L Catterton to purchase a majority shares in Etro, an Italian luxury brand

L Catterton, whose garment assets include Sweaty Betty, Ganni, and Pepe Jeans, has agreed to buy Italian luxury label Etro.

L Catterton Europe will acquire a majority share in Etro, although the original Etro family will retain a "substantial minority."

Etro, the Italian luxury apparel company, has announced a collaboration with L Catterton, which is sponsored by LVMH. According to sources close to the group, the sale was for 500 million euros for a 60 percent share. Gerolamo Etro, the brand's creator, will be named chairman of the business. Etro is well recognised for its trademark paisley design and vibrant travel-inspired patterns.

L Catterton has purchased Etro for an unknown price. The Italian fashion and home products firm is among the most successful in its industry. It provides clothing for both men and women, as well as accessories, cosmetics and perfumes, and home goods.