Fosun Fashion Group Acquires Sergio Rossi
Sergio Rossi has confirmed it is now part of Fosun Fashion Group’s growing stable of brands. Sergio Rossi
China’s Fosun Fashion Group has acquired Sergio Rossi for an undisclosed sum, the luxury Italian shoemaker said Thursday.
The deal is the latest signal of Fosun’s international fashion ambitions. Its portfolio already includes Lanvin, St Johns, Tom Tailor and Wolford. In 2019 Bloomberg reported the company was raising $100 million with an eye to further its fashion and lifestyle investments.
Fosun acquires Sergio Rossi brand from a subsidiary of investment house Investindustrial, which has been working on relaunching the brand since taking over from French luxury goods group Kering in 2015. Last year the brand reported revenues of €60 million ($73 million) down from €66.5 million ($80.87 million) in 2019, according to a Reuters report citing data filed with the local chamber of commerce in the Emilia Romagna region, where the company is based.
In China, chief executive Riccardo Sciutto has cut ties with poorly-performing franchises and concentrated on expanding the brand’s own store network and online presence over the last five years.
Fosun’s acquisition gives the brand a powerful new backer in the booming Chinese market, where Sergio Rossi has been gaining ground in recent years. Sergio Rossi gives Fosun a foothold in the luxury footwear market, which has outperformed other luxury categories over the pandemic period.
