BEIJING — China’s Fosun Fashion Group, the owner of brands such as Lanvin, St. John Knits, Caruso and Tom Tailor, said it has formed a fashion brand management company to serve firms targeting the greater China market.
The subsidiary, Fosun Fashion Brand Management Co., or FFBM, was described by Joann Cheng, chairman of Fosun Fashion Group, as a “major milestone for us at this critical stage in FFG’s development as we continue to expand our in-house operating capabilities.”
FFBM will provide brands with full management services including retail and wholesale operations, merchandising, marketing and communication management, human capital and complete back-office support.
Cheng continued: “The FFBM team brings a comprehensive set of operational experience span across retail and digital in fashion, which will be invaluable as we enter this new phase of execution. This new platform provides FFG with a wider scope of competencies, and allow us to maximize control over brands’ performance in our own backyard, enabling us to create incremental value for brands outside of their home markets.”
James Chen, formerly the founder of UCCAL Fashion Group, which was acquired by Li & Fung in 2014, will serve as ceo of FFBM. Under UCCAL, he managed and developed more than 700 mono brand stores across China, Fosun said, serving brands such as Roberto Cavalli, A. Testoni, Isaia, St. John, M Missoni and Porsche Design.
“In recent years, China has become one of the core markets for many brands, and it will continue to thrive to become one of the world’s top consumer markets,” said Chen. “Having lived and worked in China for 20-plus years, I am excited, now more than ever for the vision of Fosun Fashion Group as well as the fashion landscape in China.”
Earlier this week, Fosun upped its stake in German retailer Tom Tailor, launching a voluntary public takeover for all the shares not already held by the company.