Posted to Apparel , Accessories on 01/20/2012

And so Brioni it's sold. Completely, entirely, to PPR, after months of speculation. Maybe it was the only way to guarantee a real future to one of the worst managed luxury brand in the whole world (not the mention the litigation percentage among its partners), but just a few hours ago the François-Henri Pinault's headquarters announced "the signing of an agreement with Brioni’s shareholders" subject to the approval of the competition authorities and to be finalized at the beginning of 2012. The value of the transaction was not disclosed, even if shouldn't be far from 350 million euros on a 2010 €170 million revenue and a 90 millions debt. Syndicates will be certainly happy with this solutions, which gives a chance to the 1,800 group employees, most of them located in the Penne production location in Abruzzo, while some hundreds work in the 74 boutiques, 32 of which are directly owned stores. "Brioni has significant intrinsic growth potential and PPR will enable it to accelerate its expansion and boost its profitability, notably through a wider product range and geographic expansion in strong growth markets", François-Henri Pinault, chairman and CEO of PPR (photo), declared: "Brioni boasts top quality and is synonymous with italian masculine elegance and I'm delighted that it is joining our magnificent portfolio of luxury brands. We have great ambitions for this fashion house. We will give it access to our expertise and know how, so that it can write a new page in its history while continuing to preserve its identity". Sort of odd the statement of Francesco Pesci, ceo of Brioni, talking about "partnership", where it is obviously not.

 

Source: Fashion Illustrated 1/20/2012

Image Sourse: Funfashionmn.com

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