As reported by FashionNetwork.com, Chinese conglomerate Fosun has snapped up the ailing French fashion label Lanvin and has promised to help revive its fortunes.

Lanvin, the oldest French luxury house still in existence, has been in turmoil since the shock sacking of popular designer Alber Elbaz two years ago.

It sank into the red to the tune of 18.3 million euros ($21.2 million) in 2016, its first loss for a decade.

Its previous owner, the Taiwanese media magnate Shaw-Lan Wang, who had promised a fresh cash injection, remains a shareholder, Fosun said in a statement.

The Chinese group will invest around 100 million euros ($122.77 million) in the business, a source close to the matter said.

"As China becomes the main growth driver of the global luxury market, we are confident that Fosun can bring great incremental value to Lanvin," the statement added.

Fosun, which already owns the French holiday company Club Med and a string of mid-market fashion brands including the German label Tom Tailor, said it was "absolutely committed to Lanvin's high luxury positioning and its exceptional quality of products manufactured in France and Italy."

Lanvin's artistic director Olivier Lapidus -- who replaced designer Bouchra Jarrar in July after only 10 months at the helm -- told AFP in November that he was helping to prepare a major shift for the brand, which was founded in 1889.

FashionNetwork.com with AFP