Fosun Fashion Group has rebranded as Lanvin Group, adopting the name of its French luxury fashion brand.
The company said the change “exemplifies the group’s clear vision to build a global portfolio of iconic luxury fashion brands as its embarks on a new phase of growth both globally and in China.”
The change in branding comes as Japanese trading conglomerate ITOCHU Corp. and luxury footwear developer and manufacturer Stella International partnered with the company as strategic investors. The company also gained a financial investor in Xizhi Capital, a private equity group in China that has investments in fashion and consumer goods.
Lanvin said the latest capital round brings the total aggregate raise to $300 million, valuing the company at more than $1 billion.
“Lanvin Group will draw upon ITOCHU and Stella International’s market expertise, know-how and resources in the luxury footwear and textile categories to boost our global supply chain and distribution capabilities. This will not only enable our portfolio brands to build a strong foothold in the Japan market and broaden their product offering, but also enable them to meet growing luxury demand both globally and in China,” Lanvin Group chairman Joann Cheng said.
The luxury fashion group’s other partners include global high-end lifestyle brand and luxury shopping mall operator K11, global brand e-commerce partner Baozun, interactive data performance marketing firm in greater China Activation Group, and apparel manufacturer Neo-Concept Group.
Cheng said high fashion maisons have remained resilient throughout the pandemic. “As the world emerges from the pandemic, we believe demand for luxury fashion products will remain strong and continue to thrive in the years to come,” she added.
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Lanvin was established by Fosun International Ltd. in 2017 to capitalize on the growing global demand for luxury fashion, particularly in China. Fosun International has over $120 billion in total assets under management.
“Lanvin Group is set to become the next in a line of industry champions. The group is well positioned to exploit the resilient demand for luxury goods globally, especially in China, where Fosun and its partners have unparalleled access and track record in growing international consumer brands in the world’s largest consumer market,” Guo Guangchang, chairman and co-founder of Fosun International, said.
The 132-year-old Lanvin, founded in 1889, is the oldest operating luxury couture fashion house in France. A new Lanvin Group branding and website will be unveiled in the coming months, the Shanghai-based firm said.
Besides Lanvin, the company’s portfolio includes Italian luxury shoemaker Sergio Rossi, Austrian intimates specialist Wolford, American women’s wear brand St. John Knits and Italian men’s wear maker Caruso. The five brands have a global presence in over 60 countries with more than 1,000 points of sale, 200 retail stores and 3,500 employees globally.
A subsidiary, the operating arm known as Fosun Fashion Brand Management, inked a deal in May 2019 with Marquee Brands to bring some of its brands into China.