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).

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Source: Bloomberg

By Marco Bertacche and Simon Lee