Exor invests in Shang Xia, becoming Hermès partner
Agnelli family owned Exor (a leading shareholder in Ferrari, Fiat Chrysler Automobiles, Juventus FC and The Economist Group, among others) will invest around €80 million via a reserved capital increase in Chinese luxury house Shang Xia by the end of 2020, Exor and Hermès said in a recent joint press release.
The deal will make Exor the brand’s majority shareholder, while Hermès will remain an “important” shareholder alongside Shang Xia’s founder, Jiang Qiong Er.
Axel Dumas, executive chairman of Hermès, commented: “We are proud of how far Shang Xia has come in the last ten years, demonstrating our confidence in the brand’s unique model and original proposal. With Exor, we share a long family and entrepreneurial culture on which we will be able to build Shang Xia’s new successes.”
Shang Xia currently has stores in Shanghai, Beijing, Chengdu, Hangzhou, Shenzhen and Paris. In 2021, the company will open new spaces in Singapore and Taipei.
Image: Shang Xia via Instagram.
