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Monday, October 17, 2016
Louis Vuitton set to buy Pinarello #ccnsport
LVMH Moët Hennessy Louis Vuitton SE, better known as LVMH Group, is set to purchase the Italian bike brand Pinarello, according to a report on Tuttobiciweb.it. The European multinational luxury goods conglomerate headed by Bernard Arnault is looking to branch out into the sports and wellness markets.
LVMH Group was also attracted by the bike brands presence in professional cycling based on its equipment sponsorship of Team Sky, team of Tour de France winner Chris Froome. In July, Pinarello and Team Sky extended its partnership for a further four years.The Pinarello brand was founded by Nani Pinarello, whose son Fausto Pinarello has been president since 1977. The company currently manufactures bicycles for the road, track and cyclo-cross, but its prized product is the F8 Dogma that ranges from €10,000 to €12,000. Pinarello is also involved in tourism and owns prime holiday real-estate along with luxury holiday and travel brand Pinarello Travel and the Pinarello Granfondo 'La Pina'.
Negotiations for the purchase began several months ago by a firm in Milan between the Treviso-based Pinarello and LVMH Group, and what needs to be settled on is only the final sale price, however, the deal could be complete soon. If the transaction becomes official, Fausto Pinarello will remain the CEO of the brand.