Borletti Group buys Italian beauty chain Pinalli, its first full takeover
What's the deal? Borletti GroupDealroom has a profile for this one. Try Dealroom →, the investment firm founded by Maurizio Borletti and Paolo De Spirt, has acquired full control of PinalliDealroom has a profile for this one. Try Dealroom →, an Italian beauty retailer with more than 100 stores and around €200 million in revenues last year. Financial terms were not disclosed.
Who's who? Pinalli sells 400 brands across fragrance, skin care, and makeup, plus a growing private label range, and employs more than 800 people. Borletti Group brings more than 20 years investing in premium and lifestyle names such as La RinascenteDealroom has a profile for this one. Try Dealroom → and PrintempsDealroom has a profile for this one. Try Dealroom →.
The terms: Shares were bought from the Pinalli family and private equity fund H.I.G. CapitalDealroom has a profile for this one. Try Dealroom →, which had held a controlling stake since 2023. J. Safra SarasinDealroom has a profile for this one. Try Dealroom → acted as anchor investor, alongside a pool of co-investors and the founding family, which keeps a minority stake.
By the numbers: Pinalli's 2025 earnings before interest, taxes, depreciation, and amortisation stood at €25 million, on a compound annual growth rate above 15% between 2022 and 2025. E-commerce accounts for about 30% of sales, drawing roughly 22 million visits a year.
Why now? This is Borletti Group's first full takeover after years of minority investments, and its third deal in 18 months. Chief executive officer Raffaele Rossetti, in the role since 2018, stays on, with Borletti becoming chairman.
What's the endgame? Under new ownership, Pinalli plans to expand its store network, develop e-commerce, strengthen private label, and broaden its product range. "Borletti Group will work alongside the management team to support Pinalli's next phase of development," Borletti said.
The signal: The deal points to continued consolidation in Italian beauty retail, with omnichannel scale and private label the levers investors are betting on. Borletti Group has led private equity acquisitions worth about €3 billion since 2005.
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Image credit: Random Retail
