Chinese conglomerate Fosun International announced on Thursday that it has acquired French fashion brand Jeanne Lanvin SAS and become its controlling shareholder, without disclosing further financial details, Yicai.com reported.

Fosun, which also owns the French leisure company Club Med, is the latest Chinese firm to expand into fashion.

The company is actively seeking brands that meet its investment criteria in the global fashion and consumer products sector, and it has recently established the Fosun Fashion Group.

Founded in 1889, Jeanne Lanvin SAS is France’s oldest fashion house, operating in more than 50 countries around the world.

Cheng Yun, deputy CFO of Fosun International and CEO of Fosun Fashion, said China is becoming a major influence in the global luxury market.

They believe Fosun will empower Lanvin with greater integration capacity and expertise, and maintain the brand’s core competitiveness in France and Italy at the same time.