Fosun Fashion Group, China’s owner of Lanvin and Sergio Rossi, buys back Caruso’s financial debts and injects new capital to support growth.
Fosun Fashion Group acquired 100 percent of the luxury shoemaker from European investment house Investindustrial.
Fosun’s unprecedented alliance in China is also a sign of further consolidation in the luxury sector that’s been accelerated by COVID-19.
The executive talks about getting creative to spur spending from Chinese shoppers ready for a return to normalcy.
Yuyuan plans to expand the label in China and open 15 stores over the next 12 months in key cities there.
Hecquet is leaving after 18 months on the job, and will be replaced temporarily by Joann Cheng.
Despite failures, with the speed of China, it won’t be long for a luxury conglomerate to emerge from the world’s largest luxury market.
Chinese foreign direct investment into the U.S. has plunged 90 percent since its peak in 2016.
The company expects its Ben Sherman, Bruno Magli, BCBG Max Azria and Dakine brands to be offered in the market by 2020.
While fashion has been less affected than other sectors, the Chinese government’s tighter rules may be slowing down the development of some labels.
Wolford said it hopes to accelerate expansion plans using the fresh injection of capital from Fosun.