Fosun Fashion Group, a global luxury fashion group, has rebranded to “Lanvin Group”. Lanvin, founded in 1889, is the oldest operating French luxury couture fashion house. The rebranding to Lanvin Group exemplifies the company’s vision to build a global portfolio of luxury fashion brands as it embarks on a new phase of growth both globally and in China. The new Lanvin Group branding and a new website will be unveiled in the coming months.
The decision to rename the group Lanvin Group was based on the company wanting to stay true to the business ethos of namesake founder Jeanne Lanvin herself. Lanvin Group has also added two new strategic investors, Japanese trading conglomerate ITOCHU Corporation, and luxury footwear developer and manufacturer Stella International, as well as Xizhi Capital, an experienced private equity group in China in various sectors including fashion and consumer. The latest capital round closed at a post-money valuation of over 1 billion dollars, bringing Lanvin Group’s total amount raised across all rounds to approximately 300 million dollars.
Lanvin Group was established by Fosun International Limited in 2017 to capitalize on the growing global demand for luxury fashion, particularly in the China market. Fosun International ranks 459th on the 2021 Forbes Global 2000 List, managing over 120 billion dollars in total assets. Fosun has created multiple market-leading consumer companies, such as Fosun Tourism Group, Fosun Pharma, and Yuyuan Tourist Mart.
Lanvin gets new investors
Lanvin Group’s portfolio of iconic heritage brands covers a wide spectrum of luxury fashion categories, including French couture house Lanvin, Italian luxury shoemaker Sergio Rossi, Austrian knitwear specialist Wolford, American womenswear brand St. John Knits, and high-end Italian menswear maker Caruso. These five brands have over 390 years of combined history and have far-reaching global presence in more than 60 countries with more than 1000 points of sales, 200 retail stores, and 3500 employees across the world. Over the past, 15 months Lanvin Group has opened an additional 25 stores globally, of which 19 are in Greater China.
“Fosun has consistently capitalized on high-growth sectors and has a successful track record in creating consumer-driven ecosystems,” said Guo Guangchang, chairman and co-founder of Fosun International Limited, in a statement. “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.”
In a statement, Joann Cheng, chairman of Lanvin Group, said, “We welcome our newest investors and strategic alliance with ITOCHU and Stella International, alongside our other partners, in creating a unique ecosystem to drive synergies and sustainable growth across our portfolio. 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.”
In a statement, Masahiro Morofuji, managing executive officer and textile company president of ITOCHU Corporation, “We are pleased to be partnering with Fosun and to be joining their strategic alliance within the fashion industry. We believe that with our vast resources and experiences as a global company, we have much to offer to the Lanvin Group and their future endeavors.”
In a statement, Stephen Chi, CEO of Stella International, said, “Lanvin Group’s strategic alliance is unique in the global luxury fashion sector. We are excited to become part of it and to be able to offer our integrated capabilities in the design, development and manufacturing of luxury sneakers to our brand partners.”
Leveraging the best-in-class resources of its alliance partners, Lanvin Group has strengthened product development and manufacturing operations across the portfolio and advanced digital and e-commerce capabilities of its portfolio brands. This unique strategic alliance will continue to play an integral role in Lanvin Group’s expansion as it drives the growth of the existing portfolio while exploring opportunities to invest in more global luxury fashion brands and to further accelerate growth.
Read More:Fosun Fashion Group rebrands and Lanvin gets new investors