Exor, an investment holding company, agreed to acquire a majority stake in Shang Xia, a Chinese luxury fashion brand, from Hermes, a French high fashion luxury goods manufacturer, for $97m. "Within just a decade, Shang Xia has managed to position itself as one of the first Chinese brands on the international luxury stage. This has been achieved thanks to the consistent commitment of Hermes all along. As founder of Shang Xia, Exor joining our initial duo is a thrill as it will enable Shang Xia to pursue our dreams and ambition with more power than ever," Jiang Qiong Er, Shang Xia Founder.