Overseas Limited, was valued at a substantial $42 million. The deal is slated to be finalized by November 9, 2023.

Leonardo Ferragamo, chairman of Salvatore Ferragamo, expressed his gratitude for the alliance and productive partnership with Peter Woo over the past 35 years. This collaboration has played a pivotal role in establishing Ferragamo as one of the leading Italian luxury brands in the Chinese market. By consolidating the equity interests, Ferragamo aims to strengthen its presence further and sustain its growth with the support of Woo, who will continue to be a shareholder and director of the company.

Marco Gobbetti, CEO and general manager of Salvatore Ferragamo, believes that this acquisition will significantly enhance the brand’s foothold in Greater China, particularly during this crucial phase of its relaunch. The move aligns with Ferragamo’s strategic objectives and demonstrates its confidence in the growth potential of the Chinese market.

[Link 1: Official Salvatore Ferragamo Website](https://www.salvatoreferragamo.com/)

[Link 2: Ferragamo’s Greater China Market Analysis](https://www.successmantra.net/ferragamo-greater-china-market-analysis/)