Agnelli family buys 24% of luxury shoe brand Christian Louboutin for $624 million

The Agnelli family, which owns Ferrari and the Turin Juventus soccer team, has acquired 24% of the shares in luxury shoemaker Christian Louboutin , the brand announced in a statement.

After investing 541 million euros ($642 million) through their Exor holding company, the Agnellis will have two of the seven seats on the supervisory committee of this company known for its luxury shoes with red soles.

As the statement underlines, the presence of the family has "significant potential in the development of the Christian Louboutin brand, as well as its geographical expansion, especially in China."

With 150 stores in 30 countries, Louboutin's current strategy is focused on improving its internet commerce strategy.

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"I have admired Christian's talent and creativity for years, he was able to create one of the largest luxury brands in the world," John Elkann, president and CEO of Exor , said in the statement.

Christian Louboutin highlights in that same statement the "marked culture of entrepreneurship" of Exor , "a company oriented to the long term".

Installed since 1991 in the heart of Paris, Christian Louboutin has made the shoe with a red sole his hallmark, both for men and women. In 2014 he launched his line of beauty products and, on the occasion of the brand's 30th birthday, an exhibition of his pieces was held in Paris.

With more than a hundred years of history, the Exor holding company, controlled by the Agnelli family , is one of the most important and diversified in Europe. It manages a net asset of US$29,000 million and is the majority shareholder of companies such as Ferrari, Juventus and the publishing group of the British magazine The Economist.