The Pronovias bridal fashion group is following the planned plan to try to revive the business and give it new impetus after its main creditors, Bain Capital and MV Credit, took control of the firm in December last year through a debt conversion process into capital. Sales in 2022 reached 150 million euros, thus approaching 160 million in 2019. This is an increase of 40% compared to the 2021 financial year, still highly impacted by the pandemic and the decline in weddings.
“For this year we expect to grow at double digits and, thanks to our new shareholders, we are working on new plans,” says Amandine Ohayon, CEO of Pronovias.
The covid crisis hit the company hard, then in the hands of BC Partners – it bought Pronovias from the founder, Alberto Palatchi, for 550 million euros in 2017 – and raised its debt to 385 million euros. The new owners agreed in December to provide new financing throughout 2023 and have already injected 110 million euros. The agreement provides for a debt reduction of up to 125 million euros.
With this new financial situation and the links already recovered, Ohayon is confident of consolidating the group this year and embarking on a new expansion plan starting in 2024 with a special focus on the United States. “We have many opportunities in this market, we can develop our entire portfolio of brands there; This year we will participate for the first time in a fair for the sector in New Yorkâ€, comments the CEO. In addition to Pronovias, the firms St. Patrick’s, White One, Nicole Milano, Ladybird and Vera Wang Bride are part of its portfolio, which they distribute in 4,000 points of sale in 105 countries.
The new stage that Pronovias wants to open will also include changes to the product. “Today’s brides want a dress that is out of the ordinary, less traditional, with quality and quickly, so we are going to have a smaller collection but with more frequent releases and more fashion,” continues Ohayon. The group has participated this week in the Barcelona Bridal Fashion Week and yesterday held its central parade.
The board of directors has also been renewed. It is chaired by Gianni Serazzi (from GS Consulting), a professional with a long history in the world of fashion and the luxury segment, and includes, in addition to Ohayon, three representatives from Bain Capital and one from BC Credit.
