Executives at Fosun Fashion Group (FFG) have agreed a deal to acquire footwear brand Sergio Rossi.
On Thursday, bosses at the Chinese conglomerate confirmed they will be purchasing 100 per cent of the Italian luxury label, founded by designer Sergio Rossi in 1951, from leaders at current owner, Investindustrial.
"After five years of excellent partnership with Investindustrial and having made the first step of the huge renewal of the company, myself and the rest of the management team now welcome FFG as the new owner," Riccardo Sciutto, chief executive officer of Sergio Rossi, commented. "We are excited about Sergio Rossi's future growth prospects supported by new collections that will be unveiled, the fast-growing market in which our brand is appealing to, and FFG as new partner to sustain us on this thrilling journey."
FFG's luxury brand portfolio already includes Lanvin, Wolford, Caruso, and St. John Knits. The transaction, which is subject to customary regulatory approval, is expected to close this summer.
"We are excited to have Sergio Rossi join the FFG family, who we believe is one of the few leading shoemakers in the market," added Joann Cheng, FFG chairman. "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."
Previously owned by the Gucci Group, now known as Kering, Sergio Rossi was acquired by Investindustrial in 2015.
Rossi died after being diagnosed with Covid-19 at the age of 84 in April 2020.