LONDON — Wolford has a new majority owner in Fosun, which on Friday completed its previously reported deal to purchase the high-end Austrian hosiery brand.
Fosun Industrial Holdings Ltd. has acquired 50.9 percent of Wolford shares from previous majority stakeholders, Wolford said. The terms of the deal were not disclosed.
“We are very pleased with the participation of an anchor shareholder boasting substantial experience in the luxury goods segment, which, last but not least, will significantly facilitate our access to the Asian market, especially China,” said Axel Dreher, chief executive officer of Wolford.
Chief financial officer Brigitte Kurz said the capital increase guaranteed by Fosun would “sustainably strengthen the equity base” of the company, allowing Wolford to accelerate the expansion of its online business and return the company to a growth.
Joann Cheng, president of Fosun Fashion Group, said the Chinese company saw “significant growth potential” in Wolford.
“As China continues to drive the global luxury market, Wolford can leverage Fosun’s expansive China and global resources to grow and strengthen its high luxury positioning while maintaining its exceptional high quality of production in Europe,” she said.
The Fosun Fashion Group owns and manages businesses including Lanvin, St John Knits, Caruso, Germany’s Tom Tailor Group and others. It belongs to Fosun International Limited, which was founded in 1992 and which has been listed on the main board of the Hong Kong Stock Exchange since 2007.