PPR buy's Italy's Brioni menswear brand
French luxury products giant PPR said on Tuesday it was acquiring Italian high-end menswear brand Brioni, in line with the restructuring of its business.
PPR has "signed an accord with Brioni shareholders to acquire 100 percent of the capital," it said in a statement, without giving a figure for the deal which should be completed in the first quarter of 2012.
PPR head Francois-Henri Pinault said his company has high ambitions for Brioni, whose acquisition "completes our portfolio of luxury brands ... in the mens' ready-to-wear segment" which is growing fast, especially in Asia.
"Brioni offers strong growth potential and PPR will allow it to speed up its development and improve its profitability, mainly by widening its product range and expanding its presence in faster growing countries," the statement added.
PPR counts Yves Saint-Laurent, Balenciaga, Stella McCartney and Alexander McQueen in its stable of top clothing brands but up to now had not had a menswear marque to match.
Brioni was founded in 1945 and has established itself as a top men's brand, with 'James Bond' actors Daniel Craig and Pierce Brosnan counted among its customers.
In 2010, Brioni had sales of 170 million euros ($234 million), with a workforce of 1,800.
© 2011 AFP