(Yicai Global) March 24 -- Lanvin Group, a French luxury fashion company owned by Chinese conglomerate Fosun International, plans to raise as much as USD544 million through a backdoor listing on the New York Stock Exchange.
Lanvin reached a merger deal with special purpose acquisition company Primavera Capital Acquisition, its Shanghai-based parent company said in a statement yesterday. Fosun will own 65 percent of the combined entity, which will have a total value of about USD1.9 billion.
The funds raised via the merger will be used to accelerate the organic growth of Lanvin’s brand portfolio and to fund future acquisitions, Fosun added, noting that the deal is expected to be completed this year.
Fosun acquired a controlling stake in Jeanne Lanvin, which was previously majority owned by Taiwanese businesswoman Shaw-Lan Wang, in February 2018.
Lanvin Group owns Lanvin, the oldest operating French couture house, Italian luxury shoe brand Sergio Rossi, Austrian skinwear specialist Wolford, American classic womenswear brand St. John Knits, and high-end Italian menswear maker Caruso. The group has has nearly 1,200 points of sale and over 300 retail stores with around 3,600 employees in over 80 countries.
Shares of Fosun International [HKG: 0656] fell 1.6 percent today to HKD8.71 (USD1.11). The benchmark Hang Seng Index lost almost 1 percent.
Editor: Futura Costaglione