×
143
Fashion Jobs
SAROJ JALAN
Marketing Strategist
Permanent · KOLKATA
ADD UR CO LLP
Production Manager
Permanent · Chennai
THE GLOBAL ZONE HR SERVICES
Production Manager/ Supervisor/ Incharge
Permanent · Pune
PUMA
Manager - Digital Marketing
Permanent · Bengaluru
THE BANYAN HR CONSULTS
Brand Manager For Leading Women's Wear Garments CO at Coimbatore
Permanent · Coimbatore
LEVI'S
Manager, Retail Merchandising (Ebo)
Permanent · Bengaluru
GLAN MANAGEMENT CONSULTANCY
Senior Buyer Lingerie (Knits Western Wear) - Retail Brand
Permanent · GURUGRAM
JOB INDIA
Asst. Manager E-Com Operations (Garments Retail) Gurgaon
Permanent · Faridabad
VASTRAKALA EXPORTS
Quality Manager
Permanent · CHENNAI
PEOPLE ALLIANCE WORKFORCE PRIVATE LIMITED
Manager / in Charge - Production/Quality/Cutting - Garments Industry
Permanent · Bhiwandi
MINT AND MILK COMMUNICATIONS
Senior Account Executive
Permanent · MUMBAI
PUMA
Manager- Buying (Apparel)
Permanent · Bengaluru
PUMA
Manager- Business Intelligence
Permanent · Bengaluru
PUMA
Manager- Trade Compliance
Permanent · Bengaluru
PUMA
Manager- Supply Planning
Permanent · Bengaluru
PUMA
Senior Manager - Performance Marketing- Marketplac…
Permanent · Bengaluru
PUMA
Regional Sales Manager- Mbo (South)
Permanent · Bengaluru
PUMA
Manager- Returns And Spf Operations
Permanent · Bengaluru
PUMA
Manager Merchandising
Permanent · Bengaluru
PUMA
Project Manager- Operations
Permanent · Bengaluru
PUMA
Manager- Logistics Operations
Permanent · Bengaluru
PUMA
Warehouse Manager-D2C
Permanent · Bengaluru
By
Reuters
Published
Mar 7, 2013
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

PPR close to buying jeweler Pomellato

By
Reuters
Published
Mar 7, 2013

MILAN/PARIS - PPR is close to snapping up Milanese jeweler Pomellato in a deal that would allow the French luxury and sports brand group to expand in a sector in which it has a small presence, sources close to the matter said.

Sources close the deal said PPR, which owns jeweler Boucheron, emerged as a front-runner after offers from rival suitors including shareholder Damiani were rebuffed.

"It is very very close. The Damiani family submitted an offer with a private equity fund, but PPR won," a source with first-hand knowledge of the transaction said on Thursday.

Separately, a banking source said PPR was near closing the acquisition which would value the jeweler at around 350 million euros ($455 million) or 15 times the company's earnings before interest, tax and depreciation (EBITDA), roughly line with where others in the European sector are trading.

The transaction, if completed, would mark the second time a major Italian jeweler has fallen into the hands of a French group after LVMH acquired Bulgari two years ago for 3.7 billion euros.

Pomellato, whose colorful wares are promoted by actress Tilda Swinton, declined comment on talks with PPR, saying only: "The company is considering strategic options for its future."

Pomellato had said in the past it wished to remain independent and aimed to float its shares on the stock market in 2014.

Pomellato, known for its DoDo animal-shaped pendants, helps PPR fulfill its ambition of strengthening its position in the jewelry sector via the acquisition of small to medium-sized businesses with strong growth potential.

Well-established luxury jewelry brands have been enjoying solid growth rates in recent years in spite of concerns about the global economy.

The Italian jewelry sector is made up of thousands of small and family-owned companies, but few have the size of Pomellato which generated earnings before interest, depreciation and amortization of 20 million euros on sales of 138 million in 2011.

Last year, PPR acquired a majority stake in Chinese jeweler Queelin and said more deals could follow in the region.

Financial details of the transaction were not disclosed but analysts pegged Qeelin's enterprise value at around 70 million euros.

In 2011, PPR acquired Italian suitmaker Brioni, whose enterprise value was estimated by analysts at between 250 million euros and 300 million, including 100 million of debt.

The Damiani family had bought 18 percent of Pomellato in 2002.

Founded in 1967 by Pino Rabolini, Pomellato gained popularity with the launch of its DoDo brand in 1995.

Rabolini and Chief Executive Andrea Morante control 79 percent of the company through the holding Ra.Mo, with minority shareholders owning the remaining 21 percent.

The company sells 58 percent of its products in Italy, has 56 directly-operated stores worldwide and is keen to expand in the United States, Britain, China and Japan.

PPR, known to have been in talks with Pomellato for more than a year, declined comment.

Media reports have named other suitors such as Prada, jeweler Swarovski and fashion holding group Only the Brave, which owns Diesel.

© Thomson Reuters 2022 All rights reserved.