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.