Chinese conglomerate Fosun buys luxury French fashion brand Lanvin
Chinese fashion conglomerate Fosun has added luxury French fashion brand Lanvin to its offering.
The company has acquired the 129-year-old fashion house, and though they monetary value of the deal has not been disclosed, Lanvin will retain a small stake in its business.
This is part of a trend of luxury French brands becoming popular in China. Last year, French Champagne manufacturer Laurent-Perrier announced the appointment of its first Asian female Director, Wendy Siu, who founded Hong-Kong based luxury French lifestyle shop Heather and March. In addition to being the first Asian female on any French luxury brand board and advocating for more gender equality in such companies, Siu’s appointment also marked an effort to capture Asia’s growing luxury market.
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The deal will therefore capitalise on an increasingly wealthy Chinese middle class which is spending more on luxury brands and experiences.
Fosun was founded in 1992 and since 2010 has been expanding rapidly. Another French luxury purchase was resort operator Club Med. Fosun has also bought stakes in Folli Follie, a fashion and jewellery brand, and Cirque du Soleil.
Lanvin’s Chief Executive Nicolas Druz said of the deal: “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.”
Fosun’s founder and CEO Guo Guangchang stated: “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.”