Fosun, Mayhoola competing to buy Lanvin
China’s Fosun International and Qatar’s Mayhoola, which owns Balmain and Valentino, are competing to buy control of Lanvin.
The French fashion house is expected to run out of cash next month, according to FashionNetwork.com. An earlier report says majority shareholder Taiwan businesswoman Shaw-Lanh Wang was expected to stump up with some cash before the end of last year.
Meanwhile, Alber Elbaz, Lanvin’s designer for more than a decade, has won a record €10 million (US$12 million) claim against the house after being sacked in 2015.
When Lanvin was auctioned last year, luxury giants Kering and LVMH expressed interest, but walked away, they added.
Sales at Lanvin have more than halved in the past three years to less than €100 million, and sources say the company spent about €15 million in December to pay salaries and suppliers until the end of February/early March.