The owner of Italy's top-end lingerie La Perla, is in talks with China's Fosun for the sale of majority stake in their luxury lingerie group. Italian entrepreneur Silvio Scaglia, the founder of telecom group Fastweb, bought the ailing group for €69 million euros at a court-led auction in 2013 through family holding Pacific Global Management. The Italian entrepreneur has invested over €300 million in the company founded in the post-war years in the Northern town of Bologna, as he had hoped to sell the brand’s products abroad, mainly in Asia. The group, which has 30 boutiques, posted sales of €140 million this year and is expected to breakeven by the end of 2018, Scaglia was reported to have said. The conclusion of the deal is subject to Fosun's approval.

Shanghai investment group Fosun, which owns holiday resort company Club Med, will "continue investing in the brand to develop its full potential as a global luxury fashion house...," the statement added.