Fosun Fashion Group to Acquire Italian Luxury Shoemaker Sergio Rossi
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- Fosun Fashion Group (FFG) is an international luxury fashion group and affiliate of Fosun International, one of the largest innovation-driven consumer groups worldwide
- Sergio Rossi brings an iconic footwear brand to FFG's luxury portfolio, which includes Wolford, Caruso, St. John, and French couture house Lanvin
- Fosun International has nearly 30 years' experience in successfully investing and growing global brands, and is particularly strong in bringing brands to China, the world's largest luxury market
SHANGHAI, June 10, 2021 /PRNewswire/ -- Fosun Fashion Group ("FFG"), the global luxury fashion group based in China announced today that it has signed an agreement to acquire 100% of Sergio Rossi S.p.A ("Sergio Rossi"), one of the most famous Italian luxury footwear brands long known for its high-quality production of shoes, from Absolute Luxury Holding S.r.l., an independently-managed investment subsidiary of Investindustrial V L.P. ("Investindustrial"). The acquisition will further enrich FFG's luxury brand portfolio, which currently includes Lanvin, Wolford, Caruso and St. John Knits, complementing the group's core competency through luxury accessories. The transaction is subject to customary regulatory approval and is expected to close during this summer.
FFG is an affiliate of Fosun International Limited (HKEX: 00656.HK), one of the world's largest consumer groups that over the past three decades, has invested and grown successful businesses globally in tourism, sport, food, entertainment, healthcare, pharmaceuticals, insurance, and others. Fosun International operates in over 20 countries and manages over US$117 billion in total assets.
Sergio Rossi was founded in 1951 by Mr. Sergio Rossi in the renowned San Mauro Pascoli shoemaking district in Italy. Previously owned by the Gucci Group (now Kering), Sergio Rossi was then acquired by Investindustrial in 2015. Today, Sergio Rossi has a worldwide distribution network of 64 stores, of which 45 are directly owned flagship stores in prime luxury locations across EMEA, Japan and Greater China with the remaining stores franchised.
FFG manages a portfolio of heritage brands covering a full spectrum of fashion luxury categories, and it is one of the first movers to create a global luxury fashion group in China. This acquisition not only completes a more well-rounded strategic brand ecosystem for FFG, but also creates potential synergies between brands through Sergio Rossi's fully owned and state-of-the-art factory.
"We are excited to have Sergio Rossi join FFG family, who we believe is one of the few leading shoemakers in the market. When we dived into the brand, we were captivated by its DNA which is deeply rooted in the creativity and expertise of its eponymous founder. The world of Sergio Rossi is a place where magic and reality come together to create handmade shoes for sophisticated, smart and effortlessly chic women,' said Joann Cheng, Chairman of Fosun Fashion Group.
"Furthermore, we were also mesmerized by Sergio Rossi's archive, meticulously renovated, and digitally filed with over 13,000 documents, and where over 6,000 heritage shoes are stored as inspiration for future collections. Since its inception, the brand stands at the very tip of quality and craftsmanship, and these attributes are shared across our group's portfolio. We want to thank Investindustrial and the management team for their commitment and leadership over the past five years and we look forward to carrying the legacy of Sergio Rossi forward into this new chapter. As always, FFG remains fully committed to continuing the growth of this brand as one of the most iconic shoe brands in the market."
Michael Guan, Chairman of Asia at Investindustrial commented: "Under Investindustrial's ownership and its globalization efforts, sales in Asia and in particular China grew significantly to become the key region for Sergio Rossi. We believe FFG, with its strong position in China and Asia, is an ideal new owner to help Sergio Rossi expand in the region."
Riccardo Sciutto, CEO of Sergio Rossi commented: "After five years of excellent partnership with Investindustrial and having made the first step of the huge renewal of the company, myself and the rest of the management team now welcome FFG as the new owner. We are excited about Sergio Rossi's future growth prospects supported by new collections that will be unveiled, the fast-growing market in which our brand is appealing to, and FFG as new partner to sustain us on this thrilling journey."
About Fosun International
Fosun was founded in 1992. Fosun's mission is to provide high-quality products and services for families around the world in health, happiness, wealth, and intelligent manufacturing segments. Fosun International Limited is an innovation-driven consumer group that has been listed on the main board of the Hong Kong Stock Exchange (stock code: 00656.HK) since 2007, with total assets of RMB767.7 billion (c. US$117.7 billion) as of 31 December 2020. Fosun International ranks No.459 on the 2021 Forbes Global 2000 List.
About Fosun Fashion Group (FFG)
Launched in 2017 and based in Shanghai, China, FFG is a multi-disciplinary industry platform that focuses on in-depth operations and strategic investments in luxury fashion. Rooted in China with a global vision, FFG is able to provide the complete solution for brands' sustainable growth. FFG believes that long-term value can be created through a variety of strategic initiatives. These include brand building, talent recruiting, product development, strategic alliances, channel expansion, digitalization, as well as full-spectrum local operation provided through its China operation arm, Fosun Fashion Brand Management (FFBM). Through its unique approach and position, FFG looks to create and connect cross-border communities, empower talent and drive growth. FFG's current brand portfolio includes Lanvin, Wolford, St. John, Caruso and Tom Tailor. For more information, please visit http://fashion.fosun.com/.
About Sergio Rossi
Sergio Rossi is an Italian luxury shoe brand with a significant international presence and awareness. The company has a premium worldwide distribution network comprising 64 stores (of which 45 are owned and 19 franchised) in prime luxury locations in EMEA, Japan and Greater China. Sergio Rossi has best-in-class manufacturing capabilities located near Rimini on the north-eastern coast of Italy (within an industrial region with very strong shoemaking heritage) and can accommodate significant production increases, including complementary product categories. Further information is available at: www.sergiorossi.com
Investindustrial is a leading European group of independently managed investment, holding and advisory companies with €11 billion of raised fund capital. With ESG principles deeply embedded into the Firm's core approach, Investindustrial has a 30-year history of providing mid-market companies capital, industrial expertise, operational focus, and global platforms to accelerate sustainable value creation and international expansion. Certain companies of the Investindustrial group are authorized by, and subject to regulatory supervision of the FCA in the United Kingdom and the CSSF in Luxembourg. Investindustrial's investment companies act independently from each other and each Investindustrial fund. Additional information is available at www.investindustrial.com.
SOURCE Fosun Fashion Group
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