PPR acquires Brioni after completing business negotiations
A deal has been agreed that will see PPR take over Brioni.
International business negotiations have been completed on a deal that will see retail group PPR take over Brioni.
PPR - whose revenue was €14.6 billion (£12.5 billion) in 2010 - is hoping to complete the deal by the end of 2011.
The terms and conditions of the sales negotiations have not been disclosed, but PPR is set to acquire a 100 per cent stake in the former.
Francois-Henri Pinault, chairman and chief executive officer of the organisation, stated: "I am delighted that it is joining our magnificent portfolio of luxury brands. We have great ambitions for this fashion house."
He added that with the proper use of expertise Brioni - which is the top-rated men's fashion brand in the US - will be able "write a new page" in its history.
The deal increases PPR's interest in the luxury brand market both financially and geographically as it looks to establish itself as one of the major players.
Posted by Edel Quinn
Source: PPR press release, November 8th