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China's Fosun Intl acquires French clothing brand Iro
06
Jul '16
Courtesy: IRO
Courtesy: IRO
Chinese investment company Fosun International has added another fashion label to its portfolio with the acquisition of French apparel brand Iro. According to media reports, the founders of Iro – brothers Laurent and Arik Bitton – will retain a 40 per cent stake. Fosun International has acquired the 25 per cent stake owned by the Marciano family, founder of Guess Group, along with the remaining shares, making the Chinese company a major shareholder of Iro.

The deal is valued at about 130 million euros.

Iro was founded by the Bitton brothers in Paris in 2004 and the brand added a men's clothing series in 2011. Iro has many loyal fans, including super models and fashion bloggers like Kate Moss, Rosie Huntington, Gigi Hadid, and Aimee Song.

With annual sales of about 60 million euros, Iro's stores have reached several capital cities, including Paris, New York, London, and Rome. At present, the company has seven stores in France and 25 stores outside France, including four owned stores in the US which is reportedly its largest market with sales ratio up to 50 per cent. In addition, Iro has over 40 counters in high-end department stores.

Fosun is a Chinese company with diversified operations, including fashion and retailing. It is also the owner of the well-known French resort group Club Med. The company and its management funds have invested in many overseas consumer brands, including Greek fashion brand group Folli Follie, American high-end women's clothing brand St. John, Italian high-end custom men's clothing Caruso, and German fashion lifestyle major Tom Tailor. (SH)

Fibre2Fashion News Desk – India

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