Subsequent to the Bulgari family selling their shares of French luxury group LVMH, sales dropped 3.5%. The family was under guidance from the same financial consultant who acted as their counselor when they sold the Bulgari ‘family jewels’ to LVMH last year for a 60% premium.
Bulgari vice-president Nicola Bulgari and Bulgari chairman Paolo Bulgari and nephew Bulgari chief executive Francesco Trapani have all let go of their shares. LVMH said that Bulgari noted sound revenue growth in 2011 across all their product categories through their own stores as well as other distribution channels.
Last week LVMH declared strong watch and jewelry sales for the year, up 23% with doubled profits. LVMH announced last March they would be acquiring Bulgari Spa in an all-share deal, offering more money than they have ever offered for any company. Under the deal, the Bulgari family sold their controlling stake in the exchange for 3% of LVMH, making them the second biggest family shareholder behind the Arnaults in LVMH.