Canadian billionaire Lawrence Stroll may have gotten his wealth thanks to wise business moves within the fashion industry, but he’s proving to be a versatile businessman. Stroll, who also co-owns a Formula One racing team, is now expanding his holdings in the luxury car market as he acquires the famed British automaker, Aston Martin.

Huge Bailout 

Insider | Stroll has an estimated fortune worth $2.6 billion

News of the 60-year-old’s desire to bid for a major stake in Aston Martin was first reported in 2019. And now, sources confirm that he’s saved the company from going down with a $656 million bailout. Stroll and his group will chip in $239 million to gain a 16.7% stake in Aston Martin while the rest of the amount will be raised by the automaker itself.

This will be done via the issuing of new shares, a portion of which would be purchased by Stroll. All this said, the billionaire would also be serving as the new executive chairman of the company.

Aston Martin’s Troubles

Car Scoops | The brand is best known for its luxury sports cars but has also jumped onto making SUVs

Aston Martin has been plagued by numerous problems in the past year from low demand for its models to uncertainties surrounding the withdrawal of the United Kingdom from the European Union (EU). It can be remembered that the iconic automaker, famous for cars used in the James Bond films, made its initial public offering (IPO) in October of 2018. Because of its woes, it has reportedly lost over $3.9 billion of its value since going public before being bailed out by Stroll. After the bailout, Aston Martin shares jumped by 30%. It’s still got a long way to go, though, as it remains 75% below their IPO price.

Fashion Success

Fashion Network | The designer Michael Kors (second from left) together with Stroll and Chou (far right)

If Stroll’s past successes are an indication, Aston Martin seems to be in good hands. Together with his business partner Silas Chou, the Canadian billionaire acquired the fashion brand Tommy Hilfiger in the late ‘80s and helped it grow into the global brand that it is today. By 2006, the duo had sold the company for the price of $1.6 billion. They managed to replicate this success with another fashion label Michael Kors. Originally buying it for $100 million, the brand is now valued at $20 billion.