May 2, 2019
Safilo sets up South Korean joint-venture company with Parma International
May 2, 2019
Italian group Safilo, a world leader in eyewear design, production and distribution, has set up a joint-venture company in South Korea with Parma International, an established local eyewear and sportswear distributor. The joint-venture company will enable Safilo to expand in new distribution channels and provide marketing and digital communication services.
Safilo announced the operation in a press release, indicating that Seeone, its current dealer in South Korea, will continue to distribute some of the Italian group’s brands.
Safilo has a 51% stake in the Seoul-based company newly set up with Parma International, which will distribute the eyewear collections of many of the brands included in Safilo's portfolio, with the goal of expanding the group's presence in Korea.
“South Korea holds a strategic significance for Safilo, both for its domestic market's potential and for its internationally recognised role as trend-setter in the world of design. We are engaged in establishing a solid, profitable long-term business in [South Korea],” said Angelo Trocchia, CEO of the Safilo group.
“Parma International’s commercial experience and its knowledge of the local wholesale and retail markets make it the ideal partner with which to develop our long-term growth strategy,” he added.
“This partnership is very important for us. We share Safilo’s vision and business approach and I’m sure that the creation of this joint-venture company will enable both us and Safilo to strengthen and grow faster on the market,” said Sangken Park, CEO of Parma International.