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Fosun Group buys 35 percent stake in Caruso

By FashionUnited

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Fashion

An investment fund managed by Chinese Fosun International Ltd. has announced the acquisition of a 35 percent stake in Caruso Spa. Fosun has chosen the Italian label as its first investment in the luxury sector in Europe as

Guo Guangchang, chairman and founder of Fosun Group said in a note: “we are interested in investments linked to the secular trend of manufacturing and consumption upgrade in China. Fosun will leverage its own competitive advantages to help Caruso expanding in the China market as well as bringing this precious made in Italy brand to the Chinese consumers".

The
Chinese group has entered the Italian high-end label via a fund under its management which acquired a 35 percent stake in the company’s stock through a capital increase.

According to the Chinse investor, the deal is aimed to position Caruso as one of the major players in the new luxury market.

However, this is not the first time that the Hong-Kong listed conglomerate invests in the Western high-end markets, as pointed out the ‘Wall Street Journal’ after the reports broke on the operation.

Last year, Fosun bought 10 percent of Folli Follie Group and invested earlier this summer in the upmarket American apparel maker St. John Knits International Inc.


Chinese Fosun Group enters Caruso

“This is a financial operation with a partner that is very respected and powerful in China,” highlighted Umberto Angeloni, chairman, CEO and majority shareholder of Raffaele Caruso, which was delisted earlier this year.

“Fosun has a financial strategy but can also provide invaluable synergies that will facilitate the brand’s entry in the Chinese market and accelerate its growth, without interfering with management. We are not present in China and it’s too easy to go wrong there, but with such a partner we can enter the market right from the top,” advanced Angeloni.

Financial details of the partnership, which will be completed by the end of September, have not been unveiled as yet.

The label is expected to arrive in Milan next year, with further store openings in Shanghai and New York.


Caruso
Fosun Group
Fosun International