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.
Analysts said the Chinese conglomerate must take a long-term view, as throwing money at the brand is not enough.
The Chinese conglomerate has outbid Qatari rival Mayhoola Group, according to sources with knowledge of the matter.
Among them is Mayhoola Group, which in past years has held several rounds of talks with majority owner Shaw-Lan Wang, industry sources said.
The actor, singer and DJ were among the fashion faithfuls defying a cold, Sunday drizzle to admire clothing.