Lanvin Acquired By Same Chinese Conglomerate That Owns Club Med

Lanvin Paris Fashion Week - Getty - H 2017
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Fosun's other fashion properties include St. John and Caruso.

Once upon a time (read: the early 2000s), Lanvin was the go-to red-carpet choice for A-listers — from Julianne Moore to Kim Kardashian. However, since the unceremonious exit of former creative director Alber Elbaz in 2015, which followed alleged conflict with majority owner Shaw-Lan Wang, the label hasn't been as much of a red-carpet player.

Now the troubled fashion house, which has changed creative leadership twice since Elbaz's departure, is getting a new owner. Chinese conglomerate and Club Med owner Fuson International Limited, whose other fashion investments under the Fosun Fashion Group umbrella include Caruso and St. John, has acquired a majority stake in the business from Taiwanese media magnate Wang, who acquired her stake in 2001.

"Fosun's understanding of the brand and strong track record in the European and global market, including their successful partnership and transformational strategies with Club Med, Tom Tailor and many others, make us believe that Fosun is the right long-term strategic partner to team up with," said Lanvin CEO Nicolas Druz in a statement.

Added Joann Cheng, vice CFO of Fosun International and executive president of Fosun Fashion Group, "Lanvin is adding a luxury asset to Fosun's Fashion Group. As China becomes the main growth driver of the global luxury market, we are confident that Fosun can bring great incremental value to Lanvin with our global resources and expertise while being absolutely committed to Lanvin's high luxury positioning and its exceptional quality of products manufactured in France and Italy."

Earlier this year, it was rumored that Lanvin was going to be sold to Qatar's Mayhoola Group. However, speculation of the sale of France's oldest couture house has been in play since 2015.

Lanvin is Fosun Fashion Group's first major luxury acquisition and reflects China's growing role in the luxury economy. Last December, WWD reported that Fosun was also interested in acquiring La Perla.