MILAN, Italy — PPR is the leading suitor left in the quest to acquire Pomellato, having effectively edged out Swarovksi, Renzo Rosso and Prada, who were reportedly also interested in taking over the jeweller.
The Milanese company, one of the few top independent jewelers left in the Europe, has been seeking to increase its capital since 2011, when it decided to forgo initial plans for an IPO due to the precarious political state in Italy.
PPR had already been in talks with Pomellato in 2011, but nothing came of it at the time.
If the PPR takeover of Pomellato came to fruition, the company would become the second Italian luxury jeweler to fall into the hands of a French buyer, after Bulgari, acquisitioned by LVMH in 2011. As of yesterday, the only other serious contender PPR faced was the Damiani family, which already holds an 18 percent stake in Pomellato.
Pomellato sales rose about 10 percent to almost 150 million euros ($196 million) in 2012.