(Bloomberg) --
L Catterton, the private equity firm backed by luxury French fashion house LVMH, agreed to buy a 60% stake in Italian fashion company Etro SpA, Sole 24 Ore reported late Saturday on its website, without citing anyone.
The deal values Etro at about 500 million euros ($590 million), the newspaper reported. Etro, which had hired Rothschild as an adviser, had been in talks on selling a stake since the beginning of the year, Sole said. LVMH also boosted its stake in Italian shoemaker Tod's SpA to 10% in April. Bernard Arnault's private equity fund in February bought sandal maker Birkenstock.
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