The Agnelli family’s investment holding company Exor will buy a 25 percent stake in luxury shoemaker Louboutin for €541 million ($643 million), the two companies said on Monday.

“The partnership (is) to accelerate the next phase of (Louboutin’s) development,” the joint statement said, adding that Exor was a perfect fit for Louboutin “at a moment when the brand is poised to capture significant new opportunities”.

Exor will nominate two of the seven members of Louboutin’s board of directors, alongside the firm’s founders, the groups said.

The deal is expected to close in the second quarter of the year.

Founded in 1991, Christian Louboutin is best known for producing shoes with soles painted in lipstick red and for attracting high-profile customers including film stars, musicians and royals.

Louboutin had 150 directly-operated retails stores in 30 different countries.

Exor, which is a top investor high-end carmaker Ferrari, in December invested around 80 million euros to become the largest shareholder of Chinese luxury group Shang Xia, which had been co-founded by French group Hermès.

By Giulia Segreti, editor: Louise Heavens.