US Resumes Dollar Shipments to Iraq After Months-Long Suspension 
US Stock Futures Hold Steady Ahead of June Jobs Report as Fed Rate Outlook Remains in Focus 
Turkey Vehicle Sales Fall 11.4% in June as Auto Market Weakens 
Switch Seeks $2 Billion Funding at Nearly $50 Billion Valuation Ahead of Potential IPO 
Nike Q4 Earnings Beat Estimates as Wholesale Growth Offsets Direct Sales Weakness 
US Egg Producers Settle Price Manipulation Probe, Agree to Pay $3.3 Million and Donate 53 Million Eggs 
Kawasaki Heavy Shares Slide on Report of ¥200 Billion Capital Raise Plan 
Australia Trade Balance Swings to Surprise Deficit as Imports Outpace Exports in May 
South Korean Stocks Tumble as AI Chip Selloff Hits Asian Markets 
Oil Prices Slip as Iran Talks and Strong Supply Outlook Ease Market Concerns 
Central Banks Eye Gold, Reduce Dollar Exposure as AI Adoption Accelerates: OMFIF Survey 
Apple Expands iPhone Lineup, Boosts Foldable iPhone Production Plans Through 2027 
Trump Reports $1.4 Billion in Crypto Income as Digital Assets Become Top Wealth Source 
Oil Prices Rise as U.S.-Iran Talks Keep Geopolitical Risks in Focus 
Gold Price Hits Annual Low as Fed Rate Hike Bets and Sticky Inflation Weigh on Bullion 
SoftBank’s LY Corp, Bain Raise Kakaku.com Bid to ¥670 Billion, Intensifying Takeover Battle 
India Manufacturing PMI Slows in June as Demand Weakens Despite Lower Cost Pressures 
Thom Browne luxury fashion brand based in New York City, will create its own firm in South Korea. It expressed its intention to establish a new company to get a bigger share of the country’s fashion market.
Thom Browne’s move to open a new company was reportedly confirmed by officials of Samsung CT on Friday, Jan. 27. This is a move for the brand to have firmer control of its trade in the region.
According to Yonhap News Agency, the Italian fashion house Ermenegildo Zegna NV, which owns the Thom Browne brand, said it would build a new firm that will be called Thom Browne Korea. The target date for its inauguration is on July 1.
Thom Browne will directly run its business, while Samsung C&T Corporation will be providing some external support this time. To be more specific, the Korean firm will only help with the distribution and management of the brand’s 17 stores in the country.
The arrangement comes after Thom Browne ended its partnership deal with Samsung C&T, the trading and construction unit of the Samsung Group. For the past 12 years, it has been the exclusive distributor of the Thom Browne fashion line in the Korean market.
FashionUnited reported that after taking over the business from Samsung C&T, Thom Browne Korea would continue the business by taking responsibility for all the trade activities. But then, it will still work together with the trading and construction firm through its new retail management agreement.
Meanwhile, it was in 2011 when Thom Browne’s label first landed in South Korea after opening its store in Hyundai Department Store in Seoul. It gradually opens more branches in leading shopping malls, including the Lotte Main and Shinsegae Department Store in Gangnam.
"The form of the contract may have changed between Samsung CT and Thom Browne but our partnership will remain unchanged," an official from Samsung CT said.
Photo by: freestocks/Unsplash
