NHN Commerce, South Korea's major online company NHN Corp.'s shopping platform, announced on Tuesday its acquisition of a 77.8% stake in Ikonic Srl, the Italian luxury multibrand fashion retailer.
Established in 1934, Ikonic has secured a robust network for the distribution of high-end fashion brands worldwide, with an annual turnover of around 100 billion won ($77 million).
The company operates physical luxury boutiques throughout Italy under the brand Coltorti. Its eponymous online platform delivers over 250 premium fashion and accessory items to more than 100 countries.
NHN Commerce highlighted that this acquisition helps to secure a new foothold in Europe and provides a solid foundation for the company's global expansion.