The list of Italian luxury brands that changes ownership is growing. The Chinese group Fosuon Fashion Group, already owner of Lanvin and Wolford, has acquired 100% of Sergio Rossi, the historic Italian footwear brand founded in 1951. The transaction was announced via WWD: Fosun has acquired 100% of Sergio Rossi SpA by Investindustrial – followed by the advisor Rothschild – which had the brand in its portfolio since 2015. “This acquisition – explained the company in a note – not only fully completes an ecosystem of strategic brands for Ffg, but also creates potential synergies between the brands “. Fosun president Joann Cheng assured WWD that “Sergio Rossi’s DNA and positioning will not change”.
Fosun already owns Christian Louboutin, Birkenstock and Dr. Martens all of whom have recently been involved in deals or listing processes. In addition, he checks Adidas, which is also looking for a buyer for Reebok. “This acquisition not only completes a strategic brand ecosystem, but also creates potential synergies between brands through Sergio Rossi’s wholly owned factory,” explained the Asian group.
Development priorities for Sergio Rossi include strengthening local teams and strategies for the Greater China market and strengthening the digital and omnichannel business, a process started in 2018 but which according to Cheng still has “enormous room for improvement”. With this operation, Fosun also intends to improve awareness of the brand globally, which has always been appreciated for its high manufacturing, comfort and elegance. “We believe that Sergio Rossi has a solid foundation for exponential growth in the next phase,” said Cheng, explaining that Fuson “will aim to bring more innovation and enthusiasm in terms of the structure of the collections” that will go beyond Sergio Rossi’s classic lines.
Among the novelties in sight there could also be new collections, “experiments”, highlighted Cheng, which can be developed thanks to “collaborations with various creative talents”. It will be, in the words of the president of Fuson, “a different way of telling stories that adapts to the environment and consumers of today”. Sergio Rossi, who owns 64 boutiques, closed 2020 with revenues of around 60 million euros. Last year, at the age of 84, the designer and founder of the brand passed away, struck by Covid-19.
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