LVMH-backed fund to take majority stake in Italian luxury brand Etro

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Etro Aims to secure the future of the company and Sunday L Catterton Europe she says is “sA new stage of pie growth. “

Etro-2021 Spring / Summer-Women’s clothing-Milan- © Pixel Formula

Luxury fashion firm signs binding deal with L, the world’s largest consumer-centric private equity fund Catterton Europe has acquired a majority stake in the company, which is said to be around 60%. The Etro family holds a “significant” minority, and its founder, Gerolamo Etro, becomes president of the company.

The transaction is expected to be finalized by the end of the year. The terms were not disclosed, but reports show the company is worth around 500 million euros ($ 590 million).

Founded in 1968 as a textile company and still known for its prints, Etro today manufactures clothing for women, men, accessories, cosmetology / perfumes and housewares. It is sold at around 140 high-end retailers and is regularly sold at high-end department stores and high-end online shopping sites.

The company said: “By leveraging L Catterton’s deep investment expertise, category knowledge, consumer insight and strategic relationship with LVMH, Etro will become one of the leading brands. high end in the product category. Are ready for significant growth. “

The Private Equity Group said: “To expand our client base and reach out to young consumers by expanding into new categories and further strengthening our Italian roots while continuing to interpret styles in new and modern ways. We support Etro by strengthening our brand strategy. “

Importantly, this merger will allow Etro to expand and deepen its digital business and focus on “significant opportunities in Asia”.

“My family and I are very proud to have established Etro as a powerful luxury brand that resonates with consumers around the world,” said Gerolamo Etro. “L Catterton has a common vision and a unique reputation for our company, and the company builds partnerships with the same approach as our family. After nearly 55 years under our control, we are with L Catterton, Etro can enter the next chapter of growth and solidify its position as one of the most refined and enduring luxury homes. ”

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LVMH-backed fund to take majority stake in Italian luxury brand Etro

Source link LVMH-backed fund to take majority stake in Italian luxury brand Etro


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