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AU Brandz, a South Korean fashion startup, has acquired Zennar Limited, an England-based firm that manufactures leather goods. The latter also owns the Rockfish footwear brand, which will now belong to the former once the deal is completed.
AU Brandz's acquisition of Zennar Limited is a strategic move that will help it build its presence in the global market. Even before the deal was put in place, the Korean firm was already operating as the exclusive seller and distributor of Rockfish Weatherwear because it holds the local rights, as per Korea Joongang Daily.
Terms of the Acquisition Deal
AU Brandz and Zennar Limited agreed to the acquisition price of about￡5 million or $6.3 million in U.S. dollars. The companies finalized their deal last week, which means AU Brandz has wholly taken over Rockfish's parent company's operations in the country.
The purchase of Zennar Limited is a strategic move for AU Brandz because, aside from selling rainboots and other footwear in the growing shoe market in South Korea, it will also be able to expand overseas. Full ownership of the UK-based company will also reduce costs for AU Brandz as it no longer needs to pay royalties to Rockfish's H.Q.
Post-Acquisition Plans
BNN Breaking reported that AU Brandz's strategic planning and operation director, Kim Tae Kyun, will become Zennar's new chief executive officer. Post-acquisition, the Korean fashion company is planning to work on repositioning the Rockfish Weatherwear brand in the U.K. market.
The new management will expand its global operations and reach other European regions and the Americas. AU Brandz that its repositioning goal will boost Rockfish Weatherwear's visibility while scaling up its foothold in the competitive global fashion market.
"Currently, 80% of sales at the Seongsu and Hannam branches come from foreign customers, and lately we are receiving partnership proposals from fashion distributors in Japan, Taiwan, and Hong Kong," CEO Kim stated. "Following the acquisition, we plan to reposition the brand with weather merchandising tailored to the U.K. market, and simultaneously expand global operations in the Americas and Europe."
Photo by: Rockfish Weatherwear Website
