Due to decreasing sales and losing significant amount of money, Lanvin, one of the most famous fashion brands in the world and the oldest fashion house of France is sold to the Shangai based Chinese company, Fosun International.
Chinese company will be investing 100 million euros in Lanvin
It is stated that the owner of Valentino, fon Mayhoola from Qatar was also among the potential buyers, but it was also underlined that the Chinese buyers were more aggressive during the process of purchasing the company. Fosun International agreed to pay 120 million euros for the stake and will be investing around 100 million more euros in Lanvin for the beginning. Lanvin peaked its sales in 2012 by an annual earning of 235 million euros. However, the sales of the company fell to 162 million euros in 2016. It is stated that Lanvin ended 2016 losing 20,3 million euros.
Until now, the 75 percent of was Lanvin owned by the Taiwanese Shaw-Lan Wang, while Swiss businessman Ralph Bartel held the 25 percent of the stakes. According to the press statement, both names will still own a minority stake in the company.
The ongoing growth of Fosun International
In their statement, Fosun International underlined that the purchase means a new phase of expansion for their company. Holiday village operator Club Med, Caruso menswear and California fashion house St. John are also among the companies which have recently been bought by Fosun International. In the press statetemnt, it is also emphasized that Lanvin’s experience and dominance in both global and European markets played a significant role in the purchase by Fosun International.
Lanvin also designed the team jersey for Arsenal
The Parisian fashion company Lanvin was founded in 1889 by Jeanne Lanvin. The fashion house produced clothing, accessories and perfumes for men, women and children. Lanvin is one of the most known fashion brands in global sector of fashion. The company also clothed the Arsenal football team in recent years.