Pronovias Group, before its recent ownership shift and acquisition by Bain Capital and MV Credit, reported consolidated net losses of €326 million for the fiscal year 2022. These losses were primarily driven by adjustments made to the company’s balance sheet.
As per the financial publication Cinco Días, based on the financial statement submitted to the Commercial Registry by Catiberia Acquisition Holdco, the entity responsible for consolidating the group’s activities, these losses were the result of Pronovias conducting impairments amounting to €310 million.
The majority of these impairments, approximately €226 million, were associated with the group’s goodwill, while €22.1 million affected the customer portfolio and €61.6 million related to intellectual property.
In assessing these impairments, Pronovias took into account the impact of the pandemic on the bridal industry and its business operations. Moreover, the company crafted «prudent» projections for the upcoming fiscal years, foreseeing «moderate yet sustained» growth, according to the same media outlet.
The bridal fashion firm experienced significant challenges due to the global health crisis. In 2022, the company reported a 52% increase in revenues, reaching €149 million, although these figures remained below pre-pandemic levels.
Towards the close of the preceding year, Bain Capital and MV Credit took over the company after BC Partners’ departure. In April 2023, the new owners unveiled a fresh board of directors to steer the company in its new phase, alongside a capital injection of €211 million, aimed at reducing the company’s debt and executing its recovery plan.
A notable development includes the appointment of Marc Calabia, former CEO of Springfield, as the new CEO of the bridal giant, who is set to reveal a new strategic plan for the company in the near future.
