When Giuseppe Zanotti started courting potential buyers back in December of 2013, luxury conglomerate LVMH announced that it would pursue a stake in the Italian shoemaker's business.
Brand owner Vicini SpA has confirmed that the deal is now official: L Capital Management and L Capital Asia, the private equity funds belonging to LVMH, have acquired a 30 percent stake.
Zanotti will stay on board with the company. “In this moment, strengthening our company with a global partner represents an additional investment," he said in a statement. "One which will allow the company to get better structured, reinforce our penetration into the international markets, and keep growing. It is a great new project which make us really proud and optimist [sic] for the future."
It's the latest acquisition in the luxury market for LVMH, which continues to bolster a roster of both emerging -- and, in Zanotti's case, more established -- design talent. Last fall, the conglomerate acquired a majority stake in Nicholas Kirkwood, and a minority stake in J.W. Anderson.
Hat tip: Christina Binkley