Luxury group rumoured to be frontrunner in Italian brand acquisition.
Luxury goods group PPR – the owner of Boucheron – is reportedly in the running to acquire Italian jewellery brand Pomellato.
PPR is rumoured to be close to sealing the takeover, valuing Pomellato at $455 million (£302m), or 15 times the company’s earnings before EBITDA, states Reuters. The two companies are said to have been in talks for more than a year.
Pomellato is reportedly "considering strategic options" for its future, despite a past statement that it wished to remain an independent jewellery brand. The brand has also said it wishes to float its shares on the stock market in 2014.
Pomellato’s Italian sales total almost 60% of its global sales. The brand has 56 owned and operated stores worldwide and 500 retail partners.
The brand states on its site: "At the moment Pomellato, in addition to strengthening its presence in the US market, is implementing a targeted expansion strategy on three international markets: UK, China and Japan.
"Growth will gain momentum, for Pomellato, through the opening of [directly operated store], and for DoDo, through flagship stores and a sound network of franchisees."
The brand operates its own boutique on Brook Street in London, close to Stephen Webster, and has a concession space in Selfridges on Oxford Street. Its sister brand DoDo, which specialises in animal and character charm jewellery, runs a standalone store on London’s Sloan Square.