Lanvin's new owner, Chinese conglomerate Fosun, has announced that it has finalised its acquisition of a majority stake in luxury underwear label Wolford, becoming the brand's owner with 51% of its shares.
Troubled high-end hosiery and bodywear specialist Wolford has revealed that it’s cutting more jobs as the Austrian firm continues to work on its turnaround programme with cost cuts a key part of that plan.
Good news at last for Wolford as the troubled high-end bodywear/hosiery specialist turned in “stabilised” results for Q1. Not that it's out of the woods yet as it's still lossmaking, but losses were smaller this time.
The troubled hosiery manufacturer as agreed with its Austrian banking partners to extend its credit lines until 30 June 2018. The move ensures the financing of the business for the current financial year.
Embattled Austrian hosiery brand Wolford announced on Wednesday that Ashish Sensarma is stepping down as CEO, to be succeeded by deputy CEO Axel Dreher. In May, creative director Grit Seymore also left the brand.