High-end Shanghai retailer Icicle Fashion Group has bought out French couture house Carven.
The French brand, once favoured by singer Edith Piaf, was facing bankruptcy before the buy-out. It now stands to be re-launched by the new owners, attempting to restore a once-prestigious label based on its historic brand reputation. Carven has enjoyed periods of great fame, as well as recurring hard times, in particular following the departure of designer Guillaume Henry in 2014.
Chinese consumers are the largest buyers of luxury goods worldwide. Icicle Fashion Group was the strongest bidder amongst a number of potential new owners.