ID :
195720
Tue, 07/19/2011 - 07:31
Auther :
Shortlink :
https://oananews.org//node/195720
The shortlink copeid
E-Land takes over Italian fashion brand
SEOUL, July 19 (Yonhap) -- E-Land Group, a South Korean fashion retailer, said Tuesday that it has signed a deal to buy an Italian fashion brand in a bid to tap deeper into the European market.
Under the deal, E-Land purchased debt-stricken Mandarina Duck, commonly associated with designer luggage and travel accessories, for 70 billion won (US$66 million).
The former owner, Marialla Burani Fashion Group SpA., paid 56 million euros in 2008 to buy the brand.
"Many European firms are now up for sale at cheaper prices amid the debt crisis in a few countries," said an official from E-Land. "We took over Mandarina Duck as it will pave the way for us to enter the European fashion market."
The Italian brand has been suffering losses with its sales plunging 42 percent in 2009.
E-Land said that its retail network of some 4,200 shops in China will help the Italian brand swing to the black.
E-Land has been expanding its overseas presence for years with its sales in China surging 25 percent on-year to 376 billion won in the first quarter of the year.
brk@yna.co.kr
Under the deal, E-Land purchased debt-stricken Mandarina Duck, commonly associated with designer luggage and travel accessories, for 70 billion won (US$66 million).
The former owner, Marialla Burani Fashion Group SpA., paid 56 million euros in 2008 to buy the brand.
"Many European firms are now up for sale at cheaper prices amid the debt crisis in a few countries," said an official from E-Land. "We took over Mandarina Duck as it will pave the way for us to enter the European fashion market."
The Italian brand has been suffering losses with its sales plunging 42 percent in 2009.
E-Land said that its retail network of some 4,200 shops in China will help the Italian brand swing to the black.
E-Land has been expanding its overseas presence for years with its sales in China surging 25 percent on-year to 376 billion won in the first quarter of the year.
brk@yna.co.kr
