The Chinese powerhouse Fosun International has recently bought a majority stake in the French fashion brand Lanvin.
The purchase was announced in a statement this past Thursday. The Shanghai company owns a wide range of brands including Club Med resorts and the men’s label Caruso.
Lanvin, founded in 1899, is the oldest fashion house in France. The brand has been bought by Shaw-Lan Wang in 2001, which turned it into a global brand.
Chinese businesses are looking to expand their portfolio of luxury European brands. Back in January, it was revealed that Shandong Ruyi Group were the leading bidders for the Swiss luxury handbag company Bally. The French crystal maker Baccarat was bought by the Chinese group, Fortune Fountain Capital in June last year.
According to the firm, Bain & Co., luxury sales have grown in China by 20 percent last year, with a third of the sales coming from Chinese consumers.