Pinarello confirms talks of acquisition, but family to stay at company
TREVISO, Italy (BRAIN) – Pinarello has issued a statement following various news reports that the LVMH Group, parent company of Louis Vuitton and other luxury brands, was in talks to acquire the high-end Italian brand.
The news was first reported by Italian website, Tuttobiciweb.it, and has been picked up by a variety of cycling websites over the past 24 hours.
According to reports, LVMH Moet Hennessy Louis Vuitton is looking to branch out into the sports markets. Publicly traded, LVMH Group is known for LV bags, Moet & Chandon champagne, Fendi, Donna Karan, and a wide portfolio of wine and spirits, high fashion, perfumes and cosmetics, watches and jewelry, and luxury retail stores.
LVMH Group recently reported a 4 percent increase in revenue, which reached 26.3 billion euros for the first nine months of the year.
“With reference to press leaks, the Pinarello family confirms that they have been evaluating, since a few years, different assets reinforcement options with a strong industrial base, in order to further strengthen the Pinarello brand in the world,” the statement read. “The Pinarello family is not considering to exit the business and will continue to follow the company in its future growth, as it has always done and with the same passion.”