Kering acquires Pomellato & plots global expansion

Pomellato-rings.jpg

Group to drive brand’s growth; Andrea Morante remains CEO.

Italian jewellery brand Pomellato and its sister brand Dodo have been acquired by luxury goods group Kering, formerly PPR, with Kering already describing its ambitious plans for the Pomellato group.

The announcement was made yesterday following rumours of ongoing and long-term talks between the two companies.

Kering has signed an agreement with RA.MO S.p.A to acquire a majority stake in the Pomellato group. The transaction is subject to the approval of the competition authorities and is expected to be finalised in the coming weeks.

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Pomellato’s chief executive Andrea Morante will retain her role at the company.

Pomellato recorded 2012 revenues totalling €146 million (£124m), upholding a strong international position. It operates a store on Brook Street in central London and a concession space in Selfridges, along with a Dodo store on London’s Sloane Square.

Its wider distribution network includes 86 mono-brand stores – 45 Pomellato, 41 Dodo – and about 600 independent points of sale around the world. Pomellato ranks fourth in the European jewellery market.

A statement from Kering said: "The Pomellato group enjoys significant growth potential and Kering will support the development and international expansion of its two brands. The group will also benefit from Kering’s expertise and resources in real estate, distribution, media, brand management."

François-Henri Pinault, chairman and chief executive of Kering, elaborated: “I am delighted that they are joining our portfolio of luxury brands. 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.”

Andrea Morante, chief executive of Pomellato, said that becoming global brands was a "necessity" for Pomellato and Dodo. "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 favourable course of action."

Morante added: "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.”

 

 

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