Fosun International Ltd. said Feb. 22 that it has acquired a majority stake in Jeanne Lanvin SAS, France's oldest surviving couture fashion house, for an undisclosed amount.
The Chinese buyer will invest €100 million in the struggling luxury business, according to a Reuters report citing an anonymous source for the figure. The Chinese conglomerate said it is boosting its luxury goods business and plans to expand Lanvin's business through the deal.
Current shareholders will retain a minority stake in Lanvin, Fosun said. Taiwan-based businesswoman Shaw-Lan Wang bought a majority stake in the fashion house in 2001. Jeanne Lanvin founded the company in 1889.
This article was amended on Feb. 23 at 1:41 pm ET to include more details on the deal and shareholders from Fosun's press release.