Chinese apparel company Fosun Group has closed a capital-raising round valuing the company at US$1 billion – and rebranded as Lanvin Group, adopting the name of the oldest label in its portfolio.
The subsidiary of listed Hong Kong corporation Fosun International, now counts Japanese trading group Itochu Corporation and Hong Kong footwear company Stella International among its shareholders, along with Chinese private-equity group Xizhi Capital.
In a statement, Lanvin Group said the rebranding reflects the company’s vision to build a global portfolio of luxury fashion brands. Founded in 1889, Lanvin is the oldest operating French luxury fashion house. Other brands on the Fosun roster include Italian luxury shoemaker Sergio Rossi, Austrian skinwear specialist Wolford, American womenswear brand St John Knits, and Italian menswear label Caruso. The brands are sold through more than 1000 points of sale, including 200 single-brand retail stores, in over 60 markets.
Fosun International set up the now Lanvin Group four years ago, eyeing a share of the booming Mainland China luxury goods market. The company has opened 25 new stores during the past 15 months, 19 of them in Greater China.
“Lanvin Group is set to become the next in a line of industry champions,” said Fosun International chairman and co-founder Guo Guangchang. “The group is well positioned to exploit the resilient demand for luxury goods globally, especially in China, where Fosun and its partners have unparalleled access and track record in growing international consumer brands in the world’s largest consumer market.”
Joann Cheng, Lanvin Group chairman, said the investment and partnership with Itochu would help its brands build a strong foothold in Japan.
She added that the Covid-19 pandemic has shown high fashion houses are incredibly resilient even in some of the most difficult of times. “As the world emerges from the pandemic, we believe demand for luxury fashion products will remain strong and continue to thrive in the years to come.”