Sergio Rossi now acknowledges that it is part of the Fosun Fashion Group’s growing brand.Sergio Rossi
Italian luxury shoe maker announced Thursday that China’s Fosun Fashion Group has acquired Sergio Rossi for a private amount.
This deal is the latest signal of Fosun’s ambitions for international fashion. The portfolio already includes Lanvin, St. Johns, Tom Taylor and Wolford. 2019 Bloomberg The company reported raising $ 100 million to facilitate investment in fashion and lifestyle.
Fosun has acquired the Sergio Rossi brand from a subsidiary of Investindustrial, an investment firm that has been working to relaunch the brand since taking over from the French luxury group Kering in 2015. According to 2019, 66.5 million ($ 80.87 million) a Reuters A report quoting data submitted to the local Chamber of Commerce in Emilia-Romagna, where the company is based.
In China, CEO Ricardo Sutto has cut off ties with poorly performing franchises and has focused on expanding the brand’s own store network and online presence for the past five years.
The acquisition of Fosun brings a strong new backer to the brand in the fast-growing Chinese market where Sergio Rossi has been in the limelight in recent years. Sergio Rossi gave Fosun a foothold in the luxury shoe market, which outperformed other luxury categories during the pandemic.
Fosun’s portfolio of fashion brands is diverse in terms of category and price, but the Fosun brand, including its latest acquisition, has a strong tradition and is probably undeveloped in China, the world’s largest fashion and luxury market. It is tied by the exposure of.
According to the Worldwide Luxury Market Monitor released by Bain & Co. and Fondazione Altagamma in November last year, shoes were the best-selling category in 2020, with fewer hits than watches and apparel, and last year’s sales fell 12%. It was 19 billion euros. ($ 23.1 billion).
Footwear also has a lot of room to grow as a Chinese category. Euromonitor International estimates total footwear sales in mainland China in 2019 at 435.2 billion yuan ($ 68.1 billion) and predicts that the market will grow to 563.2 billion yuan ($ 88.1 billion) by 2024. I am.
The transaction was first reported WWD.
https://www.businessoffashion.com/articles/china/fosun-fashion-group-acquires-sergio-rossi Fosun Fashion Group Acquires Sergio Rossi | News and Analysis