The Ferragamo group has sold eight percent of the luxury clothing brand Salvatore Ferragamo to Hong Kong businessman Peter Woo and his family, the Italian fashion house said in a statement on Tuesday. “The Ferragamo family holding company Ferragamo Finanziaria SpA has sold 8 per cent of the share capital of Salvatore Ferragamo Italia Spa to Peter Woo’s family,” the Florence-based group said.
The group also said it would increase its “equity interest in the Ferragamo group’s distribution companies based in the Greater China (Hong Kong, China, Taiwan and Macau)” from the current 50 per cent (60 per cent for Macau) to 75 per cent in January 2013. The announcements represent “significant developments involving (Ferragamo’s) long-standing relationships with the Chinese world” and with the Woo family, a partner of the group in Greater China for over 20 years.
The group opened its first Hong Kong store in 1986 and the first in mainland China in 1994. The Ferragamo distribution network now has over 90 points of sale in Greater China, almost half of which are directly operated, it said. Ferruccio Ferragamo, head of Salvatore Ferragamo Italian Spa, said he hoped the agreements would “strengthen the Ferragamo group’s presence in a key area of the luxury business for the third millennium.”