China's Fosun Fashion Group rebrands as Lanvin (updated)

Stella International Holdings

11/10/2021 17:09

(Adds executive comments)
    MILAN, Oct 11 (Reuters) - China's Fosun Fashion Group has
changed its name to Lanvin Group and could pursue acquisitions
as its seeks to build a global portfolio of luxury brands, the
company said Monday, while also announcing the arrival of new
investors.
    "We actually are quite open about the potential acquisition
targets," said Joann Cheng, chairwoman of Lanvin group, which in
addition to French label Lanvin also controls Italian luxury
shoemaker Sergio Rossi and high-end tailor Caruso, Austrian
hosiery and underwear specialist Wolford and American womenswear
brand St. John Knits.
    The executive cited the group’s focus on high-end labels
with heritage and a history of craftsmanship as a continued
emphasis, but also indicated interest in new brands with
strength in fashion technology, as well as Chinese labels that
could complement the group’s existing brands. 
    "We are open to any good targets, we don’t have restrictions
as to whether they are Western or Chinese, young or old – we’re
open," she said, noting that luxury labels have proven resilient
during the COVID-19 crisis, thanks to demand from middle class
consumers seeking a lift from high quality products.   
    Cheng declined to provide a value range for potential
acquisitions targets, but noted the group is backed by its
larger owner, the conglomerate Fosun International. 
    She noted plans to grow the group through retail expansion,
e-commerce and expanding product lines.
    Chinese shoppers are the biggest buyers of luxury goods
worldwide and China also has its own fashion companies. But
Chinese companies, including ones that have purchased
established European labels, have so far found it hard to take
off in Western markets.  urn:newsml:reuters.com:*:nL1N2R1137
    Fosun Fashion Group, created by Chinese conglomerate Fosun
International Limited  0656.HK  in 2017, added it had two new
strategic investors, Japanese trading conglomerate ITOCHU
Corporation  8001.T  and luxury footwear manufacturer Stella
International  1836.HK , as well as an investment from private
equity firm Xizhi Capital.

 (Reporting by Elisa Anzolin and Mimosa Spencer
Editing by Louise Heaven and Mark Potter)
 ((elisa.anzolin@thomsonreuters.com; 0039 0266129692;
mimosa.spencer@thomsonreuters.com))