Fosun Fashion Becomes Lanvin Group to Create China’s Largest Luxury Conglomerate
The Chinese entity that seeks to compete with Western fashion groups places Lanvin at the forefront of this effort. Fosun Fashion Group, backed by Fosun International Limited, revealed on Monday that it had changed its name to Lanvin Group as part of a larger overhaul, in which it welcomes new investors, namely Japanese business conglomerate ITOCHU Corporation. , luxury shoe maker Stella International, and Chinese private equity firm Xizhi Capital – and will likely position itself to double its existing acquisition efforts that saw it create a fashion division to include controlling stakes in Sergio Rossi, Wolford, Caruso, St. John, and of course, Lanvin, among others, in recent years.
“We are actually quite open about potential acquisition targets,” said Joann Cheng, president of the Lanvin Group on Monday, noting that the budding conglomerate is “open to all good targets” and has no “restrictions. as to whether they are Western or Chinese, young or old. According to Reuters, Cheng cited “the group’s focus on high-end labels with a heritage and a history of craftsmanship, but also indicated a interest in new brands strong in fashion technology, as well as Chinese labels that could complement the existing brands of the group.
The news comes as the Lanvin brand seeks to make itself known to young consumers – notably through its accessory offers – under the leadership of creative director Bruno Sialelli. As we previously reported, despite its entrenchment in the French fashion landscape for the past 132 years, Lanvin’s long-standing emphasis on clothing – from the signature-style gown silhouette of founder Jeanne Lanvin ( and the use of color) to the unrivaled build of former Lanvin Creative Director Alber Elbaz. eye-catching ruffles and embellishments – has meant that the brand, which retains the title of the oldest working French fashion house, has fallen short (compared to its competitors) when it comes to a sturdy arsenal of accessories. In other words, much of it lacks the often logo-embellished accessories that enable big conglomerate-owned fashion brands to generate billions in revenue and the far-reaching notoriety that goes with them.
If a rotation of new source-identifying monograms and cat-handle bags inspired by Armand Rateau – and adapted for Instagram – is any indication, current creative director Bruno Sialelli is trying to change that and flesh out the brands’ offering. on the front of the accessories. And in a recent review, Vogue revealed that the redesign seems to be working, noting that Mr. Sialelli, “who wants to significantly expand the Chinese-owned house, has already seen increased interest in showbiz (Ariana Grande, Travis Scott, Rita Ora ) and the new very important Chinese purchasing power.
As for the group as a whole, Fosun International President and Co-Founder Guo Guangchang highlighted the focus on luxury, saying: Partners have unparalleled access and experience in growing international consumer brands on the world’s largest consumer market. Fosun echoed this sentiment in a statement released on Monday, saying that it “benefits from the diversity of fashion categories across its portfolio, which offers both significant growth opportunities as well as resilience throughout the world. fashion cycle “, and revealing that it intends to” continue to develop this diversified luxury portfolio with a growth strategy anchored in geo-expansion, channel activation and category development.
In the same statement, the group said its latest round of funding ended at a post-currency valuation of over $ 1 billion, bringing the total amount raised by the Lanvin Group through all rounds to around $ 300 million.