ToplineItaly’s billionaire Agnelli family will acquire a 24% stake in Christian Louboutin, a French luxury shoe and bag maker, following a similar purchase last December of a Chinese luxury goods firm, as luxury firms seek to rebound from pandemic-related sales declines in 2020. An attendee displays the red sole of a Christian Louboutin shoe during a royal wedding viewing party ... [+] at the Plaza Hotel in New York, U.S., on Saturday, May 19, 2018. Photographer: Cole Wilson/Bloomberg © 2018 Bloomberg Finance LPKey FactsThe Agnellis will invest €541 million ($643 million) in Louboutin through Exor N.V., a holding company that is 53%-controlled by the Agnelli family. Louboutin marks Agnelli’s latest foray into the luxury sector — last December, the Agnelli family invested €80 million ($95 million) to acquire a controlling stake in Shang Xia Paris, a Chinese luxury business founded by French luxury giant Hermès and Chinese designer Jiang Qiong Er. Further ReadingLuxury Turns From Conspicuous To Conscientious In 2021: Challenges And Opportunities Ahead (Forbes)The Future Of Luxury, Post-Coronavirus (Forbes)Billionaire Agnelli Family Adds To Berkshire-Like Portfolio As Exor Buys PartnerRe For $6.9B (Forbes)

Source: Forbes March 08, 2021 12:33 UTC