Alcantara said it plans to release products in partnership with Hyundai Motor Co. and SsangYong Motor Co. in the coming years. It also said more collaborations with local fashion brands will come down the road.

"In general terms, we are facing good opportunity in the Korean market. This is a market that has a very interesting potential, even though it is not as big as China," Alcantara Chairman and CEO Andrea Boragno said during a press conference in Seoul.

"The consumers are pretty much educated, they like quality, they like brand, they like 'made in Italy,' so we are facing good opportunity to grow in the market," he said.

The CEO's latest visit to South Korea is part of the firm's broader efforts to increase its brand awareness globally.

"When we approach partners in the Korean market, such as Hyundai, we have to be able to explain that our brand is also present in China, Japan and the U.S., which are all important markets for their business," Boragno said.

Founded in 1972, 90 percent of Alcantara's production is exported.

The company aims to spend some 300 million euros ($340 million) over the next five years to double its production capacity.