The French luxury goods group Kering announced on Thursday as part of its capital markets day that it would acquire a minority stake in the Chinese group ICCF (Icicle Carven China France). The investment is therefore part of the “House of Wonders” initiative, with which Kering wants to promote selected “emerging luxury brands”.
According to the group, the transaction takes place as part of a “strategic partnership” that is particularly aimed at strengthening the fashion brand Icicle, which belongs to ICCF. The plan is to advance the international expansion of the label and expand its range with additional product categories, explained Kering.
Founded in Shanghai in 1997, the brand combines sustainable materials with subtle tailoring and traditionally stands for a “Quiet Luxury” aesthetic. Icicle offers ready-to-wear collections for men and women as well as accessories and currently operates more than 200 stores, including flagship stores in the metropolises of Beijing, Shanghai and Paris.
At the same time, the investment underlines the French group’s strategic goal of strengthening its presence in the Chinese market. “This partnership combines ICCF’s deep understanding of the Chinese luxury ecosystem and cultural landscape with Kering’s long-standing expertise in craftsmanship, operations and brand development in Europe,” it said in a statement.