China’s Fosun Fashion Group, which owns Lanvin, has acquired 100 percent of the Italian luxury shoemaker Sergio Rossi from Absolute Luxury Holding S.r.l., an independently-managed investment subsidiary of Investindustrial.
Fosun Fashion Group (FFG), in a statement, stated that they are committed to maintaining the growth of Sergio Rossi’s iconic brand and will be looking to expand in Asia.
FFG will acquire the acquisition to “further enhance FFG’s luxurious brand portfolio,” said the company. Other brands include Lanvin in France, Wolford (Austria), Caruso, and St. John Knits in America.
FFG stated that the acquisition creates a better strategic brand ecosystem for the company’s portfolio. It also creates potential synergies among brands through Sergio Rossi’s fully owned, state-of-the-art factory.
The financial terms of the transaction were not disclosed. However, the company stated that it is subject to regulatory approval. It is expected that the transaction will close this summer.
Fosun Fashion Group has added Sergio Rossi to their portfolio of luxury brands
Joann Cheng is the chairman of Fosun Fashion Group. She stated in a statement that “We are thrilled to have Sergio Rossi joining FFG family. We believe he is one of the top shoemakers on the market. We were immediately drawn to the brand’s DNA, which is deeply rooted the creativity and knowledge of its founder. Sergio Rossi’s world is where magic and reality collide to create shoes that are elegant, sophisticated and chic for women.”
Sergio Rossi’s archive was also awe inspiring. It has over 13,000 documents and contains over 6,000 shoes from the past. The brand has been a leader in quality and craftsmanship since its inception. These attributes are shared throughout our group’s portfolio.
Riccardo Sciutto is the chief executive of Sergio Rossi. He said: “After five excellent years of partnership with Investindustrial, and having made the first steps of the massive renewal of the company’s, myself and the rest the management team welcome FFG as new owners.
“We are excited about Sergio Rossi’s future growth prospects, supported by new collection that will be unveiled and the fast-growing markets in which our brand appeals to, as well FFG as a new partner to support us on this exciting journey.”
Sergio Rossi was established in 1951 by Sergio Rossi, a shoemaker from San Mauro Pascoli in Italy. Sergio Rossi, previously owned by Kering and now the Gucci Group was acquired by Investindustrial.
Sergio Rossi currently has 64 stores worldwide, 45 of which are flagship stores located in prime locations across EMEA and Greater China. The remaining stores are franchised.