Fosun Stitches Together Fashion Empire With Stake in Lanvin
Chinese investment giant Fosun International Ltd. and its subsidiaries have acquired a majority stake in French luxury couture house Jeanne Lanvin SAS, another fashion acquisition by the group as it continues to grow its holdings in the industry.
The deal involved a total consideration of 120 million euros ($148 million), according to a statement from legal firm DLA Piper that advised Fosun on the deal.
Lanvin, founded in 1889, is France’s oldest still-operating luxury couture house. It currently operates in more than 50 countries with products including apparel, leather goods, footwear, accessories and fragrances.
“Fosun’s understanding of the brand and strong track record in the European and global market, including their successful partnership and transformational strategies with Club Med, Tom Tailor and many others, make us believe that Fosun is the right long-term strategic partner to team up with,” said Lanvin Chief Executive Nicolas Druz.
The French brand is the latest luxury asset added to Fosun’s fashion unit, which has recently been set up to manage the group’s expanding portfolio of fashion brands.
Fosun has in recent years invested in several fashion companies, including American women’s’ knitwear producer St. John Knits, Greek jewelry- and timepiece-maker Folli Follie, Italian luxury menswear producer Caruso and German fashion brand Tom Tailor, in an attempt to leverage momentum in the Chinese fashion retail market.
“As China becomes the main growth driver of the global luxury market, we are confident that Fosun can bring great incremental value to Lanvin with our global resources and expertise, while being absolutely committed to Lanvin’s high luxury positioning and its exceptional quality of products manufactured in France and Italy,” said Joann Cheng, vice chief financial officer of Fosun International and executive president of Fosun Fashion Group.
This story has been updated following DLA Piper's clarification that the currency used in the transaction was the euro.
Contact reporter Coco Feng (firstname.lastname@example.org)
May 18 05:15
May 18 05:03
May 18 04:08
May 17 18:39
May 17 18:55
May 17 17:53
May 17 16:02
- 1Opinion: Jack Ma’s ‘669’ Sex Joke Reinforces Tech’s Culture of Gender Harassment
- 2China Boosts Hydrogen Fuel Cell Investment in Green Energy Push
- 3Jack Ma Faces Backlash for Telling Employees How Often to Have Sex
- 4In Depth: Surveillance Equipment Giant Hounded by Competition, Security Concerns
- 5Huawei to Seek Remedies in Face of U.S. Ban
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas