{"id":132586,"date":"2021-07-18T11:30:03","date_gmt":"2021-07-18T11:30:03","guid":{"rendered":"https:\/\/precoinnews.com\/?p=132586"},"modified":"2021-07-18T11:30:03","modified_gmt":"2021-07-18T11:30:03","slug":"lvmh-backed-fund-to-buy-60-of-italian-fashion-label-etro-sources","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/lvmh-backed-fund-to-buy-60-of-italian-fashion-label-etro-sources\/","title":{"rendered":"LVMH-backed fund to buy 60% of Italian fashion label Etro-sources"},"content":{"rendered":"
FILE PHOTO: A LVMH luxury group logo is seen prior to the announcement of their 2019 results in Paris, France, January 28, 2020. REUTERS\/Christian Hartmann<\/figcaption>

MILAN (Reuters) – L Catterton, a private equity firm backed by French luxury giant LVMH, has agreed to buy a 60% stake in Italian fashion company Etro, two sources familiar with the matter said on Sunday.<\/p>\n

The deal values Etro at about 500 million euros ($590 million), the sources said, confirming reports in Italian newspapers La Repubblica and Il Sole 24 Ore.<\/p>\n

A spokesperson for Etro declined to comment. LVMH and L Catterton were not immediately available for a comment.<\/p>\n

In April, a source close to the matter had told Reuters that the Milan-based luxury brand was considering an expression of interest from L Catterton, an investment firm born out of a partnership among Catterton, LVMH and its billionaire owner Bernard Arnault.<\/p>\n

The four children of Gerolamo Etro, who founded the company in 1968, will stay on as shareholders with a 40% stake and will remain owners of Etro\u2019s real estate property and directly operated stores, one of the sources said.<\/p>\n

L Catterton recently bought German sandal maker Birkenstock.<\/p>\n

LVMH, which owns a string of Italian labels including jeweller Bulgari, also boosted its stake in Italian luxury shoemaker Tod\u2019s to 10% in April.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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