MILAN, March 8 (Class Editori) -- Exor acquired 24% of Christian Louboutin, the French luxury footwear Maison, with a 541-million-euro worth investment, mainly focusing on the business' expansion in China. The entry into the equity, scheduled for the second quarter of this year, will allow the holding of the Agnelli and Elkann families to be represented by two board members out of seven in the Board of Directors. The partnership, as explained in a joint statement, has the aim to "speed up the next development phase" of Louboutin. Moreover, the note states that "the commitment of Exor to create major enterprises makes it an excellent partner for Christian Louboutin in a moment in which the consolidated footwear brand is about to seize new important opportunities".
"There are considerable development margins to enhance the presence of the French brand through a further geographic expansion, especially in China. The company will keep developing its multichannel distribution strategy even by expanding existing e-commerce and digital platforms," a spokesperson for the Agnelli family's holding explained.
Louboutin's shoes are famous for their red-lacquered soles and the Founder, Christian Louboutin, created the company in 1990 by opening his first store in Paris after having worked for fashion houses such as Roger Vivier and Chanel. Today, the Group is present in 30 countries through 150 company-owned stores.
For his part, Founder Louboutin said that "Exor is a company with a constant long-term focus and a strong entrepreneurial culture to which my partner Bruno and I are also very attached and with which we fully identify. It was important for me and for the members of our company that, in order to write a new page in the history of our Maison, the partner we would associate with respected our values and had an ambitious and young dynamism. And so, it became clear that Exor would be the ideal partner to continue the Louboutin adventure that began only 30 years ago. We are, just like my staff, very pleased with this agreement and we would like to thank John and the Exor team for taking care to understand the history of our Maison in order to be a great companion in the decades to come".
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