The Pinarello family issued a press release today in the wake of reports that they are set to be purchased by luxury brand conglomerate LVMH Moët Hennessy Louis Vuitton SE (LVMH Group), confirming the negotiations.
Reports this week in the Italian press stated that the LVMH Group was looking to expand into the sports and wellness arena, and the Pinarello bike brand, founded in 1952, was its primary target. Reports stated that Fausto Pinarello, the current president of the company, would remain as CEO.
Pinarello confirmed today it is "evaluating" to continue the growth of the business but said it is not considering leaving it altogether.
"With reference to press leaks, the Pinarello family confirms that they have been evaluating, since a few years, different assets reinforcement options with a strong industrial base, in order to further strengthen the Pinarello brand in the world," the statement read.
"The Pinarello family is not considering to exit the business and will continue to follow the company in its future growth, as it has always done and with the same passion."
Giovanni "Nani" Pinarello started the company in 1952, focusing on crafting hand-built machines on a small scale. After two decades of growth, the company had its first Grand Tour victory in the 1975 Giro d'Italia with Fausto Bertoglio.
Pinarello's son Fausto came on in the 1980s and soon the company won its first Tour de France with Pedro Delgato in 1988. It went on to sponsor five-time Tour winner Miguel Indurain, Team Telekom's Tour winners Bjarne Riis and Jan Ullrich, and more recently partnered with Team Sky.
Bradley Wiggins and Chris Froome won the Tour de France on Pinarellos, and their success is much of what attracted the LVMH Group to the brand. Team Sky has signed a four-year agreement with the brand.