PPR Acquires Italian Jeweler Pomellato to Boost Luxury Offer

PPR SA, the French owner of Gucci, agreed to buy a majority stake in Italian jeweler Pomellato from closely held RA.MO SpA and said it may look at acquiring other watch and jewelry brands to bolster its luxury offer.

Buying control of Pomellato is subject to competition authority approval and is expected to be completed in the coming weeks, Paris-based PPR said today in a statement. Financial terms and the size of the stake were not disclosed.