MILAN — Caruso is entering the second phase of its expansion, with plans to open flagships in key locations globally and to enter the Chinese market. To this end, an investment fund managed by Fosun International Ltd. has taken a 35 percent stake in the high-end Italian men’s wear label. This is the Chinese group’s first investment in the luxury industry in Europe. Financial details of the partnership, which will be completed by the end of September, were not disclosed.
“This is a financial operation with a partner that is very respected and powerful in China,” said Umberto Angeloni, chairman, chief executive officer and majority shareholder of Raffaele Caruso SpA, which was delisted earlier this year. “Fosun has a financial strategy but can also provide invaluable synergies that will facilitate the brand’s entry in the Chinese market and accelerate its growth, without interfering with management. We are not present in China and it’s too easy to go wrong there, but with such a partner we can enter the market right from the top.”
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