Shares of Lanvin Group, the parent of Irvine’s St. John Knits, grew 6.4% to $8.12 apiece today during midday trading.
The parent company yesterday went public yesterday via a special purpose acquisition company, where it opened at $10 (NYSE: LANV). The group said it was valued around $1 billion at the time the reverse merger was completed.
Along with four other retail subsidiaries, St. John’s Global Chief Executive Andy Lew joined his fellow executives at the ringing of the opening bell Thursday to mark Lanvin’s entrance as a new public entity. Over $150 million was raised for Lanvin in the reverse merger.
For more on Lanvin Group and St. John, see the Dec. 19 print edition of the Business Journal.