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

<iframe src=”//rcm-na.amazon-adsystem.com/e/cm?o=1&p=22&l=ur1&category=homegarden&banner=02NMTC702K4D0VHE1SR2&f=ifr&linkID=17e0b4ac3a719000706e772761d8ae0e&t=forexz-20&tracking_id=forexz-20″ width=”250″ height=”250″ scrolling=”no” border=”0″ marginwidth=”0″ style=”border:none;” frameborder=”0″></iframe>

© Reuters. 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

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.

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.

A spokesperson for Etro declined to comment. LVMH and L Catterton were not immediately available for a comment.

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.

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’s real estate property and directly operated stores, one of the sources said.

L Catterton recently bought German sandal maker Birkenstock.

LVMH, which owns a string of Italian labels including jeweller Bulgari, also boosted its stake in Italian luxury shoemaker Tod’s to 10% in April.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*


− 1 = 1