Sergio Rossi has confirmed it is now part of Fosun Fashion Group’s growing stable of brands. Sergio Rossi
China’s Fosun Fashion Group has acquired Sergio Rossi, the luxury Italian shoemaker said in an Instagram post Thursday. The company did not disclose the deal’s value.
Fosun acquires the brand from a subsidiary of investment house Investindustrial, which has been working on relaunching Sergio Rossi since taking over from French luxury goods group Kering in 2015.
“We are excited to have Sergio Rossi join FFG family, who we believe is one of the few leading shoe makers in the market,” said Joann Cheng, chairman of Fosun Fashion Group, in a press release announcing the acquisition.
Last year the brand reported revenues of €60 million ($73 million) down from €66.5 million ($80.87 million) in 2019, according to a Reuters report citing data filed with the local chamber of commerce in the Emilia Romagna region, where the company is based.
In China, chief executive Riccardo Sciutto has cut ties with poorly-performing franchises and concentrated on expanding the brand’s own store network and online presence over the last five years.
Fosun’s acquisition gives the brand a powerful new backer in the booming Chinese market, where Sergio Rossi has been gaining ground in recent years.
The deal is also the latest signal of Fosun’s international fashion ambitions. Its portfolio already includes Lanvin, St Johns, Tom Tailor and Wolford. In 2019 Bloomberg reported the company was raising $100 million with an eye to further its fashion and lifestyle investments.
The deal was first reported by WWD.