Pomellato becomes French. Kering – new name of the giant Ppr – has signed an agreement with Ra.Mo Spa for the acquisition of the majority stake of the Italian company. With a turnover of 146 million euros in 2012, Pomellato "is one of the most important jewelery groups in Europe and one of the main players in the sector at an international level", reads the note.
The transaction, explains Kering, “is subject to the approval of the supervisory authorities of the competition and will have to be finalized in the coming weeks. Andrea Morante will remain CEO of the company". The group, “which includes two brands with different positioning (Pomellato and Dodo), is a profitable and growing business. Its distribution network includes 86 single-brand stores, of which 45 are Pomellato and 41 Dodo, as well as 600 points of sale worldwide”.
According to the French, the company has "significant intrinsic growth potential and Kering will foster its development and international expansion". The Pomellato group "will benefit from Kering's expertise and resources in real estate, distribution, media and brand management".
“Synonymous with Italian style – commented the president and CEO of Kering, Francois-Henri Pinault – the Pomellato and Dodo brands are among the most fascinating and innovative jewelery names in the world. I am therefore delighted that the Pomellato group joins our prestigious portfolio of luxury brands. We have great ambitions for the company and we will make our experience and know-how available in order to intensify its growth and geographical expansion, while preserving the values of its Italian identity".
"For Pomellato and Dodo, becoming global brands is no longer an option, but a real necessity - said the CEO of the Italian group, Andrew Morante –. With this premise, we underwent a long and thorough review of our best strategic alternatives and came to the conclusion that entry into the Kering group was by far the most favorable choice. First because we will immediately become part of one of the most exclusive luxury groups in the world; secondly because we will have the opportunity to preserve and increase the development of Pomellato and Dodo on a global scale”.
