Joann Cheng wants to give the Lanvin Group global stature
Today, few Chinese groups are seeking entry to the New York Stock Exchange, given the diplomatic tensions between the U.S.A. and China. Joann Cheng, C.E.O. of the Lanvin Group (turnover of €333 million in 2021, up by 30%) is nevertheless preparing a new company listing on the Manhattan stock exchange.
This combines five pearls of European luxury: Lanvin, Sergio Rossi (shoes), Wolford (tights and lingerie), St. John Knits (knitwear) and Caruso (men’s suits).
Since 2018, Joann Cheng has been discreetly building her leadership of the company founded by Jeanne Lanvin. A graduate of Shanghai University and the China Europe International Business School and a specialist in auditing and finance (she worked for KPMG and General Electric, among others), Joann Cheng has ambition. She turned around the business alongside Creative Director Bruno Sialelli (ex-Loewe), and she is now under a spotlight. From 2018, Lanvin Group has been controlled by the Chinese conglomerate Fosun International (with stakes in Club Med, Tsing Tao and property assets). Joann Cheng plans to raise US$544 million on the stock market with Lanvin Group, which will merge with the Chinese investment company Primavera Capital in a SPAC.
Joann Cheng heads the small luxury group with 346 stores and a valuation of US$1.5 billion, promises targeted acquisitions and 250 new stores by 2025, in the U.S.A., Europe and Asia. The business is betting on the potential of these iconic brands in the Chinese market. So far, China accounts for less than 20% of Lanvin’s sales.