Fosun Fashion Group, the global luxury fashion group, based in China announced that it has signed an agreement to acquire 100% of Sergio Rossi S.p.A, famous Italian luxury footwear brand long known for its high-quality production of shoes, from the PE fund Investindustrial.
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The acquisition will further enrich FFG’s current luxury brand portfolio, which currently includes Lanvin, Wolford, Caruso and St. John Knits, complementing the group’s core competency through luxury accessories. The transaction is subject to customary regulatory approval and is expected to close during this summer.
Sergio Rossi was founded in the 1951 by Mr. Sergio Rossi in the renowned San Mauro Pascoli shoemaking district in Italy. Previously owned by the Gucci Group (now Kering), Sergio Rossi was then acquired by Investindustrial in 2015. Today, Sergio Rossi has a worldwide distribution network of 64 stores, of which 45 are directly owned stores in prime luxury locations across EMEA, Japan and Greater China.
FFG manages a portfolio of heritage brands covering a full spectrum of fashion luxury categories, and it is one of the first movers to create a global luxury fashion group in China. This acquisition not only completes a more well-rounded strategic brand ecosystem for FFG, but also creates potential synergies between brands through Sergio Rossi’s fully owned and state-of-the-art factory.
“We are excited to have Sergio Rossi join FFG family, who we believe is one of the few leading shoe makers in the market. When we dived into the brand, we were captivated by its DNA which is deeply rooted in the creativity and expertise of its eponymous founder. The world of Sergio Rossi is a place where magic and reality come together to create handmade shoes for sophisticated, smart and effortlessly chic women,” said Joann Cheng, Chairman of Fosun Fashion Group.
“Furthermore, we were also mesmerized by Sergio Rossi’s archive, meticulously renovated and digitally filed with over 13,000 documents, and where over 6,000 heritage shoes are stored as inspiration for future collections. Since its inception, the brand stands at the very tip of quality and craftsmanship, and these attributes are shared across our group’s portfolio. We want to thank Investindustrial and the Management team led by Riccardo Sciutto for their commitment and leadership over the past five years and we look forward to carrying the legacy of Sergio Rossi forward into this new chapter. As always, FFG remains fully committed to continuing the growth of this brand as one of the most iconic shoe brands in the market,” continued Cheng.
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Riccardo Sciutto, CEO of Sergio Rossi commented, “After five years of excellent partnership with Investindustrial and huge renewal of the company, myself with the top management participate with enthusiasm by investing with the new shareholder FFG, giving coherence and continuity to the project. We are excited about Sergio Rossi’s future growth prospects supported by new actions, the fast growing market in which our brand is appealing to and FFG as new partner to sustain us on this thrilling journey.”