French luxury goods group PPR today (8 November) said it is buying high end Italian tailor Brioni for an undisclosed sum.

The deal will see PPR acquire 100% of Brioni's share capital, with the transaction due to be completed at the beginning of 2012.

"Brioni boasts top quality craftsmanship and is synonymous with Italian masculine elegance," François-Henri Pinault, chairman and CEO of PPR, said. "It is the reference in ready-to-wear and bespoke menswear and I am delighted that it is joining our magnificent portfolio of luxury brands.

"We have great ambitions for this fashion house. We will give it access to our expertise and know-how, so that it can write a new page in its history while continuing to preserve its identity."

Brioni was founded in 1945 by Nazareno Fonticoli and Gaetano Saviani, and as well as men's wear its range includes fragrances, accessories and leather goods.

The company is well-known for its "made in Italy" craftsmanship, with workshops located in Penne in the Abruzzo region of Italy. In 1985, Brioni created the Nazareno Fonticoli Scuola Superiore di Sartoria tailoring school and is also a partner of London's Royal College of Art.

With annual revenues of EUR14.6bn (US$20.1bn) in 2010, PPR operates a group of high-growth global brands distributed in more than 120 countries.
Its business focuses on luxury goods (including Gucci, Bottega Veneta, Yves Saint Laurent, Alexander McQueen, Balenciaga and Stella McCartney) and sport and lifestyle brands (including Puma and Volcom).

Last month it posted a 7% rise in third-quarter revenues to EUR3.9bn thanks to growth in all product categories and sales channels. Luxury sales were up 25%, and the sport and lifestyle division recorded a rise of 9.9%.