Borletti Group has acquired full control of Italian beauty retailer Pinalli, a chain of more than 100 stores that generated around 200 million euros in revenues last year.

The independent investment firm, founded by Maurizio Borletti and Paolo De Spirt, did not disclose financial terms. Industry sources put Pinalli's 2025 earnings before interest, taxes, depreciation and amortization at 25 million euros. J. Safra Sarasin asset management acted as anchor investor, with the deal executed through a vehicle promoted and led by Borletti Group and backed by a pool of co-investors, including the founding family, which retains a minority stake.

The shares came from the Pinalli family and from private equity fund H.I.G. Capital, which had held a controlling stake since 2023.

Pinalli's current management stays in place. Raffaele Rossetti, chief executive officer since 2018, will lead the retailer's next phase flanked by Borletti, who assumes the role of chairman at a company employing more than 800 people.

The transaction is a first for Borletti Group. Past operations focused on minority stakes; this marks the group's initial full takeover. It is also the group's third operation in 18 months, following investments in True Religion and Twinset at the end of 2024 and in June 2025, respectively.

Borletti Group has more than 20 years of experience investing in retail, premium and lifestyle brands, including La Rinascente and Printemps. Active since 2005, it has led private equity acquisitions with an aggregate value of about 3 billion euros and participated in transactions totaling about 8 billion euros. With offices in London and Luxembourg, the group has also supported MooRER, Moose Knuckles and Zimmermann with capital and strategic expertise.

Founded in 1984 in Fiorenzuola d'Arda, in Italy's Emilia-Romagna region, Pinalli built its retail network largely in the higher-income areas of Northern Italy. Its online store accounts for around 30 percent of total sales and records about 22 million visits a year. The assortment spans 400 brands across fragrance, skin care and makeup, alongside a fast-growing private label range. The company reported a CAGR of more than 15 percent between 2022 and 2025.

"Pinalli is a company that has demonstrated strong growth capabilities and a clear drive for innovation, standing out for the quality of its brand, management team and omnichannel platform," Borletti said. "Borletti Group will work alongside the management team to support Pinalli's next phase of development, further strengthening its positioning in the Italian market and continuing to invest in network expansion, digital capabilities and the customer experience."

"Pinalli's entry into Borletti Group marks the beginning of a new chapter in our company's history and gives us the opportunity to continue the journey we have built over recent years with even greater ambition," Rossetti said. "We are doing so alongside an Italian group with a global standing, bringing deep retail expertise and a recognized track record in developing brands across international markets."

Houlihan Lokey advised on M&A and PwC handled financial due diligence.

Over the coming years, Pinalli aims to accelerate growth by expanding its distribution footprint, developing e-commerce further, strengthening private label and broadening its product range.