The deal size is estimated to be 620 million euros in cash.
The retailer has decided to sell its 18 stores in Vietnam.
La Chapelle, which was making its first acquisition outside China, said the deal was worth a total of 52 million euros ($64.4 million).
Fosun already owns French holiday resorts group Club Med.
Yili said the deal was in its preliminary stages.
A vehicle destined to invest in small, promising fashion, cosmetics or accessories companies.
AccorHotels - the world's fifth-largest hotel group - will acquire 80 percent of John Paul for about $150 million in equity and debt, with the company
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