Nod given for Fosun takeover of Wolford
Fosun Industrial Holdings (Fosun) has become the majority shareholder of textile maker Wolford with a stake of nearly 51 per cent.
The takeover follows Fosun acquiring 50.87 per cent of the shares from the previous majority shareholder, and was subject to official approval.
The Chinese financial investor systematically invests in the global fashion and consumer goods industry, and the management of its growing portfolio in the fashion sector has been placed in the hands of Fosun Fashion Group, which holds stakes in the German Tom Tailor Group and French luxury brand Lanvin.
Wolford CEO Axel Dreher says the move will significantly help the group access the Asian market, particularly China.
“With the help of this financially strong majority shareholder, we will be able to accelerate the expansion of our promising online business and redesign our market presence, thus returning the company to a growth path,” says Wolford CFO Brigitte Kurz.