Pinarello has been sold

Goodbye, Louis Vuitton; hello, mystery new private owner.

James Huang
by James Huang 29.06.2023 Photography by
Cor Vos
More from James +

Global investment firm L Catterton – whose owners include luxury behemoth LVMH (Moët Hennessy Louis Vuitton) – announced today the sale of iconic Italian bicycle brand Pinarello to a “private family office.” The precise terms of the sale (including the purchase amount) were not made public, although it seems safe to assume the total was greater than the €90 million LVMH reportedly paid for Pinarello in 2016.

Fausto Pinarello – the son of company founder, Giovanni Pinarello – will reportedly continue on as chairman, and will also continue to have some undisclosed equity stake in the brand. 

“With L Catterton’s global platform and their expertise in fitness, outdoor, and luxury, Pinarello has grown its status as an elite performance brand at the apex of the cycling industry,” said Fausto Pinarello via press release. “Over the past seven years with L Catterton’s partnership and capabilities, we have built on our best-in-class R&D capabilities, bolstered by collaborations with the industry’s top riders and organizations, creating a product set that remains consistently at the forefront of innovation. 

“We have also achieved record revenues and are now poised for our next era of growth. I am very excited to continue the momentum that we have achieved, and this transaction will allow us to further elevate our company as the international leader in the high-end bike sector through ever-increasing investments in R&D focused on making industry-changing innovations around materials and products.”

Needless to say, many questions remain unanswered here. 

“Family office” is investment argot for a private investment vehicle and wealth management firm owned and directed by an ultra high-net worth private individual or family; unlike typical private equity firms, family offices don’t have funding rounds with outside investors; their capital comes entirely from the individual or family’s wealth.

So who’s the mysterious family that now owns Pinarello? One possibility is billionaire Ivan Glasenberg, the South African mining magnate and cycling enthusiast who recently invested in the Q36.5 clothing brand and pro team of that name. In early June, the financial news outlet FT linked Glasenberg to Pinarello in a deal reportedly valued at €250 million.

Whether it’s Glasenberg or someone else, what we don’t know is their plans for the brand, and how much influence might they have on Pinarello moving forward? And while Fausto may be sticking around, but at 60 years of age, how much longer will he remain at the helm? 

So many questions, but at least for now, few answers. Stay tuned for more as we get it.

What did you think of this story?