Exor and Hermès announced an agreement to take Shang Xia, one of the first Chinese luxury companies, to the next stage of its development. Exor said it will invest around €80 million in Shang Xia via a reserved capital increase that will result in it becoming the company’s majority shareholder. Hermès, which has accompanied Shang Xia throughout the initial phase of its development, is to remain as an important shareholder alongside Exor and founder Jiang Qiong Er.

“We are proud of how far Shang Xia has come in the past ten years, demonstrating our confidence in the brand’s unique model and original proposal”, said Axel Dumas, Executive Chairman, Hermès. “With Exor, we share a long family and entrepreneurial culture on which we will be able to build Shang Xia’s new successes.” Exor said that, with this agreement, Shang Xia is to “benefit from the support of two family-owned companies, one with French roots and one with Italian roots, both with a common culture of excellence and entrepreneurship”.

Exor is one of Europe’s largest diversified holding companies controlled by the Agnelli family. Its portfolio is principally made up of companies in which Exor is a leading shareholder: Ferrari, Fiat Chrysler Automobiles, PartnerRe, CNH Industrial, Juventus FC, The Economist Group and GEDI Gruppo Editoriale.

Shang Xia’s range of products include leather bags, shoes and accessories.