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Legendary fashion group Krizia sold to Chinese firm

Latest of Italian companies to be snapped up by foreign buyers

24 February, 20:16
Legendary fashion group Krizia sold to Chinese firm (ANSA) - Rome, February 24 - Italian brand Krizia has been sold to the Chinese group Shenzen Marisfrolg Fashion. Over the next five years, the Chinese company plans to open new Krizia outlets in Beijing, Shanghai, Guangzhou, Shenzen and Chengdu and to gradually reopen retail outlets in major cities in Europe, Japan and the US. Italy's luxury labels have been increasingly attracting foreign buyers, particularly in fashion, a sign of resilience of its brand names as the country is struggling to emerge from the longest and deepest recession since the Second World War.

Three bidders reportedly have their sights on a minority stake in fashion house Versace.

And the list of Italian clothing and accessories brands now controlled by foreign luxury groups, especially from across the Alps, is lengthy.

A statement notes that the contract between Krizia and Shenzen Marisfrolg Fashion will be finalized by April but that no other details of the transaction will be released for the time being.