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Business deals

China's Fosun in $1.5bn deal to sell Lanvin fashion unit to SPAC

Conglomerate indicates uncertainty about whether transaction will add to profits

Lanvin Group plans to use its new funding to support the growth of its store network from 300 to 500, with a focus on Asia and North America.     © AP

SHANGHAI/HONG KONG -- China's Fosun International has reached a deal to sell its fashion arm to a U.S. special-purpose acquisition company (SPAC) sponsored by Hong Kong investment manager Primavera Capital Group.

The deal announced on Wednesday would give Fosun's unit, renamed last year as Lanvin Group, an enterprise value of $1.5 billion.

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