Francois Pinault (PPR) close to taking over BRIONI
Italian media has been reporting that Francois Henri Pinault, owner of PPR / Gucci Group is in advanced negotiations with the owner family of BRIONI to take over the eponymous Italian luxury menswear company. Senior PPR representatives have been discussing due dilligence with the three branches of the family which controls the Italian fashion house which has manufacturing facilities in Penne, Motebello di Bertona, Pescara and Collecorvino.
Brioni, which is considered the leading international luxury menswear brand manufactures all its products in Italy and its distribution network includes both directly operated stores as well as franchises and wholesale. BRIONI is in need for a major cash injection to sustain its development plans and to restructure its current debt.
Brioni’s troubles started in 2007 with the departure of its administrator CEO, Umberto Angeloni, who had been credited for the success of the company and its international expansion. Following his departure, disagreements between the three family branches who own the company deepened, culminating with the resignation of CEO Andrea Perrone in 2010 (Perrone is married to one of the Brioni descendants). After the 2009 loss of 8,5 million euros, Brioni’s turnover grew to 190 million euros in 2010, while the total debts reached 90 million euros.