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Agnelli family, owners of Ferrari & Juventus, Buys Stakes in Christian Louboutin

The Agnelli family, owners of Italian icons Ferrari and Juventus football club, has bought a 24 percent stake in French high-fashion brand Christian Louboutin, famous for its red-soled footwear.

According to a joint statement Monday, the 541 million euro ($642 million) investment is being made via the Agnelli’s Exor holding company and will give them two seats out of seven on the board.

“Exor’s commitment to building great companies makes it an excellent partner for Christian Louboutin at a moment when this established brand is poised to capture significant new opportunities,” the statement said, pointing to China.

Louboutin operates more than 150 outlets in 30 countries and will continue to develop its online business.

Exor head John Elkann said in the statement that he was “very excited… to work together to accelerate the development of this ambitious company. We share the same family spirit, culture and values, which are the basis of a strong partnership.”

Christian Louboutin set up the business in Paris in 1991, quickly winning a following for elegant women’s footwear, followed by men’s collections.

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