Lanvin and Primavera Capital Acquisition Corporation announced today that Handsome Corporation has joined the global fashion group’s strategic investor alliance.
Handsome Corporation joins Lanvin Group‘s investor alliance. The newcomer, a South Korean fashion retailer founded in 1987, operates 1,389 shops worldwide and a portfolio of over 30 brands. It generated nearly $1.1 billion in annual revenues in 2021.
Handsome is also the exclusive distributor of Lanvin (one of the brands in the Lanvin Group portfolio) in South Korea since 2007. Their association has enabled the brand to flourish in the Land of the Morning Calm, with over 60 outlets.
Ms. Joann Cheng, President and CEO of Lanvin Group, said: “Having worked with Handsome for so long, we are delighted to deepen our collaboration and welcome them into our strategic investor alliance to contribute to the long-term sustainable growth of our brand portfolio. This partnership gives us even greater access to the South Korean market, allowing us to further capitalise on opportunities in one of the world’s fastest growing luxury markets.”
On December 2, Lanvin Group and Primavera Capital Acquisition Corporation (PCAC) and the parties involved entered into an amendment to their alliance agreement. This removes the closing condition relating to the minimum cash amount of at least $350.0 million.
The extraordinary general meeting of PCAC will be held on December 9 to approve the business combination with Lanvin Group.
Read also> Lanvin Group to be listed on the New York Stock Exchange by the end of the year
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