Lanvin Group debuted on the NYSE on Thursday following a merger with Primavera Capital Acquisition Corporation, a blank-cheque company. The group raised $150 million from the listing, valuing it at $1.31 billion. Armed with fresh capital raised, Lanvin Group is eyeing expansion in the US and China. The focus will be on store openings as the company aims to revive its namesake French fashion house and establish its positioning as a competitive luxury group. “This is a milestone for us,” says Lanvin Group CEO Joann Cheng.
The company plans to open stores in key areas of the US and China, tripling its store count in regions she says are currently underserved compared to Europe. In addition to opening more stores, the company plans to build up its digital business as well as flesh out category products for Lanvin across footwear, accessories and leather goods while updating its selection to appeal to a younger, Gen Z customer.
Lanvin Group, which is owned by Chinese holding company Fosun International, includes - luxury fashion house Lanvin, footwear brand Sergio Rossi, knitwear brand St John, menswear brand Caruso and lingerie and hosiery brand Wolford.
The group, which acquired Lanvin in 2018, rebranded from Fosun Fashion Group last year to highlight its European heritage.
Comments