The European luxury houses are taking on Wall Street. After the Italian label Zegna at the end of last year, it is now the turn of the Lanvin brand to announce that it will go public at the beginning of the summer.
In 2021, the Lanvin Group had a turnover of 333 million euros (+30% over one year). This fashion empire belonging to the Shanghai-based conglomerate Fosun raised 300 million euros last year and opened the doors to new Asian shareholders. After approaching the Chinese investment fund Primavera Capital, the group will apply for a listing on the New York Stock Exchange. A private company without commercial activity created to raise capital on the stock market (Spac) was created for this purpose.Although this type of company has become less common on Wall Street over time, it is an effective way for many Chinese groups to enter the US market quickly.
As a result of this transaction, the group plans to raise up to $544 million to expand the brand internationally. The only obstacles to entering Wall Street may be the current trade tensions between Washington and Beijing, which have already led to increased scrutiny of Chinese listed companies.On the Chinese side, however, things look more reassuring. Vice Premier Liu He recently confirmed the government's support for local companies considering a listing on foreign stock markets.
The Lanvin Group's prestigious portfolio includes iconic brands such as American St John Knits, Italian luxury shoemaker Sergio Rossi and Austrian lingerie company Wolford. Lanvin was acquired by Fosun (the same group also bought the high-end holiday club chain Club Med in France) in 2018, at a time when the brand was suffering from a difficult financial situation. Lanvin has since become the flagship brand of the Chinese group, very tempted by the European market. With its 3,600 employees, it has 1,200 points of sale and 300 flagships (exclusive boutiques). And the future looks rather promising, as the company is planning 200 new openings by 2025.
If today the most important part of its turnover is realised in Europe, the Lanvin group is now betting on the development of its brands in Asia and the United States, two markets in strong progression.
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