Fosun adds another luxury brand to crown as it takes control of French fashion house Lanvin
The 129-year-old fashion label has been struggling since the departure of its star designer Alber Elbaz in 2015
Fosun International announced on Thursday that it had acquired a controlling stake in the 129-year-old French fashion house Lanvin, joining other Chinese companies that have recently bought top brands to capitalise on the demand for luxury products from wealthy mainlanders.
Fosun did not disclose financial details of the deal, but said Lanvin’s current shareholders would retain a minority stake.
“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 Nicolas Druz, chief executive of Lanvin.
Founded by Chinese billionaire Guo Guangchang in 1992, Fosun went into aggressive overseas expansion and investment starting in 2010, and now owns French luxury resort operator Club Med, a 9.5 per cent stake in jewellery and fashion accessories brand Folli Follie and a minority stake in entertainment company Cirque du Soleil. It also has a joint venture with global travel company Thomas Cook.
“Not all brands can go through more than a century’s time and still shine and be admired like Lanvin. We feel honoured to become its new partner and believe this globally renowned brand and its rich history has tremendous growth potential,” said Guo, who is also chairman of Fosun International.
