Borletti Group acquires Pinalli and strengthens its position in the beauty sector
Borletti Group, an independent investment firm founded by Maurizio Borletti and Paolo De Spirt, has completed the acquisition of 100 per cent of Pinalli, Italy’s leading omnichannel beauty retail platform.
The transaction was supported by J. Safra Sarasin Asset Management in the role of anchor investor and was carried out through an investment vehicle promoted and led by the Borletti Group, with participation from a pool of co-investors, including the Pinalli family, which holds a minority stake. The shares were acquired from the private equity fund H.I.G. Capital, which had held a controlling stake in Pinalli since 2023, and from the Pinalli family.
Founded in 1984 in Fiorenzuola d’Arda (Piacenza), Pinalli has developed an omnichannel distribution model that integrates a network of over 100 beauty stores – mainly located in the highest-income areas of Northern Italia – with a proprietary e-commerce platform. The online channel accounts for around 30 per cent of total sales and records approximately 32 million visits annually. Pinalli offers a range of over 400 brands across the fragrance, skincare and make-up segments, alongside a rapidly growing own-brand range. In 2025, the company, which employs over 800 people, recorded revenue of approximately 200 million euros – with a CAGR of over 15% for the period 2022–2025.
The business plan will continue to be implemented by the current management team. Raffaele Rossetti, Chief Executive Officer since 2018, will lead the next phase of development alongside the existing team and Maurizio Borletti, who will take on the role of Chairman. Over the coming years, the company aims to accelerate its growth by expanding its network of retail outlets and further developing its e-commerce channel. Strengthening its own brand and broadening its product range, with a particular focus on the most innovative and emerging brands, are further strategic priorities.
“Pinalli is a company that has demonstrated stability, the capacity for growth and a strong commitment to innovation, standing out for the quality of its brand, its management team and its omnichannel platform,” comments Maurizio Borletti, founding partner of the Borletti Group. “ “We will work alongside the management team to support Pinalli’s next phase of development, further consolidating its position in the Italian market and continuing to invest in the expansion of the retail network, digital initiatives and the customer experience.”
