Advertisement
Advertisement
Advertisement
Which luxury fashion brand will Lanvin Group acquire next? Inside the upcoming plans of China’s Fosun International Ltd., from New York Stock Exchange additions to breaking into the Gen Z market
STORYBloomberg
- Lanvin acquired Italian shoemaker Sergio Rossi last year and also houses Austrian lingerie Wolford, US womenswear St John Knits and Italian menswear Caruso
- The group is confident that the luxury sector is ‘resilient’ and that high-net-worth individuals will continue to splurge despite worsening economic conditions
China’s Fosun International Ltd. is on the hunt for an addition to its collection of fashion brands, which includes Lanvin and St John Knits – a sign of luxury’s resilience despite high inflation and recession concerns.
First, Fosun aims to float Lanvin on the New York Stock Exchange via a blank-check company in October or November, said Joann Cheng, chairman and chief executive officer of Lanvin Group. A potential acquisition would come after that, “ideally later next year”, she said in an interview, adding “we’re not in a rush”.
Advertisement
Lanvin houses the eponymous French fashion brand as well as Italian shoemaker Sergio Rossi, Austrian lingerie brand Wolford, US womenswear St John Knits and Italian menswear brand Caruso. “We are screening good targets in the market,” Cheng said.
The company is looking to boost sales in the US and China while adding new product areas and diversifying beyond European brands and into a younger age bracket. Fosun, a Chinese conglomerate, bought a controlling stake in Lanvin in 2018 and has continued to add new brands since then.
The purchase could follow the template established by Lanvin’s acquisition of Sergio Rossi last year, which allowed it to bolster its offering of accessories, co-chief operating officer David Chan said. The company is looking at areas including beauty and skin care as well, he said.