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.
In a statement, Fosun Fashion Group (FFG) said that it was commented to continuing the growth of Sergio Rossi as “one of the most iconic shoe brands in the market” and will look to drive expansion in Asia.
The acquisition will “further enrich FFG’s luxury brand portfolio,” added the company, which currently includes French couture house Lanvin, Austrian hosiery specialist Wolford, Italian menswear brand Caruso and American fashion label St. John Knits.
With FFG stating that the acquisition completes a more “well-rounded strategic brand ecosystem” for the companies portfolio, while also creating potential synergies between brands through Sergio Rossi’s fully owned and state-of-the-art factory.
Financial terms were not disclosed, with the company adding that the transaction is subject to customary regulatory approval and is expected to close during this summer.
Fosun Fashion Group adds Sergio Rossi to its portfolio of luxury brands
Joann Cheng, chairman of Fosun Fashion Group, said in a statement: “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.
“Furthermore, we were also mesmerised 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.”
Riccardo Sciutto, chief executive of Sergio Rossi, added: “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.”
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.