Borletti Group Buys Pinalli Beauty Retailer from H.I.G.

Borletti Group, a prominent investment firm with a history in premium lifestyle brands, is making a significant strategic pivot into the beauty sector. The firm has acquired Pinalli, a leading Italian omnichannel beauty retailer, from private equity firm H.I.G. Capital. This move signals Borletti Group's ambition to diversify its portfolio beyond its established fashion and luxury goods holdings.

Pinalli, which operates a robust network of 108 physical stores across Italy alongside a sophisticated e-commerce platform, has experienced substantial growth under H.I.G. Capital's stewardship. Since H.I.G.'s initial investment in February 2023, the company has successfully expanded its digital footprint, integrated a wider array of international and digitally native beauty brands, and launched its own private label products, a move typically enhancing profit margins. The retailer reported revenues of €197 million in 2025 and boasts a customer base exceeding one million loyalty program members.

The transaction marks the culmination of a more than three-and-a-half-year holding period for H.I.G. Capital. During its ownership, the firm supported Pinalli's rebranding efforts, enhanced its online capabilities, and refined its in-store experience to emphasize personalized customer consultations. Raffaele Rossetti, Pinalli's Chief Executive Officer, confirmed that the company surpassed its growth objectives ahead of schedule, underscoring the effectiveness of the strategic initiatives implemented.

Borletti Group, co-founded by Maurizio Borletti and Paolo De Spirt, brings over two decades of experience in nurturing premium and lifestyle businesses. Its existing portfolio includes well-known names such as department stores Printemps and Rinascente, as well as fashion brands MooRER and Zimmermann. More recently, Borletti Group has been an active investor, acquiring a minority stake in American denim label True Religion in May 2025 and partnering with Quadrivio & Pambianco to purchase Twinset from Carlyle via the Made in Italy Fund II.

The acquisition of Pinalli represents a strategic diversification into a new, high-growth consumer category. The beauty retail market in Europe is projected to continue its upward trajectory, driven by increasing consumer demand for personalized products, digital engagement, and premium experiences. Pinalli's established omnichannel presence and strong brand recognition position it favorably within this dynamic market. Maurizio Borletti expressed confidence in Pinalli's growth potential, highlighting its "consistency, strong growth capabilities, and a clear commitment to innovation."

H.I.G. Capital, through its Milan office, views this as a successful exit from a retail buy-and-build strategy. Raffaele Legnani, head of H.I.G.'s Italy office, and Giovanni Guglielmi, Managing Director, identified Borletti Group as the ideal successor to guide Pinalli through its next expansion phase. While financial terms of the deal were not disclosed, the transaction underscores the ongoing investor interest in resilient consumer-facing businesses with strong digital and physical integration capabilities.