Lanvin's new owner, Chinese conglomerate Fosun, has announced that it has finalised its acquisition of a majority stake in luxury underwear label Wolford, becoming the brand's owner with 51% of its shares.
Wolford is clearly on the recovery trail but changes in the way department stores display hosiery dented its wholesale turnover in key markets like the US, UK, France and Germany in the first nine months of the year.
Wolford's half-year results showed that the high-end hosiery specialist's business is stabilising and even seeing some growth, although it’s still lossmaking and markets like France and the UK are tough.
Boden has finally opened its central London store with its debut in Chelsea also being the retailer’s first high street store. The sizeable space is in Duke of York Square, the shopping centre on the King’s Road.
Troubled high-end hosiery and bodywear specialist Wolford has revealed that it’s cutting more jobs as the Austrian firm continues to work on its turnaround programme with cost cuts a key part of that plan.
Good news at last for Wolford as the troubled high-end bodywear/hosiery specialist turned in “stabilised” results for Q1. Not that it's out of the woods yet as it's still lossmaking, but losses were smaller this time.