LVMH Directors approve Bulgari share move

By Doug Newhouse |

After receiving full clearance from the competition authorities and notably the European Commission, the LVMH Board of Directors yesterday approved the transfer of the Bulgari Family’s majority shareholding in Bulgari S.p.A. to LVMH.

In line with Italian Stock Exchange regulations – and as announced in March – LVMH will now launch a tender offer over the shares owned by Bulgari’s minority shareholders in the weeks ahead.

Francesco Trapani will now assume the management of LVMH’s Watches & Jewelry activities and has also been appointed to the LVMH Board of Directors. Philippe Pascal will become an adviser to Bernard Arnault, Chairman and Ceo of LVMH.

In recognition of Philippe Pascal’s achievements at the head of the Group’s Watches & Jewelry activities, Bernard Arnault, said: “Since his appointment to the head of Watches & Jewelry in 2001, Philippe Pascal has lead the development, integration and internationalisation of this business, which has become a major player under his leadership. 

“Thanks to his knowledge of the luxury sector, his discipline and creativity, he was able to strengthen the identity and prestige of each Maison in the division.”

 

Middle East

MEADFA Conference 2024 ‘heading to Abu Dhabi on 17-19 November’

This year’s Middle East & Africa Duty Free Association (MEADFA) Conference will take...

International

DFWC Q1 2024 KPI Monitor indicates rise in duty free impulse purchases

Impulse purchasing within global duty free is on the rise, according to the latest Duty Free...

Asia & Pacific

Avolta details “bold and ambitious” goals to grow its APAC business

With a number of key developments coming to fruition, including its operations at Wuhan Tianhe...

image description

In the Magazine

TRBusiness Magazine is free to access. Read the latest issue now.

E-mail this link to a friend