Transaction values Lanvin Group at a pro forma enterprise value of US$1.5 billion, with a combined pro forma equity value of up to US$1.9 billion.
Lanvin Group, a global luxury fashion group and Primavera Capital Acquisition Corporation have entered into a definitive business combination agreement that is expected to list Lanvin Group on the New York Stock Exchange under the ticker symbol “LANV”. PCAC is a special purpose acquisition company listed on The New York Stock Exchange and is also an affiliate of Primavera Capital Group (“Primavera”), a leading global investment firm with over US$17 billion of assets under management.
Through the business combination, Lanvin Group, which was established by Fosun International Limited (0656.HK) (“Fosun International”) in 2017, is expected to benefit from Primavera’s extensive networks and insights in the consumer sector, together with a robust balance sheet, to create long-term sustainable value across its portfolio and to catalyze growth with further acquisitions.
” We are excited to partner with Primavera for our next chapter of growth across Europe, North America and Asia. In recent years, we have not only invested in prestigious heritage brands but have also created a strategic alliance of industry-leading companies as partners and co-investors in Lanvin Group. Each of these partners is uniquely qualified to help drive growth, enhance the performance of our brands and unlock the full potential of new markets. We plan to accelerate the growth of our portfolio via both organic development and disciplined acquisitions, building a global portfolio of iconic luxury fashion brands that appeal to a broad customer base. Lanvin Group will not only enable these brands to flourish in their home countries, but also in Asia and North America, the largest luxury markets in the world.” – Joann Cheng, Chairman and CEO of Lanvin Group.
“We have been looking to support an emerging leader in the consumer sector with enduring global appeal and significant growth prospects in Asia. In Lanvin Group, we see a unique global business with a rich heritage, an entrepreneurial management team, and a differentiated strategy to build a luxury powerhouse for a new generation of consumers, especially benefiting from surging luxury consumption in Asia. Lanvin Group and Primavera share the same vision of nurturing and reinvigorating world-class luxury brands.” – Max Chen, Chairman, CEO & CFO of PCAC, and Partner of Primavera.
Diverse portfolio of iconic heritage brands and deep product know-how
Established by global innovation-driven consumer group Fosun International in 2017, Lanvin Group’s portfolio of heritage brands includes the oldest operating French couture house Lanvin founded in 1889, Italian luxury shoemaker Sergio Rossi, Austrian skinwear specialist Wolford, iconic American womenswear brand St. John Knits, and high-end Italian menswear maker Caruso. With over 390 years of combined history, these five brands constantly refresh their look and feel to remain relevant to the new generation of luxury consumers. They have far-reaching global presence, operating in more than 80 countries with approximately 1,200 points of sales, 3,600 employees and over 300 retail stores across the world.
Lanvin Group’s brand portfolio covers a wide variety of fashion categories and leverages a combination of e-commerce, offline retail and wholesale channels.
Lanvin Group has six vertically integrated production facilities in Europe and North America, covering the manufacturing of luxury shoes, skin wear, knitwear, menswear and fashion jewelry.
Lanvin Group has also leveraged its unique platform to assemble a one-of-a-kind strategic alliance of investors in the Group. The alliance comprises of multibillion-dollar enterprise partners along the luxury fashion value chain, operating across key sectors including product development, manufacturing, marketing and e-commerce. Joining together with a shared vision to empower Lanvin Group’s portfolio brands and drive sustainable growth, the alliance of industry leaders includes:
Fosun International, Lanvin Group’s founding shareholder with global businesses covering healthcare, consumer products, finance and industrial operations, including Fosun Tourism Group, Fosun Pharma and Yuyuan Tourist Mart;
ITOCHU Corporation, a preeminent Japanese trading conglomerate;
K11, the global high-end lifestyle brand and operator of luxury shopping malls under New World Development Company Limited;
Stella International, a leading developer and manufacturer of luxury footwear and leather goods;
Baozun, a leading global brand e-commerce business partner of global fashion, luxury and other brands in China;
Activation Group, a leading interactive data performance marketing group for fashion and luxury brands in Greater China; and
Neo-Concept Group, a one-stop apparel manufacturer with over thirty years of experience focusing on innovative and sustainable textiles and fashion.
These strategic partners are shareholders of Lanvin Group through prior capital rounds and/or through participation in the PIPE. The strategic alliance will continue to play an integral role in Lanvin Group’s global expansion.