Reed Exhibitions to Strengthen its Position in the South Korean Market through LOI with COEX
SEOUL, South Korea, Nov. 2, 2015 /PRNewswire/ -- Reed Exhibitions' global exhibition capacity in South Korea looks set to strengthen even further after the world's leading exhibition organizer today signed a letter of intent (LOI) with COEX to co-organize the Franchise Seoul event through the project-based JV. COEX is a top venue owner and one of the leading exhibition organizers in Korea.
Franchise Seoul is a leading, large-scale exhibition in Korea for entrepreneurs, start-ups, global brands, business franchisors and franchisees. The deal was sealed by a five-member Reed Exhibitions delegation that included Chairman, Mike Rusbridge; Global CEO, Chet Burchett.
The signing of the LOI signifies another bold leap forward for Reed Exhibitions in South Korea, following its 2014 entry into the South Korean maritime market when it joined forces with event leader K. Fairs Ltd., an established and highly regarded local trade fair organizer, to produce Kormarine, Korea's largest maritime industry event, and the second largest in Asia.
Speaking at the signing ceremony, Mike Rusbridge said, "The LOI between Reed and COEX formalizes a partnership that has truly exciting potential. It is another step along the road to expand Reed's business within Korea. Our goal is to work closely with COEX to first optimize the results of this initial project and thereafter determine the best resources from both parties to build more world-class leading events in the region. With this LOI, Reed is pursuing its growth strategy of strengthening its core events business while balancing and complementing its strong event portfolio in South Korea, the Asia's fourth largest market."
Mr. Bo-kyung, Byun, President & CEO of Coex commented, "We are delighted with the partnership. Reed Exhibitions, through its vast experience and extensive resources, is likely to become an important player in Korea's future economy. The Franchise Seoul held in March 3-5 2016 will set the tone. Following this inaugural collaboration, we are also looking at other exhibitions we can work together on in the near future."
This cooperation between Reed Exhibitions and COEX to co-organize Franchise Seoul is a project-based JV which is subject to a number of fundamental processes, including legal formalities, financial due diligence and contract finalization by both parties that will be conducted over the course of this year.
First launched in 1996, Franchise Seoul is a biennial event, in which the Food & Beverage sector takes up more than 70% of the total space. A total of 10,739 retail distributors, investors, consultants, manufacturers, distributors, department stores, shopping centers, education and health care professionals, importers, exporters and representatives of trading companies were recorded for the 2015 show.
For Reed Exhibitions, a significant part of the attraction of Franchise Seoul was its steady annual growth rate, which has held at 8% since 2012. Coupled with the additional leverage of Reed's international resources, the potential to boost this growth and sustain the upward trajectory provides much reason for optimism.
Once the deal is sealed, Franchise Seoul in South Korea joins Reed Exhibitions' growing global portfolio of franchise events that includes The International Franchise Show in France, the Business Entrepreneurship and Franchise Expos in South Africa & Ghana and Franchise & License Expo Indonesia.
About Reed Exhibitions
Reed Exhibitions is the world's leading events organiser, with over 500 events in 43 countries. In 2014 Reed brought together over seven million event participants from around the world generating billions of dollars in business. Today Reed events are held throughout the Americas, Europe, the Middle East, Asia Pacific and Africa and organised by 41 fully staffed offices. Reed Exhibitions serves 43 industry sectors with trade and consumer events. It is part of the RELX Group plc, a world-leading provider of information solutions for professional customers across industries.
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