MILAN and GREENWICH, Conn., July 18, 2021 – Etro, the global luxury fashion house, announced on July 18, 2021 that it well sell a majority stake in the company to L Catterton, the private equity firm. Under the terms of the agreement, the Etro family will remain a minority shareholder with Etro Founder Gerolamo Etro remaining chairman. Below, a recent Instagram showing the company’s current look.
Founded in Milan in 1968 as a textile company, Etro is known for its paisley motifs and bold patterns and fabrics. Lines in addition to men’s and women’s fashions include jewelry and accessories and home goods. A press release said that the stake would allow Etro to enhance its digital presence and focus on expansion in Asia. Terms were not released.
“My family and I take great pride in having established Etro as a strong luxury brand that resonates with consumers around the globe,” said Etro Founder and Chairman Gerolamo Etro, in a release. “L Catterton has a shared vision and a unique appreciation for our business, and the firm takes the same approach to partnership our family does. After nearly 55 years under our stewardship, we believe that together with L Catterton, Etro can enter its next chapter of growth and solidify its place as one of the great, lasting luxury houses.”
“We are honored to welcome such a respected and iconic fashion brand into the L Catterton family and are delighted to partner with the Etro family for the next phase of the Company’s evolution,” said Luigi Feola, Managing Partner, Head of Europe at L Catterton.
Rothschild & Co, PwC TLS, Pedersoli Studio Legale and Studio Guasti – Studio Legale Associato advised Etro. Bain & Company, PwC Deals, PwC TLS and LMCR / Studio Legale advised L Catterton. Since 1989, Catterton has made over 250 investments in consumer brands, including West Marine, Norwegian Cruise Line and Birkenstock. In January of 2016, Catterton, the consumer-focused private equity firm, LVMH, the luxury goods company, and Groupe Arnault, the family holding company of Bernard Arnault, partnered to create L Catterton.