French luxury group Hermes, which founded Shang Xia in 2010 with Chinese designer Jiang Qiong Er, will remain "as an important shareholder" alongside Exor and Jiang Qiong Er, Exor, Hermes and Shang Xia said in a joint statement.
The deal, which is expected to be completed by the end of this year, will result in a non-recurring profit of around 80 million euros for Hermes, they added.
Exor is also the top investor in luxury carmaker Ferrari.
($1 = 0.8283 euros)
(Reporting by Giulio Piovaccari; editing by Agnieszka Flak)