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Translated by
Nicola Mira
Published
Nov 16, 2022
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Lanvin owner Fosun said to be mulling Club Med sale

Translated by
Nicola Mira
Published
Nov 16, 2022

Fosun is facing a genuine wall it has no idea how to circumvent, or scale. The embattled Chinese conglomerate owned by billionaire Guo Guangchang is exploring all options to reduce the debt it has contracted in recent years. In September, the Chinese group virtually collapsed on the stock market, notably because, according to various sources, including Bloomberg, it must repay some $8 billion in short-term bonds. In the last few weeks, Fosun has been selling off some of the assets it held in various sectors. At the end of October, it sold its 60% stake in steel group Nanjing Iron & Steel Co. for the equivalent of €2.26 billion.


AFP


But the group remains under severe debt pressure and is considering divesting itself of other assets. Lanvin Group does not currently seem to be among the companies earmarked for sale, but Fosun is reportedly thinking about the disposal of the Club Med group, which it bought in mid-2015 for €939 million. On Monday, Bloomberg indicated that selling Club Med could generate approximately $1.5 billion for Fosun.

Within this troubled global context, Lanvin Group has been posting positive results since the start of 2022. It remains to be seen whether it will be able to finalise its planned stock market listing, while its parent company is still experiencing severe difficulties.

 

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