L Catterton, the private equity firm backed by French luxury retailer LVMH, agreed to buy a majority stake in Italian fashion house Etro SpA.
The Etro family will retain a significant minority, according to a statement from the Milan-based luxury retailer founded by Gerolamo Etro, who will be chairman.
Financial terms weren’t disclosed. Italian newspaper Il Sole 24 Ore had reported L Catterton will buy a 60% stake, which would value Etro at about 500 million euros ($590 million).
Source: Bloomberg
By Marco Bertacche and Simon Lee
