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Lanvin Group to List in New York Following SPAC Merger

The owner of brands including Lanvin, Sergio Rossi, St. John Knits and Wolford expects to raise $544 million from the listing.
Looks from Lanvin Spring/Summer 2022.
Looks from Lanvin Spring/Summer 2022. (Lanvin)

The fashion group, which owns brands including Lanvin, Sergio Rossi, St. John Knits and Wolford, will be listed on the New York Stock Exchange following a deal to join forces with Primavera Capital Acquisition Corporation, a listed special purpose acquisition company (SPAC) and affiliate of Primavera Capital Group.

Lanvin Group, which rebranded from Fosun Fashion Group last October, said the deal gives it a pro forma enterprise value of $1.5 billion, with a combined pro forma equity value of up to $1.9 billion.

Total proceeds are expected to be $544 million, a war chest that will be used to accelerate organic growth via product category and retail expansion, but also to fund further acquisitions.

“Going public is a natural step. The global luxury market is coming back and we have seen strong growth for our portfolio. We have seen significant untapped growth opportunities for product category extension, digitalisation and retail footprint expansion, especially in the North America and Asian markets,” Joann Cheng, chairman and chief executive of Lanvin Group, told BoF, adding that the group intends to grow its annual revenue from $300 million currently, to $1 billion by 2025.

Nearly half of group revenue currently comes from the EMEA region with only 14 percent derived from the Greater China region, the aim is to double the percentage share of revenue from Greater China to 28 percent by 2025.

Product category expansion will differ for each brand within the portfolio Cheng said, with Lanvin focusing on developing leather goods and Wolford looking to utilise its technical fabrication expertise to move into activewear. Cosmetics is another category the group is looking at.

Though Lanvin Group’s focus remains on acquiring high-end heritage brands, this year it also plans to launch an incubator project dedicated to minority investments in fast-growing companies that are strong creatively or digitally, as well as those with a focus on sustainable and intelligent supply chains.

“We have to look from A to Z in the whole industry and we are also very open to invest in growing brands to make our ecosystem more comprehensive,” Cheng said.

Lanvin Group’s current stable of brands operate in more than 80 countries with approximately 1,200 points of sale worldwide.

Learn more:

What’s Next for Lanvin Group?

The Chinese firm that owns Lanvin, Sergio Rossi, St. John Knits and Wolford could be eyeing an IPO after recently rebranding as Lanvin Group.


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