L Catterton, the private equity firm backed by French luxury retailer LVMH , agreed to buy a majority stake in Italian fashion house Etro SPA. The Etro family will retain a significant minority, according to a statement from the Milan-based luxury retailer founded by Gerolamo Etro, who will be chairman. RHOBH star Erika Jayne’s 6 most outrageous purchases Financial terms weren’t disclosed. Italian newspaper Il Sole 24 Ore had reported L Catterton will buy a 60 per cent stake, which would value Etro at about €500 million (US$590 million). L Catterton in February bought sandal maker Birkenstock . LVMH also boosted its stake in Italian shoemaker Tod’s SPA to 10 per cent in April. Etro plans to grow its customer base by attracting younger consumers, and look to expand in Asia, it said. 7 most dazzling jewellery pieces spotted at the Cannes Film Festival Rothschild & Co. advised Etro on the deal, while Bain & Company and PWC advised L Catterton. The transaction is expected to close by the end of the year. Did Beyoncé just make the vegan Telfar cooler than Hermès? Earlier this month, the conglomerate also announced backing for British fashion designer Phoebe Philo in launching her own eponymous fashion label. Known for her minimalist fashion and tenure at LVMH-owned brand Celine – which is now under the helm of Hedi Slimane, the brand born from the LVMH partnership will focus on “clothing and accessories rooted in exceptional quality and design”. Want more stories like this? Sign up here. Follow STYLE on Facebook , Instagram , YouTube and Twitter .