PARIS - French luxury and sports brand group PPR said it bought a majority stake in profitable Milanese jeweller Pomellato to boost its portfolio of luxury brands in the high-growth jewellery market.

PPR signed the deal with Ra.Mo, the holding through which Pomellato founder Pino Rabolini and Chief Executive Andrea Morante control 79 percent of the company.

PPR did not say how much it paid for Pomellato, which had 2012 revenue of 146 million euros ($190 million), but a banking source told Reuters last month the deal would value the business at around 350 million, or 15 times core profit.

The French group plans to help Pomellato "step up the pace of its growth and expand its geographic footprint", PPR Chief Executive Francois-Henri Pinault said in a statement on Wednesday.

PPR has been looking to snap up high-end watch and jewellery brands as it continues its shift away from retail towards luxury. Last year, PPR, which is changing its name to Kering, acquired a majority stake in Chinese jeweller Qeelin.

The latest transaction also marks the second time a major Italian jeweller has fallen into the hands of a French group after LVMH acquired Bulgari two years ago for 3.7 billion euros.

The deal is expected to be finalised in the coming weeks, and Morante will remain CEO, PPR said.

Pomellato, founded by Rabolini in 1967, is known for its DoDo animal-shaped pendants.

Shares in PPR were 2 percent higher at 175.95 euros by 0831 GMT, among the top performers on a 0.5 percent firmer French blue-chip CAC 40 index.