Spanish bridal label Pronovias sees €193 million capital cut

Pronovias, the Barcelona-based bridal fashion house known for its elegant wedding gowns and global presence, is taking decisive steps to support its financial recovery. To guide the label back toward profitability, its owners—Bain Capital and MV Credit—have withdrawn €193 million from the share capital of Catiberia Acquisition Holdco, the holding company overseeing all Pronovias operations.

The capital reduction occurred at the end of March, as reported in the Official Bulletin of the Commercial Registry (Borme) and revealed by the Spanish newspaper El Confidencial.

This move allowed the company to repay a substantial portion of the €211 million injected by the two funds in May 2023—shortly after acquiring Pronovias—to stabilize its accounts and activate a recovery plan. The transaction occurred in two phases through Mermaid Bidco Limited and excluded the previous owner, Pronovias BC Capital, from the capital structure.

According to the latest data from the Commercial Registry, Catiberia Acquisition Holdco reported a deficit of €129 million in fiscal year 2023, driven by accumulated losses due to the pandemic’s prolonged impact on the bridal fashion industry. In response, the company announced a redundancy plan in mid-2024 that affected 64 employees at its offices in El Prat de Llobregat, near Barcelona, as part of its broader effort to return to profitability.

Alongside its financial restructuring, Pronovias has been undergoing a significant brand transformation. In an interview with FashionNetwork.com in 2024, managing director Marc Calabia explained that the company is executing a comprehensive strategy to reestablish Pronovias as a reference point in the global bridalwear market. As part of this repositioning, the label has partnered with notable partners, including the National Art Museum of Catalonia and Italian designer Elisabetta Franchi, with whom it recently released a capsule collection.

Earlier this year, Pronovias unveiled an updated strategic plan for 2025–2027, centered on international expansion and redesigning its El Prat de Llobregat headquarters showroom. Reflecting this new direction, the brand chose not to participate in the 2024 edition of Barcelona Bridal Fashion Week, which took place in April.

The group currently operates a diverse brand portfolio under the Pronovias umbrella, including Vera Wang Bride, House of St. Patrick, White One, Nicole Milano and Lady Bird. Today, the company’s offerings are available in over 4,000 retail locations across 105 countries, further solidifying its role as a key player in the global bridalwear industry.