Italian entrepreneur Silvio Scaglia, the founder of telecoms group Fastweb, bought the ailing group for 69 million euros ($82 million) at a court-led auction in 2013 through family holding Pacific Global Management.
Scaglia has invested over 300 million euros in the company founded in the post-war years in the northern town of Bologna, with the aim of pushing the brand abroad, particularly in Asia.
The group, which has 30 boutiques, posted sales of 140 million euros ($166 million) this year and is expected to reach break even by the end of 2018, Scaglia said in a recent interview to Forbes.
The conclusion of the deal is subject to Fosun's approval, a joint statement said.
Shanghai investment group Fosun, which owns holiday resort company Club Med, will "continue investing in the brand to develop its full potential as a global luxury fashion house...," the statement said.
By Giulia Segreti; Editor: Stephen Jewkes.