French luxury goods powerhouse LVMH, owner of fashion giant Louis Vuitton, Champagne house Moët & 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 Tuttobici, the Treviso-based brand founded by Nani Pinarello in 1952 has been in talks with LVMH for several months now, with the price tag on the business the principal issue still to be resolved.
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. Sir Bradley Wiggins in 2012 and subsequently Chris Froome in three of the past four editions have ridden the brand to victory in Paris.
> Pinarello and Team Sky extend deal until 2020
The mayor of Treviso, Giovanni Manildo, told La Tribuna di Treviso: “Pinarello is world class, I’m not surprised it’s attracted the attention of one of the best known companies in the world, which is something our city should take pride in.”
The city is located in the Veneto, the heartland of the Italian cycling industry with brands including Castelli, Pinarello and Sidi based there, and the newspaper says there are rumours that LVMH may be eyeing up other brands.
The newspaper, which says US and UK-based investors have also been interested in the business, notes that LVMH has been active in the region recently.
Its subsidiary DFS – whose main business is operating high-end duty free stores worldwide, and is nothing to do with the sofa people – last year opened a store at the restored 13th century Fondaco dei Tedeschi building next to the Rialto bridge in Venice.
Other brands currently owned by LVMH include the Champagne marque Veuve Clicquot, fashion houses Dior and Marc Jacobs, the perfumier Guerlain and the jewellers Bulgari and De Beers.
It also owns Swiss watchmaker TAG Heuer, whose logo will appear on BMC Racing’s kit next season under a partnership announced last week.
Should the deal with LVMH go through, that does open up opportunities for some interesting paintjobs on future Pinarello models - with some suggestions being made already on social media.
Coming to an EPIC ride near you. #peakbikepic.twitter.com/jhYklZ8kER
— Simon Warren (@100Climbs) October 17, 2016