Exor Buys Majority Stake in Chinese Luxury Company From Hermes
By Joshua Kirby
Exor NV has bought a majority stake in Chinese luxury-goods
company Shang Xia from Hermes International SCA, it said
The holding company, which counts auto makers Fiat Chrysler
Automobiles NV and Ferrari NV among its companies, said it will
invest around 80 million euros ($96.7 million) in Shang Xia,
resulting in a non-recurring profit of EUR80 million for Hermes.
The French luxury company will remain a shareholder alongside Shang
Xia founder Jiang Qiong Er, Exor said.
Shang Xia was founded in 2010 with the backing of Hermes. It has
stores in several Chinese cities and in Paris, and is set to
inaugurate stores in Taiwan and Singapore next year.
The transaction is expected to be completed by the end of the
year, Exor said.
Write to Joshua Kirby at email@example.com;
(END) Dow Jones Newswires
December 10, 2020 04:26 ET (09:26 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.