Fosun Fashion Group has agreed to buy Italian luxury shoemaker Sergio Rossi from private equity firm Investindustrial, the Chinese group told industry publication WWD on Thursday, without giving financial details.
Investindustrial bought Sergio Rossi from luxury group Kering in 2015 and sold it through a bidding process assisted by Rothschild.
The loss making shoe brand could be worth a few dozen million euros, according to a source close to the dossier.
Sergio Rossi reported 66.5 million euros in revenues in 2019 and a net loss of 15.8 million euros, based on data filed with the local chamber of commerce in the Emilia Romagna region, where the company is based.
Famous for the craftsmanship behind its shoes, which can sell for 600 euros ($729) a pair, Sergio Rossi, like other brands that rose to fame in post-war Italy, has struggled to keep up with evolving fashion trends.
Chinese conglomerate Fosun has invested in other luxury and fashion brands in Europe in the past years, such as French couture label Lanvin and Italian high-end menswear maker Caruso.
Source: Reuters.com