<article>Chinese conglomerate <a href="https://www.dealstreetasia.com/?s=Fosun">Fosun International Ltd</a> has acquired majority stake in Austria-based <a href="https://www.dealstreetasia.com/?s=Wolford">Wolford</a>, a manufacturer of textiles focusing tights, bodysuits, and innerwear.</article>

Chinese conglomerate <a href="https://www.dealstreetasia.com/?s=Fosun">Fosun International Ltd</a> has acquired majority stake in Austria-based <a href="https://www.dealstreetasia.com/?s=Wolford">Wolford</a>, a manufacturer of textiles focusing tights, bodysuits, and innerwear.
In a statement posted on its website, the Bregenz, Austria-headquartered Wolford confirmed that Fosun now owns 50.87 per cent of the lingerie brand after the Chinese firm acquired the shares from previous majority shareholders.
Financial details of the acquisition were not disclosed but Fosun, in March, offered to purchase Wolford for about EUR12.8 ($15.3) per share for a 50.87-percent stake and provide up to $26.3 million of fresh equity.
“The stake acquired by Fosun once again confirms the appeal of our brand and our growth opportunities. We are very pleased with the participation of an anchor shareholder boasting substantial experience in the luxury goods segment, which, last but not least, will significantly facilitate our access to the Asian market, especially China”, said Axel Dreher, CEO of Wolford.
Additionally, Dreher said, the capital increase guaranteed by Fosun will sustainably strengthen the equity base of Wolford, enabling the brand to expand its online business and redesign its market presence.
Fosun invests in the global fashion and consumer goods industry. The management of its growing portfolio in the fashion sector was recently put in the hands of Fosun Fashion Group, which holds stakes in the German Tom Tailor Group and the French luxury brand Lanvin, amongst other holdings.
Joann Cheng, Fosun Fashion Group President, said the company sees the significant growth potential of Wolford.
“As China continues to drive the global luxury market, Wolford can leverage Fosun’s expansive China and global resources to grow and strengthen its high luxury positioning while maintaining its exceptional high quality of production in Europe,” she said.
The firm has 16 subsidiaries and markets its products in approximately 60 countries through over 270 own and partner-operated retail-stores, 3,000 trading partners, and online.
Around 50 investors mainly from North America and Asia had shown interest in taking over the founding family’s stake after it announced its intention to sell in June, Wolford said.
It reported a loss before interest and tax (EBIT) of EUR6.2 million ($7.4 million) for the six months through October, an improvement of 21 per cent on the previous year’s first half.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/fosun-offers-to-invest-up-to-350-million-in-fortis-healthcare-96375/">China’s Fosun offers to invest up to $350m in Fortis Healthcare</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/china-fosun-austria-lingerie-maker-wolford-93446/">China’s Fosun to buy controlling stake in Austrian lingerie maker Wolford</a>

Family-focused Chinese conglomerate Fosun International Ltd has acquired majority stake in Austria-based Wolford, a manufacturer of textiles focusing tights, bodysuits, and underwear.

China's Fosun acquires 50.87% stake in Austrian lingerie brand Wolford

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

China's Fosun acquires 50.87% stake in Austrian lingerie brand Wolford

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief