- Fosun Becomes Majority Shareholder of Austrian Leading Luxury Brand Wolford
- Release Time: May 08, 2018
stock code:WBAG: WOL) (“Wolford”). Founded in the Austrian city of Bregenz in 1950 and listed on the Vienna Stock Exchange since 1995, Wolford is the market leader for luxury legwear, ready-to-wear and exclusive lingerie. Over the past 67 years, the company has introduced numerous product innovations, some of which remain bestsellers today. Wolford designs and manufactures its products exclusively in Europe and is marketed in 60 countries around the world.
‘Starting out in 1950 as a producer of pure silk and rayon stockings on Lake Constance, Wolford has a heritage of innovation in the luxury legwear, bodywear and lingerie segments. Nearly 70 years since it was founded, Fosun's engagement today confirms our continued leading position and indicates the immense and exciting growth opportunities ahead of us’, said Mr Axel Dreher, Chief Executive of Wolford, ‘not least because Fosun brings significant expertise in the luxury sector, access to the growing fashion talent in Asia, and access to China, the world’s largest luxury market.’
Ms Joann Cheng, President of Fosun Fashion Group said, ‘We are pleased to become Wolford’s new partner and confident that this globally renowned brand has significant growth potential. As China continues to drive the global luxury market, Wolford can leverage Fosun’s expansive China and global resources to grow and strengthen its high luxury positioning while maintaining its exceptional high quality of production in Europe.’
As announced on March 1, 2018, Fosun today successfully completes the acquisition of [50.87%] of the outstanding share capital of Wolford for EUR 12.80 per share. By acquiring the direct controlling interest in Wolford, Fosun has launched an anticipatory mandatory offer under the Austrian Takeover Act, to all remaining shareholders of Wolford who are not party to the Share Purchase Agreement. Fosun has been actively investing in the global fashion and consumer industry in line with the fast growing consumption trends in China and recently established the Fosun Fashion Group to invest and manage Fosun’s growing portfolio of fashion and retail assets.
Fosun International Limited is a family-focused multinational company that has been listed on the main board of the Hong Kong Stock Exchange (00656:HK) since 2007. Founded in 1992, Fosun's total assets amounted to RMB533.8 billion (c.US$85 billion) as of 31 December 2017. With its roots in China, Fosun’s mission is to create customer-to-maker (C2M) ecosystems in health, happiness and wealth, providing high-quality products and services for families around the world.
About Fosun Fashion Group
Fosun Fashion Group (FFG) is an important component of the happy sector of Fosun, targeting apparel, jewelry, footwear, leather goods companies, as well as other critical parts of the value chain. FFG operates a model that combines strategic investment and industrial operation to identify and empower the best assets, with Fosun’s experience, capabilities, and expertise in China and cross-border investing. FFG has proven capabilities to successfully complete world-class, cross-border investments, among which Lanvin, St. John Knits, Caruso and Tom Tailor have become our core assets for ongoing value creation. FFG’s goal is to meet the demand of families around the world and leverage our resources to help them in their pursuit of happiness.
Founded in 1950, Wolford AG is headquartered in Bregenz, on Lake Constance. It operates 16 subsidiaries and markets its products in about 60 countries via 262 monobrand boutiques (owned and partner operated) and through 16 online stores. Listed on the Vienna Stock Exchange since 1995, it generated EUR 154.3 million in sales in FY 2016/2017. With about 1,555 employees Wolford is a leading global fashion brand for high-quality sustainable legwear, lingerie and bodywear. Wolford designs and manufactures its products exclusively in Europe (Austria and Slovenia) meeting the highest environmental standards in the textile industry as underscored by the on-going partnership with bluesign Technologies AG.