The Italian footwear house Sergio Rossi, formerly owned by Investindustrial, has been acquired by the China-based Fosun International Group.
Fosun Fashion Group announced the acquisition of Italian luxury brand Sergio Rossi, which joins the fashion section of the Chinese group, with a catalog of brands such as Lanvin, St. John Knits, Wolford and Caruso. The transaction is scheduled for the summer of 2021.
The Sergio Rossi house, founded in 1951 by an Italian craftsman of the same name, is leaving Investindustrial to join China‘s largest private conglomerate, Fosun International, headquartered in Shanghai.
Fosun International is a conglomerate that specializes in three main business sectors, namely finance, health, and fashion. The Chinese group, founded in 1992, is now a fast-growing company with about 10 billion in sales.
Fosun International operates in more than 20 countries around the world. In 2015, it bought Club Med and in 2018, it acquired the Lanvin house. With the addition of the Sergio Rossi house to its catalog, Fosun has secured a strong position in the luxury market.
Prior to the move to Fosun‘s hands, Sergio Rossi had been acquired from Kering by Investindustrial in 2015. This affiliation with the Chinese group allows the house, which has 64 stores worldwide, to expand its opportunities in Asia, a key market for the luxury industry.
In addition, the buyout provides “not only a more comprehensive strategic brand ecosystem for Fosun Fashion Group, but also creates potential synergies between the brands thanks to Sergio Rossi’s state-of-the-art factory“, Fosun Group commented.
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Featured photo : © Sergio Rossi
