MILAN, Oct 11 (Businesshala) – China’s Fosun Fashion Group said on Monday it will change its name to Lanvin Group to capitalize on one of its labels’ reputations as it seeks to build a global portfolio of luxury brands.
Along with French clothing label Lanvin, the Fosson fashion group controls Italian luxury shoemaker Sergio Rossi and high-end tailor Caruso, Austrian hosiery and underwear specialist Wolford and American womenswear brand St. John’s Knits.
Fosun Fashion Group said it will continue to explore opportunities to invest in luxury fashion brands to drive growth.
Chinese buyers are the largest buyers of luxury goods worldwide and China also has its own fashion companies. But Chinese companies, including those that have bought established European labels, have so far found it difficult to launch into Western markets.
Fosun Fashion Group, formed by Chinese conglomerate Fosun International Limited (0656.HK) in 2017, added two new strategic investors, Japanese business conglomerate ITOCHU Corporation (8001.T) and luxury footwear manufacturer Stella International (1836.HK). .