Shanghai-based conglomerate Fosun International Limited and its subsidiaries announced on Thursday the acquisition of a controlling stake in French luxury couture house Jeanne Lanvin SAS. Fosun will become the majority shareholder while the current shareholders will retain a minority stake in Lanvin. The French fashion house was founded by Jeanne Lanvin in 1889.

In 2001, Taiwan-based businesswoman Shaw-Lan Wang acquired a majority stake in Lanvin. Currently, Lanvin operates in more than 50 countries with women’s wear, menswear, children’s wear and accessories, including footwear and leather goods, as its core business.