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Fosun goes Italian for 3rd Europe deal
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Fosun International Ltd, one of China’s largest business groups, plans to purchase 35 percent of Italian menswear manufacturer Caruso Spa as it further expands overseas.
The transaction is Fosun’s third investment in Europe’s luxury sector after it bought Folli Follie Group SA, a high-end global retailer based in Greece, and Club Med, a French resort operator.
The ultimate objective of the deal is to position Caruso as one of the main players in the “new luxury” market, according to a statement issued by Fosun.
“Fosun will leverage its own competitive advantages to help Caruso expand in the China market as well as bringing this made-in-Italy brand to Chinese consumers,” Guo Guangchang, Fosun Group’s chairman and founder, said.
The stake was bought by a fund under Fosun which did not disclose the value of the deal.
Founded in 1992, the Fosun Group has interests spanning pharmaceuticals, real estate, steel, mining, retail, publishing, tourism, insurance, asset management and financial services.
Caruso is a privately owned Italian company founded in 1958. Employing about 600 people, it makes high-end menswear and has total sales of 64.4 million euros (US$85.6 million) in fiscal year 2012.
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