Fosun International Ltd has acquired a majority stake in Lanvin, France’s oldest fashion house as the Chinese conglomerate seeks to build up their portfolio of fashion businesses.

Founded in 1889, Jeanne Lanvin SAS is France’s oldest fashion house in continuous operation. Taiwanese publishing magnate Shaw-Lan Wang acquired Lanvin in 2001 and expanded it into a global brand under the leadership of designer Alber Elbaz.

The deal offers a new path for Lanvin, long a calling card of Parisian style but listless since its star designer Alber Elbaz’s departure in 2016 from the house. Recent collections have been panned by critics and sales, which are not disclosed, have reportedly been in decline.

Fosun and Lanvin did not disclose a price for the deal, but said that as part of the transaction the acquisitive Chinese group would have a mandate to invest in the fashion and retail industry and strategically deepen its root in this sector.

Fosun added that Lanvin would enter a new phase of expansion with its resources. As a French brand with almost 130 years of history, partnering with Fosun, one of the youngest and dynamic group at the moment, is absolutely exciting and can open up great potential, said Lanvin deputy general manager Simone Mantura.

The deal by Fosun is the latest foray by a Chinese group into the luxury goods industry, with interest in the sector intensifying as sales recover in Asia. Earlier this month Fosun joined Chinese conglomerate and fashion group Shandong Ruyi, in the chase for European luxury brands.

The textile group controls Parisian brands Sandro, Maje and Claudie Pierlot along with Britain’s Aquascutum, and it added Swiss leather-goods maker Bally earlier this month