the family Ferrari owner Agnelli and Torino Juventus soccer team has acquired a 24% stake in luxury shoe manufacturer Christian Louboutin., The brand also announced in a statement.

After the investment 541 million euros ($ 642 million) through Exor Holdings, Agnellis will have two of the seven seats on the supervisory committee of this company known for its luxury shoes with Red soles.

As the statement affirms, the family’s presence has “great potential in the development of the Christian Louboutin brand, as well as its geographical expansion, especially in China.”

With With 150 stores in 30 countries, Louboutin’s current plan focuses on improving its online commerce strategy.

“I have been impressed by Christian’s talent and creativity for years,” said John Elkan, Exor’s president and CEO, in the statement. “He knew how to create one of the biggest luxury brands in the world.” In the same statement, Christian Louboutin highlights Exor’s “strong entrepreneurial culture”, “a long-term oriented company”.

Installed since 1991 in the heart of Paris, Christian Louboutin made the shoe with a red soleFor both men and women. In 2014, she launched her beauty line and, on the occasion of her 30th birthday, she held an exhibition of her pieces in Paris.

With more than 100 years of history, the Exor Holding Company, controlled by the Agnelli family, is one of the most important and most diversified companies in Europe. It manages net assets of $ 29 billion and is the majority shareholder in companies such as Ferrari, Juventus, and the British magazine The Economist publishing group.

The two companies said Exor will acquire a 24% stake in the brand famous for its high-heeled shoes It often features movie stars, musicians, and royalty.

Next comes the Louboutin deal In December, Exor invested about 80 million euros to become the main shareholder of the Chinese group Shang Xia, co-financed by French company Hermes, is a luxury product.

Exor shares rose 3.2% in the morning on the Milan stock exchange, outpacing the 2% rally in Italy’s selective index. Through Exor, the Agnelli family fully owns PartnerRe, a 22.91% from Ferrari, 14.4% from Stilantis, 26.89% from CNH Industrial, 63.77% from Juventus Football Club, 43.4% of the fiscal week The Economist, And 86.4% of Jedi, The publishing group that owns the Italian newspapers printing s Republic, As well as the local player versions of Huffpost The Interested in the trade.

The Agnelli Group said it will use its reserve fund, now made stronger through the cash deal with Stellantis, to diversify outside the auto and commercial vehicle sector.

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