Lanvin Group Plans To Go Public in SPAC Deal
Expecting to also open over 200 new stores by 2025.
Lanvin Group is planning on going public on the New York Stock Exchange. The fashion group, which owns brands of the like of Lanvin, Sergio Rossi, St. John Knits and Wolford all fall under group, which was rebranded to Fosun Fashion Group just last October.
The deal follows the news of Primavera Capital Acquisition Corporation’s announcement that it would join forces with the global luxury fashion group to list Lanvin Group on the NYSE under “LANV.” Business of Fashion reports that the deal gives the pro forma enterprise a $1.5 billion USD value, with a combined pro forma equity value of up to $1.9 billion USD. Proceeds are expected to be $544 million USD.
In a statement, CEO of Lanvin Group Joann Cheng said, “Going public is a natural step. The global luxury market is coming back and we have seen strong growth for our portfolio. We have seen significant untapped growth opportunities for product category extension, digitalization and retail footprint expansion, especially in the North American and Asian markets.” Lanvin Group intends to grow its annual revenue from its current $300 million USD to $1 billion USD by 2025.
Lanvin Group’s far-reaching presence is largely due to its portfolio of heritage brands including the oldest operating French couture house, Lanvin. The group operates in over 80 countries with approximately 1,200 points of sales, 3,600 employees and over 300 retail stores globally. As a part of its growth plan post-public announcement, the group hopes to open over 200 more new stores by 2025.
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