Kering announced a minority investment in Chinese fashion group ICCF, better known as Icicle, its flagship brand.
Luca de Meo, chief executive officer of Kering, disclosed the deal at the luxury group’s Capital Markets Day in Florence, Italy.
Financial terms and details were not immediately disclosed.
De Meo said the Icicle transaction comes under House of Wonders, a new Kering entity investing in emerging brands in adjacent categories and various geographies.
House of Wonders was characterized as part of Kering’s eye on “Next Luxury” as a way to grow in new segments like longevity.
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In a press release, Kering said the partership “brings together ICCF’s deep understanding of the Chinese luxury ecosystem and cultural landscape with the Kering long-standing expertise in craftsmanship, operations and brand development in Europe.”
It said proceeds from the investment would support Icicle’s “continued international expansion of the brand, as well as the enrichment of its product offering across new categories.”
Founded in 1997 in Shanghai, Icicle specializes in women’s and men’s ready-to-wear and accessories and operates more than 200 stores, including flagship locations in Beijing, Shanghai and Paris.
The release described House of Wanders as focused on “emerging luxury houses with strong cultural relevance across markets, categories and geographies.
“Through House of Wonders, Kering aims to build long-term value through a disciplined, partnership-driven approach, engaging with brands defined by a distinctive vision, deep authenticity and global resonance potential,” it added.
Kering also owns Chinese jewerly brand Qeelin.
