Pronovias refreshes board of directors after generating €150 million in sales in 2022
Pronovias, the renowned bridal fashion company, has formed a new board of directors to oversee the company's operations under the direction of its new group of shareholders led by Bain Capital, following the departure of BC Partners in late 2022.
As reported by the El Economista newspaper, the newly-formed board of directors consists of both financial experts and other professionals with a background in the fashion industry. The board is chaired by Gianni Serazzi, an Italian executive with extensive experience in the luxury sector (having previously worked for Switzerland's Richemont) and an adviser to Bain Capital. The current CEO, Amandine Ohayon, will retain her position and work alongside Serazzi.
The board of directors is composed of two other Italians, namely Francesco Lampone and Sandro Patti, as well as Israeli Alon Avner, who will represent Bain Capital. Steven Wayne will represent the other investors, including MV Credit. The board is rounded out by three independent members, including the aforementioned Gianni Serazzi, Alberto Grignolo, who has worked for Net-a-Porter, and Fabrizio Cardinali, CEO of Etro.
The inaugural meeting of the board of directors is scheduled to take place in May, and as reported by the financial publication Expansión, it will endorse the company's strategic plan for the 2024-2026 term, during which the company aims to achieve a turnover of €200 million. In 2022, the Pronovias group experienced a 45% surge in sales, reaching €150 million, and this year, it forecasts a 10% growth.
In addition to its economic objectives, Pronovias has outlined a strategic plan to become a market leader in the United States. To achieve this, it plans to capitalise on the market niche left by David's Bridal after its bankruptcy, expand its offerings with Vera Wang Bride (a division it launched in 2021), and partner with local companies. Currently, the group has only seven of its own stores in the United States, while globally, it has 50 boutiques and an equal number of franchisees.
As part of this new phase for the company, it was recently announced that its new shareholders will inject €110 million of capital to improve its liquidity and reduce its debt.
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