Mulberry Group PLC Acquisition of minority interest (7803G)
July 26 2019 - 2:00AM
UK Regulatory
TIDMMUL
RNS Number : 7803G
Mulberry Group PLC
26 July 2019
Mulberry Group plc
Acquisition of minority interest in Mulberry (Korea) Co, Ltd
("Mulberry Korea")
Mulberry Group plc (the "Group" or "Mulberry"), the British
luxury brand, announces the acquisition on 24 July 2019 of the
minority interest in the share capital of Mulberry Korea, the
Group's business in South Korea (the "Acquisition"). Following the
Acquisition, the Group owns 100% of Mulberry Korea.
HIGHLIGHTS
-- The Group has acquired 40% of the share capital of Mulberry
Korea previously held by its local partner, SHK Holdings Limited
("SHK")
-- Mulberry Korea is now a wholly owned subsidiary of the Group
-- Additional investment made in Mulberry Korea is GBP1.3 million
-- Together with its initial investment of GBP3.1 million made
during August 2018, this brings the Group's total investment in
Mulberry Korea to GBP4.4 million
-- The Acquisition is in line with the Group's international development strategy
THIERRY ANDRETTA, CHIEF EXECUTIVE OFFICER, COMMENTED:
"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. We would like to
thank our longstanding partner, SHK, for its invaluable
contribution in developing Mulberry in South Korea, our second
biggest retail market globally. Taking full ownership of our
business marks an exciting development in advancing our
international omni-channel and digital strategy."
FOR FURTHER DETAILS PLEASE CONTACT:
020 3435
Headland - Lindsay Dunford / Emma Ruttle 7487
020 7605
Mulberry Investor Relations - Allegra Perry 6795
020 7484
GCA Altium (NOMAD) - Sam Fuller / Tim Richardson 4040
020 3134
Barclays - Nicola Tennent / Stuart Muress 9801
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END
ACQUVANRKRABUAR
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