SEOUL, KOREA - France's premium apparel and miscellaneous goods brand Celine made a direct launch into Korea. Thus far, Shinsegae International has retained an exclusive right to sell Celine lines in Korea.
According to the Financial Supervisory Service on June 16, Shinsegae International transferred 51 percent out of its 100-percent stake in its subsidiary Shinsegae Celine plus its managerial right, to France's Celine S.A. on May 30.
The management and company name of Shinsegae Celine, accordingly, have changed. Shinsegae International acquired the right to sell Celine products in Korea from Handsome in July 2012. It transferred the managerial right to Celine S.A. in less than one year after it acquired the right.
A Shinsegae International official said, "When we established Shinsegae Celine last year, we signed a buyback agreement with the French headquarters. If certain requirements are met, the headquarters have the right to buy back the right."
