In some ways, it’s really a plot twist. Chinese Fosun Fashion Group, who also own Lanvin, acquired Sergio Rossi. The price paid was not disclosed. The race for the Italian footwear brand, therefore, was won by an outsider. In other words, Fosun was not in the lot of alleged suitors which, according to rumours, was made up by Piquadro, Bally and Marquee Brands.
Plot twist
Fosun, therefore, has put the other suitors offside, acquiring Sergio Rossi and immediately defining future strategies. Which, can be summarised as follows: the Romagna brand will also produce footwear for the other brands of the Chinese group which, together, will be able to activate collaborative projects. CEO Riccardo Sciutto (in the photo, in the centre) and the management of the Romagna shoe factory have been confirmed. The transaction is now subject to customary regulatory approval, which is expected to end this summer.
Potential synergies
Fosun Fashion Group, in a note, stressed that Sergio Rossi’s acquisition will further enrich its portfolio, joining Lanvin, the Austrian socks specialist Wolford, the men’s clothing brand Caruso and the American fashion brand St. John. But not only that: “It also creates potential synergies between brands through Sergio Rossi’s fully owned and state-of-the-art factory”.
Aim for exponential growth
“We can foresee the development and production of footwear for Lanvin and St. John – Fosun president Joann Cheng told WWD -. But also other interesting collaborations between our brands”. Cheng believes that Sergio Rossi has all the possibilities for exponential growth. An objective to be pursued by strengthening the approach to the Chinese market. But, also, by strengthening the digital business and developing the omni-channel one. All this to improve brand awareness. Changes were also announced at product level, updating Sergio Rossi’s classic lines and “activating collaborations with creative talents”.
Says Sciutto
“After five years of excellent partnership with Investindustrial and a major renewal of the company – says Sciutto -, the top management and I are proud to participate, investing with the new shareholder FFG, giving coherence and continuity to the project. We are excited about Sergio Rossi’s future growth perspectives”.
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