Italy’s tycoon Agnelli family, whose possessions remember a controlling stake for Ferrari, is taking a stake in the Christian Louboutin shoe brand.

The Agnellis’ firm Exor is paying $643 million for a 24-percent stake in Louboutin to develop its online business and assist it with growing business sectors including China, the companies said on Monday.

The Paris-based fashion brand’s broadly red-soled stilettos — worn by any semblance of Angelina Jolie, Eva Longoria and Lady Gaga — have been a staple for the Hollywood group since its establishing 30 years prior.

In any case, experts note that makers of high-heel shoes have recently been pummeled by the pandemic, which has sped up a more extensive pattern toward tennis shoes and other more easygoing looks.

The arrangement goes ahead the impact points of another significant footwear bargain a week ago, in which a private-value firm upheld by French luxury powerhouse LVMH took a larger part stake in Birkenstock — a more downmarket, comfort-centered shoe brand.

“Christian Louboutin’s unprecedented imagination, energy and extraordinary vision are unequivocally the characteristics expected to construct an incredible organization,” Exor CEO, John Elkann said in an articulation.

Exor will likewise select two chiefs to the originator’s board.

Louboutins turned into the supported stiletto of the glitterati after Princess Caroline of Monaco wore a couple in 1991. They turned out to be much more famous when they were conspicuously highlighted on HBO’s “Sex and the City” series. There are 150 boutiques in 30 nations around the globe.

The Agnelli family additionally possesses the Juventus Football Club, just as a stake in Stellantis, the auto goliath shaped by the consolidation of Fiat Chrysler with PSA Group.