PARIS — Lanvin designer Olivier Lapidus is leaving the French fashion house with immediate effect as part of a management shake-up, the firm said on Thursday.

Lapidus’ departure comes a month after Chinese conglomerate Fosun became the majority shareholder in Lanvin, France’s oldest surviving couture label which has been facing financial difficulties.

Lanvin Chief Executive Nicolas Druz is to become the head of Fosun Fashion Group, where he will be responsible for boosting business in Europe, Lanvin said in a statement.

Joann Cheng, the chair of both Fosun Fashion Group and Lanvin, is to become chief executive of the 129-year-old French brand on an interim basis until a new CEO is found, it added.

Lanvin, until now majority-owned by Taiwan-based media magnate Shaw-Lan Wang, had struggled financially in recent years after switching designers.

Shaw-Lan Wang brought in Lapidus, the son of French fashion designer Ted Lapidus, in 2017. — Reuters

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