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LVMH-backed fund to buy 60% of Italian fashion label Etro -sources By Reuters

© Reuters. FILE PHOTO: A LVMH luxurious group brand is seen previous to the announcement of their 2019 leads to Paris, France, January 28, 2020. REUTERS/Christian Hartmann

MILAN (Reuters) -L Catterton, a non-public fairness agency backed by French luxurious large LVMH, has agreed to purchase a 60% stake in Italian trend firm Etro, two sources acquainted with the matter stated on Sunday.

The deal values Etro at about 500 million euros ($590 million), the sources stated, confirming studies in Italian newspapers La Repubblica and Il Sole 24 Ore.

Etro stated in an announcement that L Catterton was taking a majority stake within the firm, whereas the Etro household would retain “a big minority curiosity”. It didn’t go into specifics and gave no monetary particulars.

Gerolamo Etro, who based the corporate in 1968, would be the chairman and the deal is about to be closed by the tip of the yr, the assertion stated.

“We’re thrilled to be working with the L Catterton staff who will deliver their in-depth data of the style sector and an expertise within the worldwide improvement of necessary manufacturers, permitting our firm to succeed in new heights,” the agency stated.

LVMH and L Catterton weren’t instantly obtainable for remark.

In April, a supply near the matter had instructed Reuters that the Milan-based luxurious model was contemplating an expression of curiosity from L Catterton, an funding agency born out of a partnership amongst Catterton, LVMH and its billionaire proprietor Bernard Arnault.

One of many sources stated Etro’s 4 youngsters would keep on as shareholders with a 40% stake and would stay homeowners of Etro’s actual property property and immediately operated shops.

L Catterton just lately purchased German sandal maker Birkenstock. LVMH, which owns a string of Italian labels together with jeweller Bulgari, additionally boosted its stake in Italian luxurious shoemaker Tod’s to 10% in April.

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