ACHILLES’ HEEL. Four-inch stilettos have had a quiet year as the pandemic kept fashionistas away from offices and parties. Yet Italy’s Agnelli family still believes in dressing smart: Exor, the clan’s $20 billion holding company, on Monday announced it’s buying 24% of Christian Louboutin from its founders for 541 million euros. The French shoemaker famous for its red soles could be changing in step with consumer tastes: half of its designs are now low-heeled, including clunky trainers evocative of orthopaedic shoes. Though the brand is cagey about financial disclosure, it sells roughly a million pairs of shoes a year. A classic black pair costs around 580 euros online. Assume Louboutin pockets all of this as revenue, and has no debt, and the Exor investment implies a valuation of less than 4 times sales. Luxury rival Hermès International trades at 14 times, according to Refinitiv data. The Agnelli family’s luxury pivot could still come with a prudent price tag. (By Dasha Afanasieva)