Agnelli family invests in Chinese fashion Exor is the new owner of the Shang Xia luxury group

With an investment of around 80 million dollars, the Agnelli family is now the major shareholder of Shang Xia, the Chinese luxury brand founded by Hermès and designer Jiang Qiong Er. The Parisian brand will still remain as a significant shareholder, however, leaving its place to Exor, Agnelli family's company that controls also Ferrari and Juventus, and that will pay the amount through a reserved capital increase. 

"We are delighted to bring our experience in developing global luxury brands, as well as the entrepreneurial spirit that drives all of Exor's companies, to Shang Xia," said John Elkann, Exor's number one. "With Hermès we intend to accompany Qiong Er in the coming years, helping it build a great company, with the aim of making contemporary creativity and traditional Chinese culture known and appreciated to a growing number of customers around the world." Currently, Shang Xia boasts stores in exclusive locations in Shanghai, Beijing, Chengdu, Hangzhou, Shenzhen and Paris. Two new openings are planned for next year in Singapore and Tapei.