PARIS — French retail-to-luxury group PPR said Wednesday it had completed its acquisition of 100 percent of Italian tailor Brioni, which is due to present its fall men’s collection at Milan Fashion Week on Jan. 16.
The purchase was finalized in accordance with the terms initially revealed Nov. 8, having received clearance from antitrust authorities, PPR stated. The group did not disclose the value of the transaction.
PPR chairman and chief executive officer François-Henri Pinault stated at the time that a push into accessories and expansion in the burgeoning Asian market were key avenues for growth at Brioni, which posted 2010 sales of 170 million euros, or $225.7 million at average exchange rates.
Based in Penne, Italy, Brioni is famous for dressing fictional character James Bond in the film franchise. Its handmade men’s suits have been worn by such famous men as John Wayne, Clark Gable and — more recently — Barack Obama and Matt Damon.