PPR buys Italian jewellery group Pomellato

PARIS, April 24 Wed Apr 24, 2013 2:38am EDT

PARIS, April 24 (Reuters) - French luxury and retail group PPR said it bought profitable Italian jewellery group Pomellato to boost its portfolio of luxury brands in the high growth jewellery market.

The transaction is expected to be finalised in the coming weeks, and Andrea Morante will remain chief executive of the company, PPR said in a statement on Wednesday.

Pomellato had 2012 revenue of 146 million euros ($190.02 million), PPR said. It has two brands, Pomellato and Dodo, the first in the fine jewellery sector and the latter offering accessible jewellery. ($1 = 0.7683 euros) (Reporting by James Regan; Editing by Catherine Bremer)