December 20, 2012 / 12:35 PM / 5 years ago

Luxury shoemaker Ferragamo renews distribution deal with Trinity

MILAN, Jan 20 (Reuters) - Italian luxury shoemaker Salvatore Ferragamo said on Thursday it bought an additional 30 percent in a joint venture with Chinese partner Trinity Ltd to continue its expansion in Asia.

In a statement Ferragamo said it spent a total of $25.5 million to bring its stake in the joint venture to 80 percent, with an option to buy the remaining 20 percent.

High-end menswear retailer Trinity has an exclusive distribution deal to sell Ferragamo products in South Korea, Malaysia, Thailand and Singapore.

The agreement was due to expire by the end-2012.  (Reporting by Antonella Ciancio, editing by Francesca Landini)

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