Paris (awp/afp) – The Chinese group Lanvin Group, formerly Fosun Fashion Group, which owns the fashion houses Lanvin and Sergio Rossi, has announced that it will apply for a listing on the New York Stock Exchange following its “reconciliation” with an investment fund that values it at 1.5 billion dollars.
Lanvin Group has owned since 2018 Lanvin, the oldest French fashion house still in business and famous for its little black dresses.
The group also owns the luxury Italian shoemaker Sergio Rossi as well as the brands Wolford, St. John Knits and Caruso. It relies on 1,200 points of sale, 300 retail stores and 3,600 employees, and plans to open 200 new stores by 2025, according to a press release published overnight from Tuesday to Wednesday.
Lanvin Group announces that it has entered into a “definitive business combination agreement” with the Chinese investment group Primavera Capital Group – which manages more than $17 billion in assets – via the creation of a Spac, a non-operating company commercial but whose purpose is to raise funds by entering a stock exchange.
This transaction brings Lanvin Group to an enterprise value of 1.5 billion dollars (in “pro forma” data), and “the total proceeds of the operation should amount to 544 million dollars”, is it precise.
“We plan to accelerate the growth of our portfolio (…), by building a global portfolio of iconic luxury fashion brands that attract a large clientele”, highlighted the president of Lanvin Group, Joann Cheng, quoted in the press release.
In addition to the “significant opportunities for future growth” in Europe, the group is also targeting development in Asia and North America, where its brands have “untapped potential”. In particular, it plans to “use the proceeds of the transaction for potential future acquisitions that would complete its ecosystem in fashion and luxury”.
Lanvin Group does not disclose its financial performance. But it says Greater China accounted for 14% of its global revenue in 2021, and North America 33%. The Lanvin brand alone recorded sales “up 103% on an annual basis”, he says.
No date is given for the listing on the New York Stock Exchange.
afp / jh
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