LANVIN: NO NEW DETAILS
Byline: Jennifer Weil
PARIS — Lanvin’s new majority shareholder, Shaw-Lan Wang, said she “does not have any details” yet regarding plans for the company, when reached Friday in Taipei.
As reported, L’Oreal said late Thursday that it had sold the French fashion and fragrance house and its subsidiaries to a group of investors led by Wang, who is the publisher of the United Daily News newspaper.
The investors, operating under a holding company known as Harmonie SA, also include the French pharmaceutical firm Bio-Merieux-Pierre Fabre, the French industrial group Marcel Dassault, The Young Bros. financial group, based in Hong Kong, and the AXA group, an investment firm in Paris.
Wang said Harmonie was interested in Lanvin, since it is a “grande maison,” but that she did not believe the group would be looking for other fashion-related acquisitions. She said she didn’t know anything about Lanvin ready-to-wear designer Cristina Ortiz’s contract, said to expire this month, but said the house’s headquarters would remain in Paris.
Harmonie’s other holding is a biotech firm, called Pharmagenisis, based in Palo Alto, Calif. Wang’s father, Ti-wu Wang, founded Pharmagenisis and the United Daily News Group, which publishes and distributes Chinese-language newspapers in 123 countries. The financial community is giving L’Oreal’s divestiture the thumbs-up. In its Luxury Goods & Cosmetics Flash, published Friday, Goldman Sachs wrote: “We view this positively, as it demonstrates L’Oreal’s focus on its core cosmetics business. EPS and Market Performer rating [remains] unchanged.”