French luxury fashion house Lanvin has been bought by Chinese conglomerate Fosun for an undisclosed sum.
The New York Times reported that the sale was sealed after a bidding war with Qatari fund Mayhoola For Investments.
Fosun will inject €100m (£88m) into loss-making Lanvin to cover outstanding expenses and unpaid salaries,
Lanvin president Shaw-Lan Wang, who held a 75% stake in the company, will become a minority shareholder following the deal.
Lanvin was founded in 1889 and underwent a revival during the 14-year tenure of creative director Alber Elbaz.
However, this ended after Elbaz departed in 2015, reportedly after disagreements between the designer, Wang and chief executive Michèle Huiban.