Acquisition of minority interest

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 £1.3 million

·      Together with its initial investment of £3.1 million made during August 2018, this brings the Group's total investment in Mulberry Korea to £4.4 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:

Headland - Lindsay Dunford / Emma Ruttle	020 3435 7487
Mulberry Investor Relations - Allegra Perry	020 7605 6795
GCA Altium (NOMAD) - Sam Fuller / Tim Richardson	020 7484 4040
Barclays - Nicola Tennent / Stuart Muress	020 3134 9801

 

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