French luxury and sports brand group Kering – formerly known as PPR – said it bought Italian jeweler Pomellato for an undisclosed amount.
The company’s success is based on the personality and style of its creations with a blend of colors, stones and shapes as well as their fine Italian craftsmanship.
The Pomellato group is a profitable and growing Italian business with two brands, Pomellato and Dodo. The first positioned within the fine jewelry segment and the latter within the accessible jewelry segment.
Its distribution network includes 86 mono-brand stores (45 Pomellato, 41 Dodo) as well as approximately 600 independent points of sale around the world.
There is plenty of room for growth for this company and Kering said its expertise and resources in real estate, distribution, media and brand management will help in that area.
PPR did not say how much it paid for Pomellato, which had 2012 revenue of 146 million euros ($190 million), but a banking source told Reuters last month the deal would value the business at around 350 million, or 15 times core profit.
Within PPR/Kering, Pomellato will complement its other jewelry brands: high-end Boucheron, based on Paris’ Place Vendome, and Qeelin, a midprice Chinese jeweler PPR bought last year.