MILAN, Oct. 11 (Reuters) – Chinese group Fosun Fashion has changed its name to Lanvin Group and may continue its acquisitions as it seeks to build a global portfolio of luxury brands, the company said on Monday, while announcing the arrival of new investors.
“We’re actually quite open about potential acquisition targets,” said Joann Cheng, president of the Lanvin Group, which, in addition to French brand Lanvin, also controls Italian luxury shoemaker Sergio Rossi and high-end tailor Caruso. , the Austrian hosiery and underwear specialist Wolford and American brand of women’s clothing St. John Knits.
The executive cited the group’s focus on high-end labels with a heritage and a history of craftsmanship as a continuing focus, but also indicated an interest in new brands strong in fashion technology, as well as Chinese labels that could complement the group’s existing brands.
“We are open to all the right targets, we have no restrictions on whether they are Western or Chinese, young or old – we are open,” she said, noting that luxury brands have been resilient during the COVID-19 crisis, driven by demand from middle-class consumers looking for high-quality products.
Cheng declined to provide a range of values for potential acquisition targets, but noted that the group is backed by its largest owner, conglomerate Fosun International.
She noted plans to grow the group through retail expansion, e-commerce and product line expansion.
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Fosun Fashion Group, established by Chinese conglomerate Fosun International Limited (0656.HK) in 2017, added that it has two new strategic investors, Japanese business conglomerate ITOCHU Corporation (8001.T) and luxury shoe maker Stella. International (1836.HK), as well as an investment from the private equity firm Xizhi Capital.
Reporting by Elisa Anzolin and Mimosa Spencer Editing by Louise Heaven and Mark Potter
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