Agnelli family buys major stake in Shang Xia from Hermès
The holding company of Italy’s famous Agnelli family’s is to invest €80 million in Chinese luxury business Shang Xia Paris to take a controlling stake.
Shang Xia is a 10-year-old brand that was founded by Hermès and Chinese designer Jiang Qiong Er and the French luxury giant will remain as “an important shareholder”. Although the Agnelli’s Exor holding business will be the majority owner, Jiang Qiong Er will also retain a stake.
The deal will be via a reserved capital increase and should be complete by year-end. It should see Hermès booking a non-recurring profit of around €80 million on its investment.
Shang Xia describes itself as “the meeting of contemporary creation and traditional Chinese craftsmanship”. It sells high-end clothing, jewellery and accessories, but also furniture and “everyday objects”.
It has six stores in key Chinese shopping destinations, as well as one in Paris, on the rue de Sèvres.
The Agnelli family is best known for its founding of car giant Fiat and is also the biggest investor in Ferrari. In recent years, the luxury marque has expanded beyond its core car-making expertise and is now also a major name in branded merchandise with success in fashion and perfumes lines too.
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