Olivier Lapidus will exit as artistic director, while Fosun Group’s Joann Cheng will come on board as interim chief executive officer.
Like Fosun’s recent Lanvin acquisition, this new deal requires a cash injection and a strategic turnaround.
The Chinese conglomerate has outbid Qatari rival Mayhoola Group, according to sources with knowledge of the matter.
The chairman and ceo will be succeeded by his son Marco Angeloni.
“The transaction is in progress,” a spokeswoman for Fosun told WWD, without divulging any further details.
Guo Guangchang was last seen being led away by police at a Shanghai airport.