Fosun International, the conglomerate that owns the Club Med holiday group, said it was banking on China consumers to turn round its overseas fashion companies, which include Lanvin.
The Shanghai-based group paid €120m last year for a controlling stake in the French couturier. Two years ago it established a fashion unit to manage the five foreign clothing groups. “We’ve become more hands-on,” said Joann Cheng, chairman of Fosun Fashion.
Lanvin has struggled since designer Alber Elbaz was sacked in 2015. Fosun said at the time of the deal that it would invest more than €100m in Lanvin after its collections were panned by critics.
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