China's Fosun buys 35 pct of Italian luxury menswear firm Caruso
HONG KONG, Sept 12
HONG KONG, Sept 12 (Reuters) - Chinese conglomerate Fosun International Ltd said it has bought a 35 percent stake in Italian high-end menswear maker Caruso Spa for an disclosed sum, marking its first investment in the luxury sector in Europe.
"We are interested in investments linked to the secular trend of manufacturing and consumption upgrade in China," Fosun chairman Guo Guangchang said in a press statement late on Wednesday. "Fosun will leverage its competitive advantages to help Caruso expanding in the China market."
Fosun said a fund under its management acquired the stake in Caruso through a capital increase.
Based in Soragna, Caruso is a privately owned Italian company founded in 1958 employing more than 600 people. It had total sales of 64.4 million euros ($85.7 million) in fiscal 2012. ($1 = 0.7518 euros) (Reporting by Donny Kwok; Editing by Richard Pullin)