Chinese Fosun buys majority stake in Lanvin of France
The exact investment amount and stock proportion were not disclosed, but global law firm DLA Piper has estimated the total acquisition to be worth $148 million, according to a news agency report.
Lanvin, founded by Jeanne Lanvin in 1889, operates in more than 50 countries, providing high-end ready-to-wear and accessories for men and women. Taiwan businesswoman Shaw-Lan Wang acquired a major stake in Lanvin in 2001. After Fosun’s acquisition, her 75 per cent stake will decline to 20 per cent.
Fosun Fashion Group has promised to stick to Lanvin’s high luxury positioning and its exceptional quality of products manufactured in France and Italy after the acquisition. (DS)
Fibre2Fashion News Desk – India