China-based investment firm Fosun International Limited has announced the acquisition of a controlling stake in French Luxury brand Lanvin, the oldest luxury couture house in France still in existence. Details of the transaction were not disclosed.
“Lanvin is adding a luxury asset to Fosun’s Fashion Group,” said Joann Cheng, vice CFO of Fosun International and executive president of Fosun Fashion Group. “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.”
This isn’t the first fashion investment for Fosun. The company has been actively investing in the global fashion and consumer industry with the rapidly increasing global consumption upgrade of China. Fosun recently commissioned the Fosun Fashion Group to capitalize on this trend and to manage Fosun’s growing portfolio of assets in the fashion sector. Its most recent investment was in luxury Italian menswear brand Caruso.
“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, Lanvin’s current CEO.
Simone Mantura, current deputy general manager of Lanvin, added, “As a French brand with almost 130 years of history, partnering with Fosun, one of the youngest and dynamic group at the moment, is absolutely exciting and can open up great potential.”
The French fashion house was founded in 1889 by Jeanne Lanvin, who created a particular style — a complete world of elegance and refinement. She loved culture, surrounding herself with artists and rising stars from many different fields, leaving behind an exceptional cultural legacy.
Currently, Lanvin operates in more than 50 countries with womenswear, menswear, kidswear, and accessories including footwear and leather goods. Lanvin has long been synonymous with Parisian elegance and it has always been quoted as one of the most prestigious fashion house in the world.