Founded in 1889 by Jeanne Lanvin in Paris, Lanvin is one of the oldest French fashion houses still in business and the most prestigious of the companies acquired by the fashion division of the Chinese conglomerate Fosun.

Four years after the acquisition, Fosun plans to take Lanvin public as it struggles to pay down $36 billion in debt, while the 133-year-old brand remains far behind rivals Chanel, Dior and Hermès in the world’s largest consumer market.

Professor Jacquet analyzes this spectacular collapse and questions the relevance of conglomerates in the new economy.