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Fosun Fashion Group (FFG), the global luxury fashion group based in China, has signed an agreement to acquire 100% of Italian luxury footwear brand Sergio Rossi from Absolute Luxury Holding. The acquisition will add to FFG's luxury brand portfolio, which currently includes Lanvin, Wolford, Caruso and St. John Knits. The transaction is subject to customary regulatory approval and is expected to close in Summer 2021.
Sergio Rossi, founded in 1951 in the San Mauro Pascoli shoemaking district in Italy, was previously owned by the Gucci Group (now Kering), then 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.
This acquisition not only completes a strategic brand ecosystem for FFG, but also creates potential collaboration between brands through Sergio Rossi's fully owned and state-of-the-art factory.
Joann Cheng, Chairman of Fosun Fashion Group, said: "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."
Michael Guan, Chairman of Asia at Investindustrial commented: "We believe FFG, with its strong position in China and Asia, is an ideal new owner to help Sergio Rossi expand in the region."