PPR acquires Italian menswear brand BRIONI
After more than five months of negotiations, French conglomerate PPR owned by Francois Pinault acquired Italian luxury menswear brand BRIONI. According to market sources, PPR paid 300 million euros for a 100% stake in Brioni, including 90 million euros debts. Internal fights between the three founding famillies of De Simone, Fonticoli and Perrone and the ongoing international financial crisis have been taking a toll on Brioni recently. With a turnover of 17 million euros in 2010, Brioni has been struggling to secure a much needed international expansion plan.
PPR adds Brioni to its luxury pole which includes Gucci, Bottega Veneta, Balenciaga, Stella McCartney, Alexander McQueen, Boucheron. For PPR, the acquisition of Brioni is a strategic one, given Brioni’s market positioning on luxury menswear and accessories, competing with Ermenegildo Zegna and Kiton. Brioni prides itself for the highest quality ”Made in Italy” manufacturing, utilizing the finest textiles. Earlier this year, Brioni cancelled its womenswear line to focus on menswear.
With the occasion of the transaction, PPR CEO Francois Pinault expressed his determination to pursue Brioni’s heritage and craftsmanship and pledges major investments for the development of the brand, to enhance the ”su misura” (made to measure) service and accelerate its international expansion.