Pronovias, the renowned bridal fashion group, has recently announced significant losses of €326 million for the fiscal year 2022, prior to its recent change in ownership. The company was acquired by Bain Capital and MV Credit, signifying a new chapter for the brand. These losses were primarily attributed to balance sheet adjustments, with impairments totaling €310 million. Most of these impairments were associated with goodwill, customer portfolio, and intellectual property.

The global pandemic had a significant impact on the bridal industry, and Pronovias was not immune to its effects. Acknowledging the challenging business environment, Pronovias formulated cautious projections for future growth. The company anticipates moderate yet sustained growth in the coming years.

Despite the adversity, Pronovias experienced a 52% increase in revenues, reaching €149 million in 2022. However, these figures still fell short of pre-pandemic levels.

Following the change in ownership, Pronovias has undergone substantial changes and restructuring. Bain Capital and MV Credit took over control of the company, resulting in BC Partners exiting. In April 2023, the new owners announced injecting €211 million of capital to reduce debt and execute a recovery plan. Additionally, a new board of directors was established to provide guidance in the company’s new phase.

An important development in the restructuring process is the appointment of Marc Calabia, former CEO of Springfield, as Pronovias’ new CEO. Calabia is expected to unveil a new strategic plan for the company, aiming to navigate it towards success in an ever-evolving industry.

Despite the challenges faced, Pronovias remains a strong contender in the bridal fashion market. With the support of its new owners and the implementation of a comprehensive recovery plan, Pronovias is poised to regain its standing and continue providing exceptional bridal fashion to its customers worldwide.

Useful links:
Pronovias Official Website
Bain Capital Official Website