Fosun furthers efforts to tap fashion market

Shanghai-based outbound conglomerate Fosun International Ltd has maintained momentum in the Chinese New Year with its purchase of a controlling stake in French fashion house Jeanne Lanvin SAS.

Announced on Feb 22 - the first working day after the seven-day Lunar New Year holiday - the acquisition will be carried out by Fosun International and its subsidiaries, according to the company. This is in line with the target of Fosun Fashion Group established in 2015, which aims at investing globally in the fashion and retail industry.

Although the exact investment amount and stock proportion have not been disclosed, global law firm DLA Piper estimated in a note that the total acquisition will be around 120 million euros ($148 million).