Thom Browne takes control of its South Korean operations
Thom Browne wants to accelerate in Asia. The New York-based high-end clothing brand, headed by the founder and designer of the same name and owned by the Italian group Ermenegildo Zegna, is to take back control of its activities in South Korea, where it has been present for the past twelve years through a partnership with Samsung C&T Corporation.
The label has reached an agreement with its Korean partner to create a new company, Thom Browne Korea, which will be fully controlled by the luxury house. From July 1, the new company will directly operate all of the label's activities in the Korean market, with external support from Samsung, which will manage the network of 17 Thom Browne-owned stores in the country.
The brand opened its first store in the country in 2011 at the Hyundai Main Department Store in Seoul, and subsequently opened sixteen other spaces in Korean department stores. "We believe in our business' strong potential for expansion in the Korean market and this innovative agreement provides a solid platform that perfectly combines our respective strengths," commented managing director Rodrigo Bazan in a statement.
Thom Browne, which has just won a lawsuit against Adidas accusing it of copying its stripe pattern, has achieved a turnover of 330 million euros in 2022, jumping by 25.3% compared to 2021, driven in particular by wholesale, which soared by 47.7% over the year. In the fourth quarter of 2022, the label reached 76 million euros, up 11.4%.
Last year, its women's products grew slightly more than menswear, while its children's line almost doubled. In 2022, the company opened eleven stores, bringing the total number of its own stores to 63. Its retail sales in 2022 recorded double-digit growth in the US, Europe and Japan.
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