Borletti Group Buys Pinalli Perfumeries from HIG Capital

Borletti Group has finalized the acquisition of the entire stake in Pinalli srl, a prominent Italian omnichannel beauty and personal care retailer. This strategic move marks the complete divestment by private equity firm HIG Capital, concluding its investment in the fragrance chain.

The transaction sees Borletti Group, a holding company with a focus on retail, luxury, and branded consumer goods, assume full ownership of Pinalli. This acquisition represents a significant expansion for Borletti Group within the competitive beauty retail sector, an industry that has seen robust growth driven by evolving consumer preferences for personalized experiences and premium products. The Italian beauty market alone is valued at billions of euros and continues to expand, fueled by e-commerce penetration and a strong demand for both established and emerging brands.

Under HIG Capital's stewardship since early 2023, Pinalli underwent a period of substantial transformation. The company integrated three previously acquired retail entities – Retail Evolution srl, HQ Solution srl, and PEB srl – significantly expanding its physical footprint from 63 to 108 stores. Simultaneously, Pinalli bolstered its digital infrastructure, enhancing its e-commerce capabilities to meet the growing online demand. Key strategic initiatives included a brand repositioning, the introduction of innovative store formats, the onboarding of international and digital-native brands, the development of a proprietary private label, and the expansion of its loyalty program, which now boasts over one million registered customers.

Financially, Pinalli reported a production value exceeding €197 million for the fiscal year 2025, with revenues reaching €175 million, a notable increase from €123.5 million in 2023. Despite this revenue growth, the company recorded an operating loss of €6.2 million and a net debt of €38.3 million in 2025, reflecting the significant investments made during its expansion phase. Sources indicate that HIG Capital achieved an Internal Rate of Return (IRR) of approximately 30% on its investment, underscoring a successful exit for the private equity firm.

Raffaele Legnani, Managing Director and head of HIG Capital's Italian office, and Giovanni Guglielmi, Managing Director at HIG Capital, expressed pride in the journey with the Pinalli family and management team. They highlighted the extraordinary contributions of the management and employees, emphasizing their confidence that Borletti Group is the ideal partner for Pinalli's next growth chapter.

Raffaele Rossetti, CEO of Pinalli, echoed these sentiments, crediting the partnership with HIG Capital for accelerating development and exceeding initial industrial plan objectives. He welcomed Borletti Group as the new shareholder, anticipating continued expansion and brand strengthening. Maurizio Borletti, Founding Partner of Borletti Group, praised Pinalli's resilience, growth potential, and innovative spirit, affirming Borletti Group's commitment to supporting the management team in the company's forthcoming development phase.