Louis Vuitton set to buy Pinarello
LVMH group, owner of fashion giant Louis Vuitton, Dior, Moet et Chandon and dozens more high-end brands, is reportedly set to buy the Italian bike brand Pinarello as it looks to break into the sports, leisure and wellness sectors.
According to Italian website TuttoBici, the luxury good conglomerate is looking to move into the sports and wellness market, and sees Pinarello as its first objective in pursuing this goal. It is understood that Fausto Pinarello, who took over the running of the business from his father in 1977, would remain as CEO.
LVMH, whose head office is just off the Champs-Elysées, is said to have targeted Pinarello partly due to its high-profile success with Team Sky at the Tour de France. Bradley Wiggins in 2012 and Chris Froome in three of the past four editions have ridden the brand to victory in Paris.
Negotiations towards the deal have been in progress for the last few months and seem to have been moving swiftly, with the final purchasing price being the only major detail yet to be agreed upon.