The Dutch incorporated holding company Exor will invest €541 million to buy a 24 percent stake in the French luxury shoe maker Christian Louboutin, which is controlled by the founders.

The transaction is expected to close in the second quarter and Exor will have the right to appoint two of the seven members of the board of directors.

Exor plans to help accelerate the development of Christian Louboutin, especially in China.

Christian Louboutin was founded in 1991 and became famous for its signature red sole women’s shoes. The company has diversified into men’s footwear, leathergoods and accessories as well as beauty. The brand has some 150 directly-operated retail stores located in 30 countries, a worldwide network of premium wholesale clients and has been developing its e-commerce capabilities.

In a statement, Exor said that “in addition to the continuing excellent growth prospects of its footwear ranges, Christian Louboutin is well positioned to become one of the world’s preeminent luxury players.”

The holding company sees ”significant scope” to develop the Christian Louboutin brand, “notably via further geographic expansion, particularly in China. The company will continue to develop its multi-channel distribution strategy, not least by extending its existing digital and e-commerce platforms.”

Exor is controlled by the Agnelli family, an Italian industrial dynasty which founded the car maker Fiat, now part of Stellantis. The company is a leading investor in Stellantis and Ferrari and other businesses. Its portfolio has a net asset value of about $29 billion.

At the end of last year, Exor announced an €80 million investment in the Chinese luxury goods company Shang Xia, becoming its majority shareholder.