L Catterton, a global consumer-focused private equity firm, has entered into an agreement with Etro, the global luxury fashion house. Under the terms of the agreement, L Catterton Europe will acquire a majority stake in the company, while the Etro family will retain a significant minority. Etro founder Gerolamo Etro will be appointed as chairman of the company.
“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. “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 thrilled to work with L Catterton’s team as they bring their extensive knowledge of the fashion category, along with a proven track record of supporting the international development of distinctive brands, allowing Etro to reach new heights.”
“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. “We are confident that with our broad global network and experience building fashion brands, Etro will be well positioned to become an international powerhouse and a leader in its category.”
Rothschild & Co, PwC TLS, Pedersoli Studio Legale and Studio Guasti – Studio Legale Associato advised Etro on the deal.
Bain & Co., PwC Deals, PwC TLS and LMCR / Studio Legale advised L Catterton.