Chinese conglomerate Fosun’s Yuyuan unit to acquire Djula, Forte

Shanghai

Shanghai Yuyuan Tourist Mart (Group) Co., Ltd (Yuyuan Inc), a unit of Chinese conglomerate Fosun International Limited, has announced plans to pick up a 55.4 per cent stake in French jewellery brand Djula, for 210 million yuan ($30 million), according to local media.

The deal follows Yuyuan’s 2018 acquisition of an 80 per cent holding in Belgium-based diamond certifier International Gemological Institute for $108.8 million. The move is in line with Yuyuan’s strategic expansion plans in the global jewellery industry to develop an affordable luxury business.

The Paris-based Djula was founded by French designer Alexandre Corrot in 1994. It offers modern variants of vintage jewels and targets a millennial demographic. 

In addition to Djula, Yuyuan is set to buy out real estate developer Nanjing Fudi Dongjun Property Co.Ltd (also known as Forte), acquiring a 32% stake. Currently the largest shareholder in the company with a 68% stake, Yuyuan will pay as much as 842 million yuan ($119 million), per a company filing with Shanghai Stock Exchange on Tuesday. 

Post the deal, Yuyuan will continue to provide real estate, targeted at an emerging middle class. Established in 1987, Yuyuan operates in the lifestyle and entertainment verticals, covering jewellery, medicine, retail, restaurants, shopping malls, grocery stores, real estate, foreign trade and financial investment. The company has an aggregate of 16 sub-brands. 

Fosun International made two tranches of investments in Yuyuan in 2018 and 2019 respectively. Recently, Fosun became the controlling shareholder in Yuyuan, owning about 70 per cent stake in it. 

The company went public in Shanghai in 1992. As of March 20, its market value was at 27 billion yuan ($3.8 billion). 

Before the current acquisitions, in 2019, Yuyuan completed its buyout equity in a portfolio of companies including Chinese watch brand Sea-Gull (65%), real estate focused investment management firm Star Capital (100%), edible fungi biotechnology company Ruyiqing Biotechnology (55.5%), and German lifestyle clothing company Tom Tailor (29.99%). 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.