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French brand Iro sells 60% stake

Premium French brand Iro has sold a 60% stake of the business to Chinese investment bank Fosun.

The deal valued the brand at just under £100m, according to French financial publication Les Echos

Iro was founded by brothers Laurent and Arik Bitton in 2002 and opened its first boutique in Paris in 2005. It currently has 25 shops worldwide.

The Bitton brothers will retain 40% of the firm but Fosun will become the majority shareholder, having bought 35% of their shares and a 25% stake of the business owned by Guess founders the Marciano brothers.

 

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