There has been lots of activity in the jewelry sector lately, not just with sales, but acquisitions! Over the last couple of months, we have reported that big players such as Conde Nast and Swatch Group have acquired jewelry companies. Well, It doesn’t stop there!
Today, Kering (which is formally known as PPR) announced that they have signed an agreement with RA. MO S.p.A to acquire a majority stake in the Pomellato Group. This transaction is subject to approval of the competition authorities and is expected to be finalized in the coming weeks.
“Synonymous with Italian style, Pomellato and Dodo rank among the most beautiful and innovative jewelry brands in the world. 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 .
“Becoming global brands is no longer an option for Pomellato and Dodo; it is a necessity. 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. 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,” states Andrea Morante, CEO of Pomellato
Kering last transaction was the acquisition of France Croco (one of the most renowned tanneries of crocodilian skins), exactly one month before Pomellato.
Kering is a world leader in apparel and accessories, which develops an ensemble of powerful brands. Focused on a single business, they design, manufacture and market desirable products across the fast-growing segments: luxury and sports and lifestyle.
Pomellato was born in 1967, spawned by the intuition of its founder, Pino Rabolini. The descendant of a long line of goldsmiths, Rabolini introduced the prêt-à-porter concept into the world of jewellery, giving the brand a strong and distinctive identity, thanks to which Pomellato rapidly gained ground on the Italian market and in the rest of the world, becoming the 4th jewellery brand in Europe and one of the key players in the international jewellery scenario.
By Lolita A. Alford