LONDON — Mulberry has taken full control of its subsidiary in South Korea, the brand’s second biggest retail market globally, as part of a wider international development strategy.
The British accessories brand said Friday it had acquired a minority interest in the share capital of Mulberry Korea, giving it 100 percent ownership of the division.
Mulberry bought the 40 percent stake previously held by its local partner, SHK Holdings Limited, and made an additional investment in Mulberry Korea of 1.3 million pounds.
The group originally took its South Korean operations in-house last year via a new, majority-owned company with SHK. SHK introduced a new, local site and omnichannel platform.
Together with its initial investment of 3.1 million pounds made last August, the group’s total investment in Mulberry Korea has been 4.4 million pounds.
“Over the last eighteen 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 Mulberry’s chief executive officer Thierry Andretta.
“We would like to thank our longstanding partner, SHK, for its invaluable contribution in developing Mulberry in South Korea. Taking full ownership of our business marks an exciting development in advancing our international omni-channel and digital strategy.”
In the past few years, the brand has also established subsidiaries in Japan and digital partnerships in China. As a result of those changes, and others, some 90 percent of Mulberry’s sales are now generated by its own channels.