The Chinese conglomerate Fosun International has bought a majority stake in the French fashion house Lanvin.
Announced in a statement on Thursday, the Shanghai-based company, which owns a wide range of brands including Club Med resorts and the men’s fashion label Caruso, acquired Lanvin for an undisclosed amount.
Founded in 1899, Lanvin is the oldest continuously operating fashion house in France. The brand had previously been bought by the Taiwanese publicity magnate, Shaw-Lan Wang, in 2001, who expanded the brand from relative obscurity to a global brand.
Chinese businesses are expanding their portfolio of luxury European brands. In January, it was revealed the Shandong Ruyi Group were the leading bidders for the Swiss luxury handbag maker, Bally; the 250-year-old French crystal maker Baccarat was acquired by the Chinese investment company, Fortune Fountain Capital in June last year.
According to the consultancy firm, Bain & Co., luxury sales grew by 20% in China in 2017 with a third of all luxury sales stemming from Chinese consumers. The market leader is the owner of the Louis Vuitton brand, LMVH, which owns 70 prestigious brands, including Dom Perignon champagne and the Christian Dior label.
More on fashion
Has H&M Gone Out of Fashion?
H&M, once a leader of “fast fashion,” has seen its sales decline for the first time in decades. This comes...
Blockchain and the Fashion Industry
There’s no denying it, the fashion and retail world will become one with technology, the line between these two industries...
Three Reasons Why Abercrombie & Fitch Shares Have Tumbled
What Has Been Going On? Once, Abercrombie & Fitch was a mainstream American retailer for young consumers- it reached highs of...