Kering to take stake in Chinese fashion group Icicle, betting on its global growth
(Yicai) April 17 – Kering plans to invest in Icicle Carven China France, betting on the Chinese fashion group’s global expansion and entry into new product categories, strengthening the French luxury group’s grip on China’s premium fashion market.
Paris-based Kering announced yesterday, without disclosing the size of the holding, that Kering will take a minority stake in ICCF with the aim of combining complementary strengths in the luxury industry.
It said the collaboration is driven by Kering’s ‘House of Wonders’, a new strategic initiative to select emerging luxury houses with strong cultural relevance across markets, categories and geographies.
Established in 1997, Icicle is a leading 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, headquartered in Paris and Shanghai, is Icicle’s global operating unit.
“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 French firm said Kering’s investment will support the next growth phase of ICCF’s flagship brand, including the continued international expansion of the brand and the enrichment of its product offering in new categories.
It 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.
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. With more than 200 stores worldwide, its global revenue exceeded EUR300 million (USD324 million) last year.
Editor: Tang Shihua, Futura Costaglione
