The minimalist beauty brand launched by Who What Wear co-founder Katherine Power earlier this year has announced that it has completed a $20 million Series A funding round led by LVMH-backed L Catterton.
Etro has appointed Fabrizio Cardinali as its CEO, effective in Q4. The company said he brings “more than 25 years of strategic leadership expertise and an unmatched track record in the luxury fashion space”.
Covid has forced the Italian luxury industry to step up the pace of its transformation and search for investors, as shown by Zegna announcing a forthcoming stock market listing, and L Catterton’s acquisition of Etro.
Just a day after news that L Catterton will take a stake in Etro, Ermenegildo Zegna said it will list its shares in New York and is combining with Investindustrial Acquisition Corp, which will be a minority shareholder.
L Catterton, the private equity firm backed by French billionaire Bernard Arnault and luxury goods empire Louis Vuitton Moet Hennessy, is exploring options to go public, according to people familiar with the matter.