Global fashion retailer Benetton Group has acquired its full estate of Benetton Korea as part of the Group's refocus and relaunch programme.
The Group's new strategy involves the reorganisation and restructuring of its global operations to increase growth potential and competitiveness of its two brands United Colors of Benetton and Sisley. Benetton Group is therefore, calling for direct control over its portfolio in various countries, to inject new life into the business.
The acquisition is part of Benetton's broader growth strategy and will aid its further expansion in Asia. Currently holding a network of around 300 stores and sell-out sales valuing around €150m , South Korea, after India, is Benetton's most important market outside Italy.
The full ownership of the Korean business will also strengthen the retailer's commercial and marketing strategy and will increase the Group's total trading in the country.
"United Colors of Benetton and Sisley today are major players in the region, both in terms of market recognition and economic value. I am delighted to conclude this transaction and to start working with renewed vigour on developing new strategies to consolidate the Group's brands in the Asian market " said Marco Airoldi, CEO of Benetton Group.
“With this transaction we want to strengthen the presence of our brands in Korea," added Michel Lhoste, International Business Director of Benetton Group.
"Benetton Korea has an excellent, close-knit management team that will help us develop our partnership more decisively and dynamically with Korean department stores, which have always been the pillars of our business in this market."