Fosun Triumphs in Bidding War for Lanvin, Troubled Fashion House
- 6 years ago
Fosun Triumphs in Bidding War for Lanvin, Troubled Fashion House
This month, the Chinese textile and garment producer Shandong Ruyi agreed to buy a controlling stake in the Swiss leather brand Bally, two years after its 2016 acquisition of SMCP, which owns the brands Sandro, Maje
and Claudie Pierlot, for 1.3 billion euros (about $1.6 billion).
The Chinese conglomerate, which is controlled by the billionaire Guo Guangchang
and owns the French tourism group Club Med, along with the brands Folli Follie, St. John and Caruso, recently entered into acquisition talks with the Italian lingerie brand La Perla.
“As China becomes the main growth driver of the global luxury market, we are confident
that Fosun can bring great incremental value to Lanvin with our global resources and expertise, while being absolutely committed to Lanvin’s high luxury positioning,” said Joann Cheng, vice chief financial officer of Fosun International.
LONDON — Lanvin, France’s oldest surviving couture house, which has been teetering on the brink of collapse for more than two years,
has been acquired by a major Chinese private conglomerate after a fierce bidding war, the Chinese company announced on Thursday.
Shandong Ruyi also owns the British trench-coat brand Aquascutum,
and has bought a controlling stake in Hong Kong men’s wear group Trinity, the owner of bespoke suit makers Gieves & Hawkes.
Founded by Jeanne Lanvin in 1889, the house had enjoyed a 21st-century revival during the 14-year tenure of the creative director Alber
Elbaz, who had forged a loyal client base with collections full of shimmering, jewel-toned cocktail frocks and velvet tuxedos.
This month, the Chinese textile and garment producer Shandong Ruyi agreed to buy a controlling stake in the Swiss leather brand Bally, two years after its 2016 acquisition of SMCP, which owns the brands Sandro, Maje
and Claudie Pierlot, for 1.3 billion euros (about $1.6 billion).
The Chinese conglomerate, which is controlled by the billionaire Guo Guangchang
and owns the French tourism group Club Med, along with the brands Folli Follie, St. John and Caruso, recently entered into acquisition talks with the Italian lingerie brand La Perla.
“As China becomes the main growth driver of the global luxury market, we are confident
that Fosun can bring great incremental value to Lanvin with our global resources and expertise, while being absolutely committed to Lanvin’s high luxury positioning,” said Joann Cheng, vice chief financial officer of Fosun International.
LONDON — Lanvin, France’s oldest surviving couture house, which has been teetering on the brink of collapse for more than two years,
has been acquired by a major Chinese private conglomerate after a fierce bidding war, the Chinese company announced on Thursday.
Shandong Ruyi also owns the British trench-coat brand Aquascutum,
and has bought a controlling stake in Hong Kong men’s wear group Trinity, the owner of bespoke suit makers Gieves & Hawkes.
Founded by Jeanne Lanvin in 1889, the house had enjoyed a 21st-century revival during the 14-year tenure of the creative director Alber
Elbaz, who had forged a loyal client base with collections full of shimmering, jewel-toned cocktail frocks and velvet tuxedos.