Fosun has acquired a majority stake in Wolford.Fosun is a Chinese company, which invests in the global fashion and consumer goods industry. Wolford, based in Austria, makes tights, bodysuits, and innerwear.
Fosun Fashion Group holds stakes in the German Tom Tailor Group and the French luxury brand Lanvin, among other holdings.
The capital increase guaranteed by Fosun will sustainably strengthen the equity base of Wolford. With the help of this financial strong majority shareholder, Wolford will be able to accelerate the expansion of its promising online business and redesign its market presence, thus returning the company to a growth path.
As China continues to drive the global luxury market, Wolford can leverage Fosun’s expansive China and global resources to grow and strengthen its high luxury positioning while maintaining its exceptional high quality of production in Europe.
Wolford has 16 subsidiaries and markets its products in approximately 60 countries through over 270 own and partner-operated retail stores, 3,000 trading partners, and online.
Chinese firms are buying famous brands in the hope of upgrading their image. Buying famous foreign brands is seen as helping them build up their own brands, and proper management and deployment of sales channels may help them gain more popularity with domestic consumers.
Chinese e-commerce players are also moving quickly into western markets.