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Flavia Rotondi and Daniele Lepido, Bloomberg News
(Bloomberg) Italyâs billionaire Agnelli family agreed to buy a stake in French shoe and bag maker Christian Louboutin for 541 million euros ($640 million), expanding in the luxury industry.
The familyâs Exor holding company said Monday itâs acquiring a 24% stake and sees growth potential for the brand in China and in e-commerce. Exor will nominate two of Louboutinâs seven board members.
Under the leadership of John Elkann, the Agnelli familyâs investment company has been diversifying its investments in recent years as the founders of Fiat Chrysler expand beyond the car industry. Linking up with Louboutin, known for its signature red-soled womenâs shoes, follows Exorâs 80 million-euro investment in Chinese luxury brand Shang Xia.
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