Fosun to acquire majority stake in Wolford
Wolford has announced that Chinese company Fosun has agreed to purchase a majority stake in its business.
Fosun will pay €33 million for the 50.9% stake.
To strengthen Wolford’s financial structure, Wolford and Fosun have also agreed on a cash capital increase which will provide up to €22 million of fresh equity to Wolford.
Axel Dreher (pictured), chief executive of Wolford, said: “We welcome the entry of a financially strong core shareholder which is experienced in the luxury sector and will enhance our access to Asian markets. This confirms the reputation of our brand and its growth opportunities.”
The company said the fresh capital will enable it to accelerate the development of its online business and the redesign of its market appearance.
Fosun has invested in several fashion and luxury brands including the German fashion company Tom Tailor, the Greek jewellery company Folli Follie and the French luxury label Lanvin.
Wolford sells its products in more than 260 own and partner operated boutiques in around 60 countries, as well as through more than 3,000 trading partners and via its own website.
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