Chinese giant to buy last independent French luxury shoemaker
With a US $16 billion and 35.000 employees, Chinese fashion production giant Li & Fung is reported to be in final discussions to acquire Rober Clergerie, one of the last independent French luxury shoemakers. The Clergerie brand which celebrated its 30th anniversary last year has been struggling due to the financial crisis, much like other French players Stephane Kelian and Charles Jourdan. Clergerie has been manufacturing, on average, 100.000 pairs of shoes and counts Michele Obama among its high profile customers.
The Li & Fung Group which is controlled by the Chinese Fung family, is nowadays one of the major suppliers for H&M, Zara, Esprit and Wall-Mart.
As advised by CPP-LUXURY.COM earlier this month, groups such as Li & Fung are likely to be front runners in the race to acquire major brands such as Burberry and Versace.