GLOBAL MARKETS: Va-va-va voom
Italy’s billionaire Agnelli family has continued its expansion into the luxury sector with the acquisition of a stake in French luxury shoemaker Christian Louboutin
Italy’s billionaire Agnelli family has continued its expansion into the luxury sector with the acquisition of a stake in French luxury shoemaker Christian Louboutin.
Exor, the dynasty’s holding company, will invest €541m in the French brand, whose signature design is a towering stiletto with red-lacquered soles, to acquire a 24% stake. The deal values the 30-year-old Paris-based brand at €2.3bn.
Out of favour
Fears over rising US interest rates have spilt into emerging markets, prompting investors to pull money from stocks and bonds in an abrupt end to what had been a months-long streak of inflows. A daily tracker of cross-border flows prepared by the Institute of International Finance shows that foreign investment turned negative in emerging market equities at the end of February, resulting in outflows for the first time since October. The sell-off comes as a sharp rise in US borrowing costs brings back fears of the 2013 "taper tantrum".
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