Lanvin Group plans New York IPO

Luxury fashion group Lanvin, whose portfolio includes its namesake label as well as Sergio Rossi, Wolford and St. John Knits, has announced plans for an IPO on the New York Stock Exchange.

The group, which is owned by China’s Fosun International, said Wednesday it will become publicly traded via a business combination with Primavera Capital Acquisition Corporation (PCAC), which values the fashion group at a pro forma enterprise price of 1.5 billion US dollars.

PCAC is a special purpose acquisition company listed on the New York Stock Exchange and is also an affiliate of global investment firm Primavera Capital Group.

Lanvin Group said it hopes to raise proceeds of up to 544 million dollars through the deal and from existing investors including ITOCHU Corporation, Stella International Limited, Baozun Hong Kong Investment Limited, Golden A&A, Aspex Master Fund and Sky Venture Partners L.P.

Global ambitions

The money will be used to accelerate the growth of the group’s brand portfolio and to fund future acquisitions.

Joann Cheng, the chair and CEO of Lanvin Group, said the deal marks “another milestone” in the group’s growth journey.

“We are excited to partner with Primavera for our next chapter of growth across Europe, North America and Asia,” Cheng said.

Max Chen, the chair, CEO and CFO of PCAC, and a partner of Primavera, said: “We have been looking to support an emerging leader in the consumer sector with enduring global appeal and significant growth prospects in Asia.

“In Lanvin Group, we see a unique global business with a rich heritage, an entrepreneurial management team, and a differentiated strategy to build a luxury powerhouse for a new generation of consumers, especially benefiting from surging luxury consumption in Asia.”