Rome, Italy — The Bulgari Family has decided to join forces with the LVMH Group in order to reinforce the long term development of the Bulgari Group.
Rome, Italy — The Bulgari Family, majority shareholder of the renowned Italian House established in 1884 by Sotirio Bulgari, has decided to join forces with the LVMH Group in order to reinforce the long term development of the Bulgari Group.
Bulgari is renowned as one of the major players in luxury retail. Parent company Bulgari S.p.A. operates 47 companies and 283 retail stores located in the most exclusive shopping areas of the world. LVMH Moët Hennessy – Louis Vuitton possesses a portfolio of over 60 prestigious brands and more than 1,100 stores.
The LVMH board of directors approved the agreement unanimously on March 6, 2011. The board of directors of Bulgari S.p.A. also unanimously approved contributing the family’s majority shareholding in Bulgari S.p.A. to LVMH. Upon completion of the share transfer process, the Bulgari Family will become the second largest family shareholder of the LVMH Group.
Paolo and Nicola Bulgari will remain chairman and vice chairman, respectively, of the Bulgari S.p.A. board of directors. The Bulgari Family will also be allowed to appoint two representatives to the LVMH board of directors. Francesco Trapani, CEO of Bulgari S.p.A., will join the executive committee of LVMH and will assume the management of the LVMH enlarged Watches and Jewelry activities in the second half of 2011. Philippe Pascal, the current head of these activities, will remain on the LVMH executive committee and will be given new responsibilities within the group.