Topline: Lawrence Stroll, the Canadian billionaire fashion investor, is reportedly buying a “major stake” in luxury car manufacturer Aston Martin. Stroll, who is worth $2.6 billion, owns Formula One team Racing Point.
- According to a joint report by Autocar Magazine and RacingFans.net, the billionaire is leading a group to purchase a large controlling interest in Aston Martin.
- Aston Martin, through a spokesperson, said the company has no comment.
- A spokesperson for Stroll did not reply to a request for comment.
- Shares of Aston Martin, which are listed on the London Stock Exchange, have lost 40% of their value since going public in April. The stock is up 20% since Wednesday.
- Stroll’s son, Lance, is one of the drivers on the F1 racing team.
- The Canadian investor made his money by bringing clothing and accessories retailer Michael Kors public in 2011 with business partner Silas Chou, a Hong Kong fashion tycoon.
- The majority of Stroll’s fortune comes from selling his shares in Michael Kors in 2014.
- A vintage car enthusiast, Stroll owns a collection of Ferraris worth an estimated $160 million, including a 1967 GTB/4 S NART Spider and a 1957 250 Testa Rossa.
Key Background: Last year, Stroll led a group of investors to buy Formula One team Force India while it was in bankruptcy and changed the name to Racing Point. Force India owed about $20 million to creditors. Stroll bought the team’s assets for $118 million (90 million GBP), plus a $20 million (15 million GBP) unsecured loan, according to public filings. Racing Point currently uses Mercedes engines. Autocar and RacingFans.net say Stroll’s potential ownership stake in Aston Martin could benefit his F1 team.