Chinese investment company Fosun is taking control of Lanvin.
The French luxury fashion house was founded by Jeanne Lanvin in 1889 and acquired by Taiwanese media magnate Shaw-Lan Wang in 2001, with the businesswoman having a 75 per cent stake.
Lanvin has been in turmoil since the shock exit of head designer Alber Elbaz in late 2015, with it reported in November (17) that Wang was planning to push more money into the business to help reposition the brand, though that didn’t happen, and Fosun, which owns France’s Club Med, Britain’s Thomas Cook Group, and clothing label St. John, has now snapped up the label.
“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 Lanvin’s managing director Nicolas Druz in a statement.
Earlier this month, it was reported that executives at Fosun and Mayhoola, the investment firm run by the Qatari royal family which oversees companies such as Pal Zileri, Balmain and Valentino, were interested in taking over Lanvin.
However, Fosun has won out, and according to Reuters, the group will invest around $123 million (£88 million /100 million euros) in the business, with Wang and Swiss investor Ralph Bartel retaining minority stakes.
“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 and its exceptional quality of products manufactured in France and Italy,” added Joann Cheng, vice chief financial officer of Fosun International.
Elbaz’s successors include Bouchra Jarrar and Olivier Lapidus, who joined the label last July and presented his first collection during Paris Fashion Week in September.
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