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.”