Luxury group PPR, which will formally change its name to Kering in June, has acquired a majority stake in the Italian jewelry firm Pomellato.
The deal is subject to approval from the competition authorities, but the PPR expects the process will be finalized in the next several weeks. Andrea Morante will remain CEO of Pomellato.
“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,” said François-Henri Pinault, chairman and CEO of Kering, in a statement.
Kering is looking to extend and reinforce its portfolio of luxury brands in the high growth jewelry market. Pomellato’s 2012 revenues totaled 146 million euros on the strength of its brands Pomellato and Dodo.
“Becoming global brands is no longer an option for Pomellato and Dodo; it is a necessity,” said Andrea Morante, CEO of Pomellato, in a statement. “With this consideration in mind, we have undertaken a lengthy review of our best strategic alternatives and reached the conclusion that joining Kering was far and away the most favorable course of action.”