Bulgari Family Sells LVMH Stock

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.

Seth Semilof

Co-Founder & COO · Haute Time

Seth Semilof co-founded Haute Living and, with business partner Kamal Hotchandani, launched Haute Time, the brands' luxury timepiece site, to educate buyers about the best watches in the world and to showcase the passion of collectors and the CEOs who lead the great maisons. His love of watches began early: a TAG Heuer at 13, an Omega at 16, and his first Rolex at 20. Through Haute Time he has been honored to visit the greatest watch manufactures in the world and meet the master watchmakers behind them. He has also personally featured private collections exclusive to Haute Time, taking readers inside the watch boxes of Kevin Hart, Carmelo Anthony, Tony Robbins and Swizz Beatz.