Pronovias, a new attempt at resurrection
BarcelonaSince Alberto Palatchi Ribera sold Pronovias to BC Capital in 2017 for 550 million euros, the company has not stopped accumulating losses. So much so that it ended up declaring voluntary bankruptcy on May 18. This after passing through more hands: in 2022, after five years of red numbers, it ended up owned by the creditor funds led by Bain (90%) and MV Credit (10%), with whom the company has reached insolvency.
From public instances, they tried to get other companies in the sector, such as Mango, to bet on Pronovias' rescue, but it was rejected as it was a very different business from theirs, despite also being in the textile sector. After a process in which the Catalan Desigual and the Californian fund Enduring Ventures opted, the holder of commercial court number 9 of Barcelona decided to bet on a third protagonist, who entered the bidding later, the British fund specializing in reindustrialization Cap Capital. Its project was endorsed by the bankruptcy administrators of FTI.
In its offer, this entity defends maintaining the majority of jobs, more than 500 out of a total of about 600, which the other aspirants to acquire the company founded in the 20s by Alberto Palatchi Bienveniste, father of the one who catapulted the business and originally from Turkey, did not do. Cap Capital, which has announced that it will detail its plans on September 8, has already given signs of its intentions: to grow its store network through franchises and advanced markets such as the United States and to make a technological bet with artificial intelligence as the protagonist to adapt to the current needs of the bridal market. It should provide oxygen for a company that has accumulated losses in recent years, which multiplied with the 2020 pandemic, which paralyzed weddings, and did not recover even from 2021, with the accumulation of delayed marriage ceremonies.
The challenge for the new owners is immense. A company like Pronovias, focused on premium bridal fashion, not only has assets on its balance sheet, but also a reputation and prestige built over the years, which when broken like the thread of one of its dresses are very difficult to recompose – or may even be impossible.
