60% of Etro Acquired by LVMH-Backed L Catterton | Etro Resort 2022 Collection

Etro shares its Resort 2022 Lookbook, styled by Geraldine Saglio. Models Adit Priscilla, Ash Foo. Olivia Vinten and Rolf are lensed by Ferry van der Nat [IG] with creative direction by Macs Iotti./ Hair by Marco Braca; Luciano Chiarello

On Sunday, the Italian fashion company Etro made an announcement about its future.

L Catterton, a private equity firm with major backing by French luxury behemoth LVMH, has agreed to acquire a 60% stake in Etro. The deal values at about 500 million euros.

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 its chairman in a deal set to close by the end of the year, according to the statement.

Etro’s real estate properties, including about 140 Etro flagships in 58 countries are not part of the deal.

Founder Gerolamo Etro, known as Gimmo, founded Etro in 1968 as an Italian textile firm known for its luxurious paisley and bohemian patterns fabrics. In the 80s, The Etro invested in men’s and women’s rtw collections, accessories, beauty, fragrances and home goods.

The Etro family involved in the company includes siblings Veronica, creative director for the women’s collections; Kean, men’s creative director; Ippolito, who oversees strategic management, and Jacopo, who is in charge of the home line. Francesco Freschi holds the role of general manager, writes WWD.