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| Tilda Swinton, brand ambassador for Pomellato. |
The rumors have been swirling for some time but now they are
verified. PPR, which will soon
officially change its name to Kering, has acquired Pomellato, the Italianjewelry company that has both broad and growing appeal.
Kering will hold a majority stake in the Pomellato group and its CEO, Andrea
Morante, will remain in this position with the company.
Pomellato, whose 2012 revenues reached €146 million ($190 million), is
one of Europe’s major jewelry groups, with a strong international position. The company’s success is based on the
personality and style of its creations with a blend of colors, stones and
shapes as well as their fine Italian craftsmanship. The Pomellato group is a
profitable and growing Italian business with two brands, Pomellato and Dodo. The
first positioned within the fine jewelry segment and the latter within the accessiblejewelry 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. There is plenty of room for growth for this company and
Kering said its expertise and resources in real estate, distribution, media and
brand management will help in that area.
With this acquisition, Kering is extending and reinforcing its portfolio
of luxury brands in the high growth jewelry market.
“Synonymous with Italian style, Pomellato and Dodo rank among the most beautiful
and innovative jewelry brands in the world,” said François-Henri Pinault, chairman
and CEO of Kering . “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, added: “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.”
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