PARIS, Feb 22 (Reuters) - Chinese conglomerate Fosun on Thursday said it had completed a deal to become the majority shareholder in Lanvin, France's oldest surviving couture label which has been facing financial difficulties.
Fosun, which owns French leisure group Club Med, gave no financial details of the transaction. It said current shareholders would retain a minority stake in Lanvin.
The Chinese group will invest around 100 million euros ($122.77 million) in the business, a source close to the matter said.
"As China becomes the main growth driver of the global luxury market, we are confident that Fosun can bring great incremental value to Lanvin with our global resources and expertise, while being absolutely committed to Lanvin's high luxury positioning," said Joann Cheng, Vice CFO of Fosun International.
Fosun beat off competition from Qatari investment fund Mayhoola, the owner of Italy's Valentino, to take control of Lanvin, sources had previously told Reuters. ($1 = 0.8145 euros) (Reporting by Jean-Michel Belot and Sudip Kar-Gupta Editing by Sarah White)