LVMH reportedly interested to acquire Italian luxury bike maker Pinarello
After the recent acquisition of German luggage brand Rimowa, LVMH Group is reported to have set its sights on Italian luxury bike maker Pinarello.
The Pinarello brand was founded by Nani Pinarello, whose son Fausto Pinarello has been president since 1977. The company currently manufactures bicycles for the road, track and cyclo-cross, but its prized product is the F8 Dogma that ranges from €10,000 to €12,000. Pinarello is also involved in tourism and owns prime holiday real-estate along with luxury holiday and travel brand Pinarello Travel and the Pinarello Granfondo ‘La Pina’.
LVMH Group was also attracted by the bike brands presence in professional cycling based on its equipment sponsorship of Team Sky, team of Tour de France winner Chris Froome. In July, Pinarello and Team Sky extended its partnership for a further four years.
Negotiations for the purchase began several months ago by a firm in Milan between the Treviso-based Pinarello and LVMH Group, and a deal is expected to be completed soon. If the transaction becomes official, Fausto Pinarello will remain the CEO of the brand.