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. 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.

Source: Mint July 18, 2021 10:07 UTC