Safilo announces a joint venture in South Korea
The Safilo Group has announced a joint venture agreement in South Korea with Parma International, an experienced local player active in the eyewear and sporting goods sectors, which will favour the development of new distribution channels in the market together with marketing and digital communication services.
The joint venture between Safilo and Parma, 51% owned by Safilo, will be based in Seoul, South Korea, and will distribute the eyewear collections of many of the brands in Safilo’s portfolio with the aim of increasing the company’s reach in the country.
Angelo Trocchia, CEO of Safilo Group, 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.”
Sangken Park, CEO of Parma International, added: “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.”
The company added that SEEONE, Safilo’s current distributor for the Korean market, will continue to manage the distribution of some brands of Safilo’s portfolio.
