Fosun International has acquired a majority stake in French luxury fashion brand Lanvin for an undisclosed sum as Chinese conglomerates build up its luxury-goods holdings.
The luxury fashion house, Lanvin, was founded by Jeanne Lanvin in 1889. Before Fosun took a controlling stake, Taiwan-based businesswoman Shaw-Lan Wang held 75% of the company, with the rest of the shares owned by German businessman Ralph Batel.
"Not all brands can go through more than a century and still shine like Lanvin," Fosun International's chairman Guo Guangchang, said.
"This globally renowned brand and its rich history has tremendous growth potential," he added.
"As China becomes the main growth driver of the global luxury market, we are confident that Fosun can bring great incremental value to Lanvin," the statement added.
"Fosun’s understanding of the brand and strong track record in the European and global market, including their successful partnership and transformational strategies with Club Med, Tom Tailor and many others, make us believe that Fosun is the right long-term strategic partner to team up with," said Nicolas Druz, Lanvin's current CEO.