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LVMH MO╦T HENNESSY LOUIS VUITTON SE

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LVMH MoŰt Hennessy Louis Vuitton : backed fund to buy 60% of Italian fashion label Etro -sources

07/18/2021 | 09:23am EDT
A LVMH luxury group logo is seen prior to the announcement of their 2019 results in Paris

MILAN, July 18 (Reuters) - L Catterton, a private equity firm backed by French luxury giant LVMH, has agreed to buy a 60% stake in Italian fashion company Etro, two sources familiar with the matter said on Sunday.

The deal values Etro at about 500 million euros ($590 million), the sources said, confirming reports in Italian newspapers La Repubblica and Il Sole 24 Ore.

Etro said in a statement that L Catterton was taking a majority stake in the company, while the Etro family would retain "a significant minority interest." It did not go into specifics and gave no financial details.

Gerolamo Etro, who founded the company in 1968, will be the chairman and the deal is set to be closed by the end of the year, the statement said.

"We are thrilled to be working with the L Catterton team who will bring their in-depth knowledge of the fashion sector and an experience in the international development of important brands, allowing our company to reach new heights," the firm said.

LVMH and L Catterton were not immediately available for comment.

In April, a source close to the matter had told Reuters that the Milan-based luxury brand was considering an expression of interest from L Catterton, an investment firm born out of a partnership among Catterton, LVMH and its billionaire owner Bernard Arnault.

One of the sources said Etro's four children would stay on as shareholders with a 40% stake and would remain owners of Etro's real estate property and directly operated stores.

L Catterton recently bought German sandal maker Birkenstock. LVMH, which owns a string of Italian labels including jeweler Bulgari, also boosted its stake in Italian luxury shoemaker Tod's to 10% in April. (Reporting by Silvia Aloisi; Editing by Elaine Hardcastle and Crispian Balmer)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LVMH MOËT HENNESSY LOUIS VUITTON SE -1.71% 642.9 Real-time Quote.25.84%
TOD'S S.P.A. -1.20% 46.18 Delayed Quote.62.26%
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Analyst Recommendations on LVMH MO╦T HENNESSY LOUIS VUITTON SE
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Financials
Sales 2021 61 337 M 71 887 M 71 887 M
Net income 2021 10 483 M 12 287 M 12 287 M
Net Debt 2021 12 717 M 14 904 M 14 904 M
P/E ratio 2021 30,9x
Yield 2021 1,25%
Capitalization 324 B 379 B 380 B
EV / Sales 2021 5,49x
EV / Sales 2022 4,87x
Nbr of Employees 148 343
Free-Float 52,2%
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Technical analysis trends LVMH MO╦T HENNESSY LOUIS VUITTON SE
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Mean consensus OUTPERFORM
Number of Analysts 29
Last Close Price 642,90 €
Average target price 730,66 €
Spread / Average Target 13,6%
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Managers and Directors
Bernard Arnault Chairman & Chief Executive Officer
Jean-Jacques Guiony Chief Financial Officer
Charles de Croisset Independent Director
Diego della Valle Independent Director
Yves-Thibault de Silguy Independent Director
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