FERRAGAMO enters joint venture with Chinese billionaire and cede 8%

Italian luxury family owned company SALVATORE FERRAGAMO have announced the creation of a joint venture with Chinese billionaire Peter Woo, one the 200 richest in the world. The Ferragamo also ceded 8% of the company to Woo. The deal is meant to boost Ferragamo’s presence in Greater China (China, Hong Kong, Taiwan and Macao) which already accounts for 20% of its turnover worldwide. Ferrucio Ferragamo also confirmed with this occasion that the company is expecting the right timing for an IPO, however, the location will not be Hong Kong, considering Ferragamo’s production, logistics and management are in Italy.