The French owner of Gucci and Puma SE, PPR SA has recently announced it would be purchasing a majority stake in Pomellato of Italy from RA.MO SpA in a bid to expand its jewelry portfolio.
The deal is subject to approval from the competition authority and is scheduled to be wrapped up in the next few weeks. PPR, which is based out of Paris, France, announced the retention of Pomellato founder Pino Rabolini as CEO. Despite the announcement, no terms were disclosed to the market.
PPR share values increased by 4.2% and peaked at Eur176.65 by midday trading in the Paris bourse.
In a statement issued by PPR CEO Francois-Henri Pinault, "We have great ambitions for the Pomellato Group. The company will be able to step up the pace of its growth and expand its geographic footprint."
At least four other luxury brand makers expressed interest in the Pomellato sale. The brands included Prada SpA according to an individual with direct knowledge of the transaction who spoke on condition of anonymity.
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