Chinese conglomerate Fosun is looking to sell a stake in its luxury fashion business, which includes Lanvin.

According to a report by Bloomberg, an investor is being sought for the Fosun Fashion unit to help revamp and grow the business.

Fosun’s fashion division owns shareholdings of varying size in German fashion retailer Tom Tailor, US women’s fashion label St John Knits, Greek jeweller Follie Folli and Italian suit maker Raffaele Caruso. The company’s industrial division owns a majority stake in Wolford, the Austrian textile maker.

Bloomberg reports Fosun is seeking US$100 million and is negotiating with several prospective partners including Asian family businesses.

Investors who come on board may stand to gain from an IPO of Fosun Fashion in Paris under consideration for several years in the future, according to Bloomberg sources.

In the meantime, the capital would be used to grow the brands and boost profitability.

If a suitable partner cannot be located, Fosun may invest more of its own funds in the business.