France’s Kering takes minority stake in Chinese luxury fashion group ICCF
(Yicai) April 17 – French luxury giant Kering will become a minority investor in Icicle Carven China France Group to combine their complementary strengths in the global luxury industry.
Kering’s investment will support the next growth phase of ICCF’s flagship brand Icicle, including the brand’s continued international expansion and the enrichment of its product offering into new categories, Kering announced yesterday.
The French firm said the partnership brings together ICCF’s deep understanding of the Chinese luxury ecosystem and cultural landscape and Kering’s long-term expertise in craftsmanship, operations and brand development in Europe.
“With Kering’s expertise in high fashion, ready-to-wear, leather goods, jewellery, eyewear and other categories, ICCF will build relevant capabilities and experience to develop new segments and enrich its product matrix,” an ICCF source told Yicai.
The company said this strategic partnership is driven by House of Wonders, a new strategic initiative from Kering designed to select emerging luxury houses with strong cultural relevance across markets, categories and geographies.
Founded in Shanghai in 1997, Icicle is a leading Chinese high-end fashion label known for its minimalist aesthetic, comfort and wearability. It prioritizes natural fabrics and sustainability, refined craftsmanship and contemporary sensibilities.
In 2018, Icicle acquired French fashion label Carven and the pair merged into ICCF three years later. ICCF is the global operating unit of Icicle.
As one of the first Chinese high-end fashion brands to go global, Icicle opened a design center in Paris in 2013 and opened its first boutique in the city in 2019. It now operates five stores in Europe.
Since last year, Icicle has been officially listed in the Paris Fashion Week schedule, regularly presenting new collections from its Paris atelier and building deeper relationships with the global fashion community and European consumers.
Despite the shrinking fashion industry, Icicle has achieved double-digit compound annual growth in recent years. Its global revenue last year exceeded EUR300 million (USD324 million), with more than 200 stores worldwide.
Editor: Tang Shihua, Futura Costaglione
