China's Fosun to take control of Wolford
today Mar 1, 2018
Chinese financial investor Fosun agreed to take a majority stake in the loss-making luxury textiles maker Wolford, the brand confirmed on Thursday.
Wolford, known for its tights, bras and shirts, is in the midst of a restructuring after it slipped into the red more than a year ago. Around 50 investors had shown interest after its main shareholders announced their intention to sell, it said last summer.
Fosun, which has investments stretching from property development to insurance, became majority shareholder of the struggling French couture house Lanvin earlier this month.
Based in Bregenz, western Austria, Wolford reported a loss before interest and tax (EBIT) of 15.7 million euros ($18.8 million) for the financial year that ended April last year.
The main shareholders of Austrian textiles company Wolford , the WMP Familien-Privatstiftung, Sesam Privatstiftung and M.Erthal & Co. Beteiligungsgesellschaft which represent the founding families’ stake, said in June last year that they were looking to sell an undefined majority stake in the company.
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