Fosun’s luxury fashion house Lanvin merges with SPAC backed by Beijing’s Primavera Capital as it eyes New York listing
- Owner of Italian shoemaker Sergio Rossi and Austrian lingerie maker Wolford agrees to merge with blank-cheque company ahead of a US listing
- The deal, which values the business at US$1.5 billion, will raise funds for Lanvin to expand and open new shops
Lanvin Group, controlled by Chinese conglomerate Fosun International, has agreed to merge with a US blank-cheque company backed by private equity firm Primavera Capital, valuing the French luxury fashion house at US$1.5 billion.
The merger paves the way for Lanvin to list its shares in New York more than three years after Fosun took control of the company, giving it a platform to raise capital to fund future expansion.
Lanvin said it will use the proceeds for future acquisitions, and hopes to open more than 200 new shops by 2025.
SPACs are shell companies created to raise financial war chests through a share sale to investors, using the proceeds to buy assets within a limited period of time.
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The proceeds for Lanvin Group will include about US$130 million of investment capital from several existing shareholders including Fosun International, Japanese conglomerate Itochu and Hong Kong-listed shoe maker Stella International.