The Shanghai-based group, whose investments range from Club Med resorts to Caruso menswear, announced the deal in a statement Thursday, confirming earlier reports by Fashion Network and Reuters.

Founded in 1889, Jeanne Lanvin SAS is France’s oldest fashion house in continuous operation. Taiwanese publishing magnate Shaw-Lan Wang acquired Lanvin in 2001 and expanded it into a global brand under the leadership of designer Alber Elbaz.

The brand has struggled to regain its footing since Elbaz’s departure in 2015. His successor, Bouchra Jarrar, left the house last summer after only two seasons.

Fosun joins another Chinese conglomerate, Shandong Ruyi, in the chase for European luxury brands. That textile group controls Parisian brands Sandro, Maje and Claudie Pierlot along with Britain’s Aquascutum, and it added Swiss leather-goods maker Bally earlier this month.

Source: The Edge Markets