China's Fosun buys France's oldest fashion house

The Chinese are no longer headed to Europe just to snap up luxury goods.

On Thursday, Shanghai-based Fosun International said it has acquired a majority stake in French fashion house Lanvin (above) for an undisclosed sum.

Lanvin, founded in 1889, is France's oldest fashion house in continuous operation.

It grew into a global brand under designer Alber Elbaz after its acquisition by Taiwanese publishing magnate Shaw-Lan Wang in 2001.

But it has struggled to regain its footing since the designer's departure in 2015.

His successor, Bouchra Jarrar, left last summer after only two seasons.

A version of this article appeared in the print edition of The Straits Times on February 24, 2018, with the headline 'China's Fosun buys France's oldest fashion house'. Subscribe