Exor to invest 80 mln euros to become top investor in Chinese luxury group Shang Xia
09/12/2020 17:21
MILAN, Dec 9 (Reuters) - Exor EXOR.MI , the holding company
of Italy's Agnelli family, said on Wednesday it would invest
around 80 million euros ($97 million) through a reserved capital
increase to become the largest shareholder of Chinese luxury
company Shang Xia.
French luxury group Hermes HRMS.PA , which founded Shang
Xia in 2010 with Chinese designer Jiang Qiong Er, will remain
"as an important shareholder" alongside Exor and Jiang Qiong Er,
Exor, Hermes and Shang Xia said in a joint statement.
The deal, which is expected to be completed by the end of
this year, will result in a non-recurring profit of around 80
million euros for Hermes, they added.
Exor is also the top investor in luxury carmaker Ferrari
RACE.MI .
($1 = 0.8283 euros)
(Reporting by Giulio Piovaccari; editing by Agnieszka Flak)
((giulio.piovaccari@thomsonreuters.com; +39 02 6612 9743;
Reuters Messaging:
giulio.piovaccari.thomsonreuters.com@reuters.net))