Fosun Group, the largest privately-owned conglomerate in China controlled by billionaire Guo Guangchang, signed an agreement with Greek luxury retailer Folli Follie to purchase 6.36 billion of additionally issued stock valued at 13.3 euros per share.

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Once the purchase is final, Fosun will own a 9.5-percent stake in Folli Follie. It will also support the expansion of Folli Follie in the Chinese market, said Guo, chairman of the Fosun Group.

Folli Follie has $90 million of sales volume in China and operates 90 stores in 27 Chinese cities.

Established in 1992, Fosun Group has widely diversified operations in pharmaceuticals, property development, steel, mining, retail, services and strategic investment.