Pomellato chez Pinault

It’s official now.Pomellato, as expected, ends up in the Breton hands of Monsieur François-Henri Pinault, a financier who already includes Boucheron in his PPR, now renamed Kering, perhaps to give it an Anglo-Saxon tone. According to expectations, Pinault will purchase RaMo, which is the company that owns 81% of Pomellato (which is also guaranteed by Unicredit) owned by Pomellato’s founder, Giuseppe Rabolini. The Frenchman buys everything will also take over 5% of CEO Andrea Morante (who will remain in his place). «We have great ambitions for the company», explained Kering CEO Francois-Henri Pinault, «and we will make our experience and know-how available to intensify its growth and geographical expansion, preserving the values ​​of its Italian identity”.Curiously, it seems, those who wanted to leave (or buy it) will remain in the company, i.e. the Damianis with their 18%. Who knows, maybe they regret having invested in a company in which they will no longer count for anything. Pomellato will become one of the many divisions of the French army, and that’s a shame. If it had been listed on the stock exchange and, with the proceeds, started a purchasing campaign in Italy, where the jewelery industry is fragmented into hundreds of small companies, it would perhaps have founded the luxury hub that is missing, at least in the sector.

In any case, Pinault will pay dearly for the shopping, but he buys a company with interesting numbers: 146 million in revenues (2012 data), 21.3 million in gross operating margin (Ebitda) and 7.5 million in net profit in the consolidated balance sheet 2012 (actually a bit little for a luxury company).