H. I. G.
Capital has sold Pinalli, Italy's leading omnichannel beauty retailer, to Borletti Group, ending a holding period of more than three and a half years. When H. I.
G. bought a controlling stake in February 2023, Pinalli ran 63 stores alongside one of Italy’s most advanced e-commerce platforms for luxury beauty. Co-founder and chairman Luigi Pinalli reinvested alongside the Miami-based firm, and so did the existing management team. The chain now has 108 stores, revenue of €197m in 2025, and more than one million loyalty members.
Under H. I. G., Pinalli rebranded, expanded its online business, and added more international and digital-native brands.
It also launched its own private label, which typically earns higher margins than third-party products. In addition, a new store format and a refreshed approach to staff styling positioned the shops as places for personalised advice. Chief executive Raffaele Rossetti said the business met its targets “ahead of the timeline set out in the initial business plan”.
For H. I. G., the deal is a clean exit from a buy-and-build retail investment through its Milan office.
Raffaele Legnani, head of H. I. G.’s Italy office, and managing director Giovanni Guglielmi called Borletti the “ideal partner to support the Company in its next phase of growth and development”.
Borletti Group has more than 20 years of experience investing in premium and lifestyle businesses, including the department stores Printemps and Rinascente and the brands Moo RER and Zimmermann. More recently, it has been an active dealmaker. In May 2025, it bought a minority stake in American denim label True Religion.
A month later, it partnered with Quadrivio & Pambianco to buy Twinset from Carlyle through the Made in Italy Fund II. Pinalli marks a move into a new category, as the group adds a multi-brand beauty platform to a portfolio built largely around fashion. Maurizio Borletti praised Pinalli’s “consistency, strong growth capabilities, and a clear commitment to innovation”.
He said the group would work with management to strengthen the chain’s position in Italy and to continue investing in new stores, digital capabilities, and the customer experience. Financial terms were not disclosed.
Source: PE Insights · Summarized by HeadlinesBriefing