South Korean network solution provider Dasan Networks Inc. has teamed up with the Italian luxury brand Tonino Lamborghini to set up a joint venture devoted to marketing luxury smartphones and other IT products.

The Korean company said Tuesday that TL International Inc. would be based in Korea, with Dasan Invest Co., the parent company of Dasan Networks, owning a 70 percent stake and the Italian group 30 percent. Nam Min-woo, chairman of Dasan Networks, would be the board chair of the new entity, with Vice President Ferruccio Lamborghini and Chief Operating Officer Andrea Casa seated as members on the board.

TL International plans to bring together experts from Italy and Korea to develop new IT products under the Tonino Lamborghini brand. It will hold the exclusive license to market and sell the devices in the global market.

The newly-formed entity said it will host a product launch event on Wednesday for its premium smartphone Alpha-One in Hanoi, Vietnam with a local partner, together with media officials and distributors. The luxury Android smartphone, developed by Dasan Networks and Tonino Lamborghini in May 2017, is made out of liquid metal and Italian handmade leather and comes with a custom leather case. It is priced at 2.5 million won ($2,336).

Tonino Lamborghini said it expected the partnership to combine Italy’s design creativity and Korea’s IT expertise to create a successful business model in the luxury IT market.

Dasan Networks was founded by Nam Min-woo in 1993 as a network equipment company for fixed and mobile broadband services. It transformed into a holding company in April 2015 to consolidate its network solution business.

Shares of Dasan Networks closed Tuesday down 2.26 percent at 6,500 won.

By Ahn Byung-joon and Kim Hyo-jin

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