Chinese conglomerate Fosun Group has added the Italian luxury menswear brand Caruso to its portfolio.

Fosun Group has acquired a 35 per cent stake in Caruso for an undisclosed amount. Caruso is Fosun’s first investment in the luxury sector in Europe.

“Fosun will leverage its own competitve advantages to help Caruso expanding in the China market as well as bringing this precious made in Italy brand to the Chinese consumers,” said Fosun Group founder and chairman Guo Guangchang.

According to Caruso president and CEO Umberto Angeloni, the objective of the deal is to position Caruso as one of the main players in the “new luxury” market.

“Hand-made and custom-made are the ultimate levels of sophistication in a scenario where an informed customer is the ultimate arbiter of a brand’s success,” said Angeloni.

Fosun Group has also investments in jeweller Folli Follie and American apparel maker St John Knits.