Yesterday Chinese conglomerate Fosun International bought a majority stake in France’s oldest surviving fashion house Lanvin, reports Bloomberg, adding to its already expansive luxury-goods portfolio.
Lanvin, founded in 1889, has been on the verge of collapse in recent years after a decade long rise to global recognition under the leadership of designer Alber Elbaz. The deal, made for an undisclosed fee, will put Lanvin alongside other big brands in the Fosun group such as Club Med and Caruso menswear.
This comes as the latest in a trend that see Chinese investors scooping up market share in the European luxury goods market. Announcing the deal, Joann Cheng, vice chief financial officer of Fosun International, said “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.”