The Pronovias Group, the Spanish bridal fashion firm, prior to its change in ownership and acquisition by Bain Capital and MV Credit, recorded consolidated net losses of € 326 million for the fiscal year 2022. These negative results were primarily due to balance sheet adjustments undertaken by the company.
According to Catiberia Acquisition Holdco’s financial statement submitted to the Commercial Registry, which consolidates the group’s operations, these losses totaled € 310 million and were brought on by Pronovias’ impairments.
The group’s goodwill was responsible for the majority of these impairments, or € 226 million, while the customer portfolio and intellectual property were each subject to € 22.1 million and € 61.6 million, respectively.
When determining these damages, the corporation took into account how the pandemic would affect the bridal industry and its business operations. According to the aforementioned media site, it also created “prudent” estimates for the upcoming fiscal years, predicting “moderate yet sustained” growth.
The bridal fashion company was badly impacted by the worldwide health crisis. Although the company’s revenues increased by 52 per cent in 2022 to € 149 million, they remained below pre-pandemic levels.
After BC Partners left the company at the end of the previous year, Bain Capital and MV Credit took over as the company’s controlling parties. The establishment of a new board of directors to lead the company in its next chapter, along with a capital infusion of € 211 million intended to lower the company’s debt and carry out its recovery plan, were announced by the new owners in April 2023.
Among its recent developments, the appointment of Marc Calabia, former CEO of Springfield, as the new CEO of the bridal giant stands out. The executive will soon unveil a new strategic plan for the company.
Bharat Tex Special Report 2026 
