China's Fosun Fashion Group has changed its name to Lanvin Group and could pursue acquisitions as its seeks to build a global portfolio of luxury brands, the company said yesterday, while also announcing the arrival of new investors.
"We actually are quite open about the potential acquisition targets," said Joann Cheng, chairwoman of Lanvin group, which in addition to French label Lanvin also controls Italian luxury shoemaker Sergio Rossi and high-end tailor Caruso, Austrian hosiery and underwear specialist Wolford and American womenswear brand St. John Knits.
The executive cited the group’s focus on high-end labels with heritage and a history of craftsmanship as a continued emphasis, but also indicated interest in new brands with strength in fashion technology, as well as Chinese labels that could complement the group’s existing brands.
Chinese shoppers are the biggest buyers of luxury goods worldwide and China also has its own fashion companies. But Chinese companies, including ones that have purchased established European labels, have so far found it hard to take off in Western markets.
