by Stephen Garner

Fosun Fashion Group (FFG) has signed an agreement to acquire 100 percent of Italian luxury footwear brand Sergio Rossi S.p.A from Absolute Luxury Holding S.r.l., an independently-managed investment subsidiary of Investindustrial V L.P.

The acquisition will further enrich FFG’s luxury brand portfolio, which currently includes Lanvin, Wolford, Caruso, and St. John Knits, complementing the group’s core competency through luxury accessories. The transaction is subject to customary regulatory approval and is expected to close during this summer.

Founded in 1951 by Mr. Sergio Rossi in the renowned San Mauro Pascoli shoemaking district in Italy, the brand was previously owned by the Gucci Group (now Kering). It was then acquired by Investindustrial in 2015. Today, Sergio Rossi has a worldwide distribution network of 64 stores, of which 45 are directly-owned flagship stores in prime luxury locations across EMEA, Japan, and Greater China with the remaining stores franchised.

“We are excited to have Sergio Rossi join FFG family, who we believe is one of the few leading shoemakers in the market,” said Joann Cheng, chairman of Fosun Fashion Group. “We were also mesmerized by Sergio Rossi’s archive, meticulously renovated, and digitally filed with over 13,000 documents, and where over 6,000 heritage shoes are stored as inspiration for future collections. Since its inception, the brand stands at the very tip of quality and craftsmanship, and these attributes are shared across our group’s portfolio. As always, FFG remains fully committed to continuing the growth of this brand as one of the most iconic shoe brands in the market.”

Riccardo Sciutto, CEO of Sergio Rossi added: “After five years of excellent partnership with Investindustrial and having made the first step of the huge renewal of the company, myself and the rest of the management team now welcome FFG as the new owner. We are excited about Sergio Rossi’s future growth prospects supported by new collections that will be unveiled, the fast-growing market in which our brand is appealing to, and FFG as a new partner to sustain us on this thrilling journey.”