The investment is worth around 70 million euros ($76 million), a source with knowledge of the matter said.

Subdued operates directly its 85 shops and has been expanding rapidly online to reach sales of around 120 million euros in 2023, of which more than 50% abroad.

In a statement, NUO said its investment will allow Rome-based Subdued to "consolidate its strong presence on the European market and to embark on an exciting growth path on a global scale."

Rothschild & Co acted as financial adviser to Subdued's co-founders.

The Agnelli family's holding company Exor, which controls companies including sports car maker Ferrari and Serie A soccer club Juventus, and is the single largest shareholder in automaker Stellantis, has 50% of NUO.

The remaining 50% is owned by the World-Wide Investment Company Limited (WWICL), one of Hong Kong's oldest family offices. The Exor-WWICL partnership was launched in 2021 to invest in Italian high-end consumer goods. ($1 = 0.9225 euros)

(Reporting by Alvise Armellini; Editing by Valentina Za)