PPR, which is set to be officially renamed Kering in June, has acquired a majority stake in one of Europe’s leading jewellery companies – Pomellato.
Pomellato, whose 2012 revenues were €146 million, is an Italian business with two brands, Pomellato and Dodo that are distributed is 86 mono-brand stores (45 Pomellato, 41 Dodo) as well as around 600 independent points-of-sale around the world.
Announcing the acquisition, Kering CEO and chairman François-Henri Pinault said that Pomellato and Dodo are both synonymous with Italian style and rank among the most beautiful and innovative jewellery brands in the world.
“I am delighted that they are joining our portfolio of luxury brands,” he said.
“We have great ambitions for the Pomellato group, which, with access to our expertise and know-how, will be able to step up the pace of its growth and expand its geographic footprint while preserving the values that underpin its Italian identity.”
Pomellato CEO Andrea Morante added that becoming global brands was no longer an option for Pomellato and Dodo but “a necessity”.
“With this consideration in mind, we undertook a lengthy review of our best strategic alternatives and reached the conclusion that joining Kering was far and away the most favourable course of action.
“First, we will instantly join one of the most prestigious groups in the world; second, we will have a unique opportunity to preserve and enhance the Pomellato and Dodo success stories on a global scale.”
Kering’s portfolio of luxury brand includes Gucci, Bottega Veneta, Saint Laurent, Alexander McQueen, Balenciaga, Boucheron and Girard-Perregaux.