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ROME, March 8 (Reuters) - Exor EXOR.MI , the holding
company of Italy's Agnelli family, on Monday unveiled its second
luxury sector deal in three months, investing 541 million euros
($643 million) in shoemaker Christian Louboutin.
The two companies said Exor would take a 24% holding in the
brand famous for its stiletto shoes with bright-red soles and
worn by film stars, musicians and royals.
The Louboutin deal follows Exor's December investment of
about 80 million euros to become the largest shareholder in
Chinese luxury group Shang Xia, which was co-founded by France's
Hermes HRMS.PA . Shares in Exor rose 3.2% by 1152 GMT, outperforming a 2%
rise for Italy's blue-chip index .FTMIB .
Exor is the single largest shareholder in luxury sports car
maker Ferrari RACE.MI and Stellantis STLA.MI , the auto group
born in January from the merger of Fiat Chrysler and rival PSA.
The Agnelli's holding company had said it would use its war
chest, boosted by the Stellantis deal's cash, to diversify
further away from the car and industrial vehicle sector.
DIVERSIFIED PORTFOLIO
Analysts had suggested it may look to create a luxury
conglomerate around Ferrari, but an Exor spokesman said the
Louboutin deal was not part of any such strategy and that Exor's
recent investments in the sector each had their own rationale.
"Exor remains a family owned investment company with a
diversified portfolio," the spokesman said.
Exor has received about 840 million euros in extraordinary
dividends as part of the Stellantis merger accords.
The joint statement from Exor and Louboutin said the
partnership is aimed at speeding the next phase of the
shoemaker's development by boosting its distribution network and
expanding its digital and e-commerce capabilities.
Founded in 1991, Louboutin has 150 directly operated retail
stores in 30 different countries.
"There is significant scope to develop the Christian
Louboutin brand's presence, notably via further geographic
expansion, particularly in China," the statement said.
The partnership will also help to strengthen the Louboutin's
governance structure, with Exor nominating two of the seven
members of the shoemaker's board of directors alongside the
company's founders.
The deal is expected to close in the second quarter of this
year.
($1 = 0.8410 euros)
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