MILAN: China's Fosun Fashion Group said on Monday (Oct 11) it would change its name to Lanvin Group, capitalising 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 womenswear brand St John Knits.
Fosun Fashion Group said it would continue to explore opportunities to invest in luxury fashion brands to accelerate growth.
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.
Fosun Fashion Group, created by Chinese conglomerate Fosun International Limited in 2017, added it had two new strategic investors, Japanese trading conglomerate ITOCHU Corporation and luxury footwear manufacturer Stella International.