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China’s Fosun Fashion Group said on Monday it would change its name to Lanvin Group, capitalizing on the reputation of one of its labels, as it tries build a global portfolio of luxury brands.
Alongside French couture label Lanvin, Fosun Fashion Group Controls Italian luxury shoemaker Sergio Rossi and high-end tailor Caruso, Austrian hosiery and underwear specialist Wolford and American women swear brand St. John Knits.
Fosun Fashion Group said it would continue to explore opportunities to invest in luxury fashion brands to accelerate growth. Chinese consumers are the world’s largest buyers of luxury goods, and China also has its own fashion industry.
However, Chinese enterprises, particularly those that have bought established European labels, have had a difficult time breaking into Western markets.
Fosun Fashion Group, which was founded in 2017 by Chinese conglomerate Fosun International Limited, announced the addition of two new strategic investors: Japanese trading behemoth ITOCHU Corporation and luxury footwear producer
Story by : Norvisi Mawunyegah