Chinese-headquartered luxury fashion group Lanvin and Primavera Capital Acquisitions Corporation says shareholders have approved the combination of the two businesses and Lanvin’s debut on NYSE this week.
The merger is expected to close tomorrow (December 14) and Lanvin will start trading on the stock exchange on Thursday under the ticker ‘LANV’.
“Going public is a natural step for Lanvin Group right now,” said Joann Cheng, chairman and CEO of Lanvin Group. “Looking forward, our strategy is driving continuous organic growth through geographic, channel and product expansion for our brands, combined with disciplined investment in the luxury fashion sector.
“Against a background of proven resilience in the luxury market, we are confident that this strategy will enable us to deliver sustained long-term growth and value for our shareholders.”
In October, the luxury fashion retailer recorded 73 per cent year-on-year growth in sales for the six months to June 30, reaching about US$200 million due to strong performance in Europe and North America. The group said at that time it had lowered its pre-investment equity value from $1.25 billion to $1 billion based on “various considerations, including the latest currency and stock market environment”.
Headquartered in Shanghai, Lanvin Group manages a portfolio of luxury brands, including Lanvin, Wolford, Sergio Rossi, St John Knits, and Caruso.