Fosun makes 2nd European buy
By Winny Wang |
May 20, 2011, Friday
|
Print Edition
Print Edition
FOSUN, China's biggest private conglomerate, will acquire a 9.5 percent stake in Greek fashion retailer Folli Follie Group for 84.59 million euros (US$120.67 million) after it invested in French leisure group Club Med last year.
Fosun International will buy 6.36 million newly-issued shares at 13.30 euros each from Folli Follie via a private placement under a strategic agreement signed by the two firms yesterday in Shanghai.
"China is likely to become the largest luxury consumer market, even exceeding Japan, as early as 2014 or 2015, with luxury consumption accounting for 32 percent of the world's," said Guo Guangchang, chairman of Fosun.
"We will tap fully our local resources and advantages to help Folli Follie explore more growth opportunities and help it gain wider access to the market," Guo said.
The investment from Fosun will help the Greek retailer to double the number of its outlets in three years to 250 from more than 100 now in China, said Dimitris Koutsolioutsos, chairman of Folli Follie.
The deal marks Fosun's second stake buy of a European company and Guo said the firm will explore cooperation opportunities overseas this year in retailing, resource and technology firms.
Fosun International will buy 6.36 million newly-issued shares at 13.30 euros each from Folli Follie via a private placement under a strategic agreement signed by the two firms yesterday in Shanghai.
"China is likely to become the largest luxury consumer market, even exceeding Japan, as early as 2014 or 2015, with luxury consumption accounting for 32 percent of the world's," said Guo Guangchang, chairman of Fosun.
"We will tap fully our local resources and advantages to help Folli Follie explore more growth opportunities and help it gain wider access to the market," Guo said.
The investment from Fosun will help the Greek retailer to double the number of its outlets in three years to 250 from more than 100 now in China, said Dimitris Koutsolioutsos, chairman of Folli Follie.
The deal marks Fosun's second stake buy of a European company and Guo said the firm will explore cooperation opportunities overseas this year in retailing, resource and technology firms.
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