The investment company L Catterton, controlled by the French billionaire Bernard Arnault, became the owner of 60% of the shares of the Italian fashion brand Etro. During the transaction, the brand was valued at 500 million euros. The children of the brand founder Gerolamo Etro will remain the owners of the remaining share, 40% of the shares, and will also own the shops and real estate of Etro.
Etro, founded in 1968 in Milan as a textile company, is widely recognized for its iconic paisley pattern. The Etro family has owned the company for almost 55 years. The global brand has its own retail network of about 140 boutiques.
It is reported that negotiations between the companies have been conducted since the beginning of 2021, affected by the impact of the coronavirus pandemic, like the entire fashion industry, the brand needed new financial injections.
It is worth noting that in March 2021, L Catterton acquired 70% of the well-known German footwear brand Birkenstock.