Luxury shoemaker Ferragamo renews distribution deal with Trinity

PHOTO: Luxury shoemaker Ferragamo renews distribution deal with Trinity

MILAN - Italian luxury shoemaker Salvatore Ferragamo said on Thursday it bought an additional 30 per cent in a joint venture with Chinese partner Trinity Ltd to continue its expansion in Asia.

In a statement Ferragamo said it spent a total of US$25.5 million (S$31 million) to bring its stake in the joint venture to 80 per cent, with an option to buy the remaining 20 per cent.

High-end menswear retailer Trinity has an exclusive distribution deal to sell Ferragamo products in South Korea, Malaysia, Thailand and Singapore.

The agreement was due to expire by the end-2012.