Lanvin Group, the luxury arm of Shanghai giant Fosun International, is hoping to raise around $544 million in an initial public offering through an SPAC in New York, reports Caixin. The group, which owns French high fashion house Lanvin, Italian shoemaker Sergio Rossi, Austrian designer Wolford and other luxury marques, said it would combine with special-purpose acquisition company (SPAC) Primavera Capital Acquisition—an affiliate of Chinese investment firm Primavera Capital Group—which hit the New York Stock Exchange early last year.
The deal will give Lanvin Group an enterprise value of $1.5 billion, it said. The windfall includes $414 million from the listed firm’s trust account.
Lanvin’s existing shareholders will roll their shares into the new firm, Lanvin Group Holdings Ltd., where they will make up a 65% stake of the company. Fosun will remain a majority shareholder after the transaction, which should be completed this year, a spokesperson told Caixin.