China's Fosun says to raise stake in German fashion brand Tom Tailor

China's Fosun International Ltd has entered an agreement to boost its stake in German fashion brand Tom Tailor Holding AG to up to 30 percent, the Shanghai-based conglomerate said in a statement on Friday.

Fosun did not disclose the name of the selling shareholder, the price or the size of its current stake. Company officials were unavailable to provide further details.

"It is not only as an established player in the textile market, but is also continuing to grow sustainably," Fosun President Wang Qunbin said in the statement.