ID :
196917
Mon, 07/25/2011 - 07:00
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Shortlink :
https://oananews.org//node/196917
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Mirae Asset eyes takeover of Italian luxury brand: sources
SEOUL, July 25 (Yonhap) -- Mirae Asset Financial Group, South Korea's leading mutual fund manager, is mulling taking over an Italian luxury brand maker as part of its efforts to bolster its global expansion, sources said Monday.
Mirae Asset is considering the acquisition as price tags of Italian luxury brands have become more affordable following the region's debt crisis, the sources said.
The sources didn't disclose the name of the takeover target, but said the move appears to be aimed at tapping into China's rapidly growing luxury market.
The move is Mirae Asset's latest attempt to step up efforts to acquire overseas-based companies. Mirae Asset Chairman Park Hyeon-joo said recently the company plans to continue getting involved in global merger and acquisition (M&A) activities.
Earlier this year, Mirae Asset took over asset management firms in Canada and Taiwan. In May, the company teamed up with local sportswear maker Fila Korea Ltd. to buy a 100 percent stake in U.S.-based Acushnet Co., which has global golf brands Titleist and FootJoy under its wing.
"Acquiring top players rather than smaller firms is much more advantageous in raising company value and market share. Moreover, those takeovers will help Mirae Asset prove its M&A skills," said an industry official. "However, it should be careful not to overpay for such deals."
A Mirae Asset spokesman, however, said the company has not weighed the acquisition of a luxury brand as it is currently focused on wrapping up the Acushnet deal.
Mirae Asset is considering the acquisition as price tags of Italian luxury brands have become more affordable following the region's debt crisis, the sources said.
The sources didn't disclose the name of the takeover target, but said the move appears to be aimed at tapping into China's rapidly growing luxury market.
The move is Mirae Asset's latest attempt to step up efforts to acquire overseas-based companies. Mirae Asset Chairman Park Hyeon-joo said recently the company plans to continue getting involved in global merger and acquisition (M&A) activities.
Earlier this year, Mirae Asset took over asset management firms in Canada and Taiwan. In May, the company teamed up with local sportswear maker Fila Korea Ltd. to buy a 100 percent stake in U.S.-based Acushnet Co., which has global golf brands Titleist and FootJoy under its wing.
"Acquiring top players rather than smaller firms is much more advantageous in raising company value and market share. Moreover, those takeovers will help Mirae Asset prove its M&A skills," said an industry official. "However, it should be careful not to overpay for such deals."
A Mirae Asset spokesman, however, said the company has not weighed the acquisition of a luxury brand as it is currently focused on wrapping up the Acushnet deal.
