France-based luxury fashion group Lanvin has entered a definitive business combination agreement with special purpose acquisition company Primavera Capital Acquisition (PCAC).

PCAC is owned by Primavera Capital Group, an investment firm listed on the New York Stock Exchange (NYSE) with more than $17bn of assets under management.

The deal is expected to list Lanvin on the NYSE under the ticker symbol LANV.

Lanvin expects to raise up to $544m from the merger and from existing investors, which would value the company at $1.5bn.

The company will use the proceeds from the deal to expedite the organic growth of its brand portfolio, as well as facilitate future luxury acquisitions.

Lanvin currently operates a network of more than 300 stores, 1,200 points of sale and 3,600 employees in more than 80 countries.

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The company plans to expand its retail footprint by opening more than 200 new stores over the next three years.

The strategic alliance with PCAC will have a combined value of up to $1.9bn and is intended to play a key role in Lanvin’s global expansion.

Lanvin Group chairman and CEO Joann Cheng said: “We are excited to partner with Primavera for our next chapter of growth across Europe, North America and Asia.

“In recent years, we have not only invested in prestigious heritage brands but have also created a strategic alliance of industry-leading companies as partners and co-investors in Lanvin Group.

“We plan to accelerate the growth of our portfolio via both organic development and disciplined acquisitions, building a global portfolio of iconic luxury fashion brands that appeal to a broad customer base.”

PCAC CEO and chief financial officer Max Chen said: “Lanvin Group and Primavera share the same vision of nurturing and reinvigorating world-class luxury brands.

“We look forward to working together to further develop Lanvin Group’s global platform and drive growth across its brand portfolio.”