Exor Acquires 24% Stake In Christian Louboutin
Exor N.V. is one of the most prominent holding companies in the world. The family-controlled holding company notably owns stakes in football team Juventus F.C., auto manufacturers Stellantis and Ferrari, and international newspaper The Economist.
Exor's revenues place it in the top-30 largest companies in the world, ahead of companies such as Ford, Microsoft, Costco and JPMorgan Chase.
Exor unveiled its latest investment yesterday, announcing it has acquired a 24% stake in global luxury brand Christian Louboutin, which is known for its iconic red sole women’s shoes, for €541 million. Exor's investment will enable it to nominate 2 of the 7 members of Christian Louboutin's Board of Directors as Exor says the company is "poised to capture significant new opportunities."
The investment is intended to accelerate the next phase of development for Christian Louboutin, which was founded in 1991 and has since expanded into men's footwear, leather goods & accessories, and beauty. Christian Louboutin has an extensive footprint, with 150 directly operated retail stores located in 30 countries, a global network of wholesale relationships and e-commerce offerings.
"I have admired over the years Christian's talent in creating one of the world's great, independent global luxury brands," Exor Chairman and CEO John Elkann said. "Today, we're very excited to be joining him, Bruno and their fantastic team to work together to accelerate the development of this ambitious company."
Exor believes Christian Louboutin could become one of the world's top luxury brands by further expanding geographically, especially in China. Christian Louboutin will continue to build out its distribution channels, with a focus on expanding its digital and e-commerce platforms.
"It was important for me, and for the members of our company, that in order to write a new page in the history of our Maison, the partner with whom we would associate should respect our values, be open minded and should have an ambitious, young dynamism," Christian Louboutin founder Christian Louboutin said. And so it became clear that Exor would be the ideal partner with whom we would continue the Louboutin adventure, which began just 30 years ago."
Exor's deal for a stake in Christian Louboutin is the latest addition to a portfolio that contains investments in some of the most iconic names.
PayPal to acquire Curv to expand crypto offerings. PayPal announced that it has agreed to acquire Curv to accelerate and expand its initiatives to support cryptocurrencies and digital assets. Financial terms of the deal were not disclosed as PayPal expects to close the acquisition in the first half of this year. "The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system," PayPal vice president and general manager, blockchain, crypto and digital currencies Jose Fernandez da Ponte said. "We're excited to welcome the Curv team to PayPal."
SpaceX eyes connecting moving vehicles. SpaceX filed a request with the Federal Communications Commission seeking approval to connect moving vehicles to its Starlink satellite internet network as it sees "connectivity while on the move" as a growing need. "This application would serve the public interest by authorizing a new class of ground-based components for SpaceX's satellite system that will expand the range of broadband capabilities available to moving vehicles throughout the United States and to moving vessels and aircraft worldwide," SpaceX director of satellite policy David Goldman wrote in the letter to the FCC.
Evolv Technology to go public in SPAC deal. Evolv Technology, which provides AI touchless security screening and counts Bill Gates as an investor, will go public through a merger with NewHold Investment Corp. The deal values Evolv, whose Evolv Express system is ten times faster than traditional metal detectors, at $1.7 billion. "Evolv Technology presents a preeminent opportunity to build the world's most important enterprise in physical security, expanding the boundaries through AI and analytics," NewHold Investment Corp. CEO Kevin Charlton said. "This transaction will provide Peter and the Evolv team with the capital to continue to develop the leading technologies that will make people safer and make their lives more convenient."
Apollo to acquire Athene. Apollo announced it has agreed to acquire annuities provider Athene in an $11 billion all-stock transaction. Each share of Athene will be exchanged for 1.149 shares of Apollo, representing a premium of more than 16% to Athene's closing share on Friday. "After carefully reviewing Athene's options to unlock value for shareholders, Athene and Apollo determined that the potential of a fully aligned business would be significantly greater than a sum-of-the-parts," Athene Chairman and CEO Jim Belardi said.
Google introduces kids profiles for Google TV. Google announced a new kids profile feature for Google TV set to begin rolling out in the U.S. starting this month and globally in the coming months. The feature includes kid-friendly themes such as "Under the sea," "Dinosaur jungle" and "Space travel" as well as screen time management features such as daily watch limits and a bedtime schedule, which will give children three warnings that it's almost bedtime before shutting off.