China-based luxury platform Fosun Fashion Group (FFG ) has agreed to acquire Italian luxury footwear brand Sergio Rossi from Absolute Luxury.

Established in 1951, Sergio Rossi has a network of 64 stores, of which 45 are directly owned flagship stores and 19 are franchised stores.

The company’s flagship stores are located in ‘prime luxury locations’ across Europe, the Middle East, Africa, Japan and Greater China.

Sergio Rossi CEO Riccardo Sciutto said: “We are excited about Sergio Rossi’s future growth prospects supported by new collections to be unveiled, the fast-growing market to which our brand is appealing, and FFG as a new partner to sustain us on this thrilling journey.”

In 2015, investment group Investindustrial acquired the Italian brand from its previous owner, the Gucci Group, which now trades as Kering.

Sergio Rossi will complement FFG’s existing luxury brands, including Lanvin , Wolford , Caruso and St John Knits.

The deal is expected to be completed later this year subject to customary regulatory approval.

The financial terms of the agreement have not been disclosed.

FFG chairman Joann Cheng said: “We are excited to have Sergio Rossi join the FFG family, which we believe is one of the few leading shoemakers in the market.

“When we dived into the brand, we were captivated by its DNA, which is deeply rooted in the creativity and expertise of its eponymous founder.

“The world of Sergio Rossi is a place where magic and reality come together to create handmade shoes for sophisticated, smart and effortlessly chic women.”

FFG is an affiliate of Fosun International , which has invested and grown businesses in tourism, sport, food, entertainment, healthcare, pharmaceuticals, insurance and other markets over the last 30 years.

Fosun International currently operates in more than 20 countries and has more than $117bn in total assets.