PPR : PPR : Kering acquires Italian jewellery group Pomellato
An innovative and profitable jewellery group with great growth potential
Pomellato and Dodo brands highly complementary to Kering's other jewellery
Kering announces the signing of 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 finalized in the
coming weeks. Andrea Morante will remain CEO of the company.
Pomellato, whose 2012 revenues reached €146 million, is one of Europe's major
jewellery groups, with a strong international position. The company's success
is based on the personality and unmistakeable style of its creations unique in
their blend of colours, stones and extraordinary shapes as well as their fine
craftsmanship. The Pomellato group is a profitable and growing Italian
business with two brands, Pomellato and Dodo, the first positioned within the
fine jewellery segment and the latter within the accessible jewellery segment.
Its distribution network includes 86 mono-brand stores (45 Pomellato, 41 Dodo)
as well as approximately 600 independent points of sale around the world.
With this acquisition, Kering is extending and reinforcing its portfolio of
luxury brands in the high growth jewellery market. 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
François-Henri Pinault, Chairman and CEO of Kering, commented: "Synonymous
with Italian style, Pomellato and Dodo rank among the most beautiful and
innovative jewellery brands in the world. 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, CEO of Pomellato, commented: "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 favourable 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."
About the Pomellato group and its brands
With revenues of €146 million in 2012 and steady growth since 2009, Pomellato
ranks 4^th in the European jewellery market, and is one of the prime players
in the sector at an international level. Thanks to an intensive programme of
opening directly operated stores, Pomellato is currently present in the main
capital cities of Europe, the Middle East, Asia and the United States. The
company operates 86 Pomellato and Dodo mono-brand boutiques, along with highly
selective distribution in approximately 600 jewellery stores. With a lean
structure and a headcount of 585 people, the company sustains a rate of growth
in keeping with its highly manual production capacity.
Synonymous with creativity and character in the international jewellery
market, Pomellato was established in Milan in 1967, thanks to the intuition of
its founder, Pino Rabolini, who was the first to introduce the prêt-à-porter
philosophy into the world of jewellery, giving the brand a strong and
distinctive identity. This enabled Pomellato to rapidly gain ground on the
Italian market, and subsequently in the rest of the world. Pomellato creations
are immediately recognisable and have built a consistent, iconic style over
time. Jewels are crafted by the expert hands of 100 goldsmiths, transforming
the spirit of the brand into gold: Pomellato, with its innovative stone
cutting and setting methods, volumes and colours; Pom Pom, a high-end
collection of unique pieces designed around stones that are truly
one-of-a-kind; Pomellato 67 - which has just made its debut - reinterpreting
the maison's codes in solid silver. Dodo is a successful brand launched in
1995, relying on a unique concept: it's the first jewel that "talks", adding
the value of words and feelings to its charms.
A world leader in apparel and accessories, Kering develops an ensemble of
powerful Luxury and Sport & Lifestyle brands: Gucci, Bottega Veneta, Saint
Laurent, Alexander McQueen, Balenciaga, Brioni, Christopher Kane, Stella
McCartney, Sergio Rossi, Boucheron, Girard-Perregaux, JeanRichard, Qeelin,
Puma, Volcom, Cobra, Electric and Tretorn. By 'empowering imagination' in the
fullest sense, Kering encourages its brands to reach their potential, in the
most sustainable manner.
Present in more than 120 countries, the Group generated revenues of €9.7
billion in 2012 and had 33,000 employees at year end. The PPR (in future
Kering) share is listed on Euronext Paris (FR 0000121485, PRTP.PA, PPFP).
* PPR will become Kering, subject to approval at the Annual General Meeting on
18 June 2013.
Kering press contacts
Hélène Saint-Raymond +33 (0)1 45 64 61
Claudia Mora +39 02 88 005550
Pomellato press contacts
Danila Sabella +39 329 2171590
Marina Riva +39 347 2975426
Sonia Benigni +39 348 5269616
Kering analyst/investor contacts
Alexandre de Brettes + 33 (0)1 45 64 61
Edouard Crowley + 33 (0)1 45 64 63 28
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Source: PPR via Thomson Reuters ONE
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