Safilo has sealed a joint venture agreement in South Korea with Parma International, a local specialist in the eyewear and sporting goods sectors.
The new venture is expected to spearhead the development of new distribution channels, supported by marketing and digital activities.
Safilo has a 51% stake in the new business which will be based in Seoul, South Korea and will manage the distribution of many of Safilo’s eyewear brands as the company looks to increase its reach in the region.
Safilo Group CEO Angelo Trocchia said: “We are committed to building a solid, profitable and long-term business in South Korea, a market that holds strategic importance for Safilo at a global level, both for its domestic market and for its role as a trend setter in design for the whole world.
“Parma International’s experience in distribution and knowledge of the local wholesale and retail market make them an ideal partner with whom to develop our long-term growth strategy.”
Parma International CEO Sangken Park commented: “This partnership is very important to us. We share Safilo’s vision and approach, and I am sure that the creation of this joint venture will enable us to strengthen and accelerate our respective businesses.”
Seeone, Safilo’s current distributor for the South Korean market, will continue to manage the distribution of selected Safilo brands.
