Fosun Fashion rebrands to Lanvin Group as Itochu, Stella International invest
Chinese fashion business Fosun Fashion Group is renaming itself to reflect its highest-profile acquisition and will now be known as Lanvin Group.
But that name should’t suggest an exclusive focus on the star brand, as it also owns Sergio Rossi, Wolford, St John Knits, and Caruso and looks like it wants to bring more labels under its umbrella.
The company said it “benefits from unparalleled access to China, the world's largest luxury market, and continues to explore opportunities to invest in global luxury fashion brands to further accelerate growth”.
With Lanvin being “the oldest operating French luxury couture fashion house”, it said the rebranding “exemplifies the group’s clear vision to build a global portfolio of iconic luxury fashion brands as it embarks on a new phase of growth both globally and in China”.
The new branding and a new website will be unveiled in the coming months.
At the same time as the name change, it announced a new capital round that “welcomes strategic investments from Japanese conglomerate Itochu Corporation and luxury footwear manufacturer Stella International”.
Chinese private equity group Xizhi Capital also took part in the round that “closed at a post-money valuation of over US$1 billion, bringing Lanvin Group's total amount raised across all rounds to approximately US$300 million”.
Guo Guangchang, Chairman and Co-founder of Fosun International Limited, said: “Fosun has consistently capitalised on high-growth sectors and has a successful track record in creating consumer-driven ecosystems. Lanvin 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.”
Lanvin Group chair Joann Cheng added that the business “will draw upon Itochu and Stella International's market expertise, know-how and resources in the luxury footwear and textile categories to boost our global supply chain and distribution capabilities. This will not only enable our portfolio brands to build a strong foothold in the Japan market and broaden their product offering, but also enable them to meet growing luxury demand both globally and in China.”
Copyright © 2023 FashionNetwork.com All rights reserved.