Moncler to expand in South Korea with new partner
Moncler is partnering with South Korean luxury group Shinsegae International to further expand its brand and retail in the Korean market.
It is thought Moncler signed a joint venture in which Moncler will hold 51 percent and Shinsegae International, 49 percent. The new company, which will be named Moncler Shinsegae, will launch, develop and operate single-brand stores in South Korea from January.
Moncler's 12 single-brand wholesale stores currently operating in South Korea will be transferred to Moncler Shinsegae.
The joint venture will help the Italian company in its strategy to gain direct control in all markets, of which South Korea is a key one, said Moncler's CEO Remo Ruffini.