Majority shares in Austrian lingerie and legwear company Wolford are set to change hands following talks with a Chinese investment firm.
The brand announced today that it intends to conclude an agreement with Fosun Industrial Holdings for the purchase of a majority stake worth €33 million euros (£29.25m).
Fosun also agreed to provide up to €22 million as part of a capital increase, it said, boosting Wolford shares as much as 7%.
The news comes amid heavy financial challenges at Wolford, which is restructuring after it fell into the red more than a year ago.
Wolford recorded a 5% fall in revenue to €154.28m (£142.4m) for the 12 months to April 2017.
Meanwhile, earnings before interest, taxes, depreciation and amortization (EBITDA) plummeted from €8.38m (£7.7m) in 2016 to a loss of €3.39m (£3.1m).
Asish Sensarma stepped down from his role of CEO at Wolford July 2017 and was replaced by Axel Dreher, the former COO and CFO at the company, on August 1.
Wolford’s chairwoman Dr Antonella Mei-Pochtler also stepped down in August.