Fosun bought tailor Caruso in 2017 to rival LVMH — sold 9 years later, never worked

Raffaele Caruso S.p.A. was founded in 1958 in Soragna, Italy, as a high-end tailored menswear manufacturer. The company built a reputation for handcrafted suits and shirts, supplying both its own label and other luxury brands. It was a respected but modestly sized player in Italian luxury manufacturing, generating approximately €35 million in annual revenue.

In 2017, Chinese conglomerate Fosun acquired control of Caruso through its fashion division (later Lanvin Group). The acquisition was part of Fosun's broader strategy to build a Chinese-owned luxury conglomerate that could rival European groups like LVMH and Kering. Alongside Caruso, Fosun bought Lanvin, Sergio Rossi, Wolford, and St. John Knits — a disparate collection of heritage brands with no natural commercial synergies.

Under Fosun, Caruso never received the investment or strategic focus needed to grow. Lanvin Group's attention was divided across five very different brands. Fosun itself faced a severe debt crisis after 2022, forcing it to sell assets and retreat from non-core investments. On February 6, 2026, Lanvin Group completed the sale of Caruso to MondeVita Italy S.r.l., a subsidiary of Abu Dhabi-based Mondevo Group. The sale marked the first disposal in Fosun's planned withdrawal from European luxury fashion.