Moncler enters into partnership in South Korea
Moncler is putting things into overdrive in Asia, a market that now accounts for over a quarter of its total sales. The down jacket brand has signed a letter of intent for the creation of a joint venture with Shinsegae International, its business partner in South Korea since 2007, in order to consolidate and expand its presence in the Asian market, the company indicated in a statement.
The Korean joint venture, named "Moncler Shinsegae”, will be 51% owned by Moncler and 49% by the Korean group, one of the largest fashion and luxury distributors in the country. The new entity will become operational on January 1, 2015 and will assume control of 12 stores that Moncler currently has in South Korea.
Asia accounts for 127.7 million euros, or 28.4% of total the company’s total sales as of September 30, 2014, as compared with 25.7% a year earlier. Moncler’s sales in the region increased by 28% over the first nine months of the year (35% at constant exchange rates) "thanks to strong performance on the Chinese, Japanese and Korean markets,” the company stated in its quarterly report.
1 EUR = 0.799115 GBP
1 EUR = 1.25046 USD
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