Bulgari (//; stylized as BVLGARI) is an Italian jewelry and luxury goods brand that produces and markets several product lines including jewelry, watches, fragrances, accessories, and hotels. It is partially owned by Luxottica in Milan, a conglomerate.
Headquarters in Rome
|Privately held società per azioni|
|Paolo Bulgari (Chairman), Jean-Christophe Babin (CEO)|
|Products||jewellery, watches, accessories, fragrances, cosmetics|
|Revenue||€1.069 billion (2010)|
|€85.3 million (2010)|
|€38.0 million (2010)|
|Total assets||€1.490 billion (end 2010)|
|Total equity||€934.0 million (end 2010)|
Number of employees
|3,815 (end 2010)|
The trademark is usually written BVLGARI in the classical Latin alphabet, and is derived from the surname of the company's Greek-Bulgarian founder, Sotir Bulgari (1857–1932). The name itself contains the root Βουλγαρ-, Greek for "Bulgarian". Furthermore, in the company's native Italy the word Bulgari means "Bulgarians" or people of Bulgarian descent.
Sotirios Boulgaris (Bulgarian: Сотир Българи; Greek: Σωτήριος Βούλγαρης, pronounced [soˈtirʝos ˈvulɣaris]), born in an Aromanian village known as Kalarites, began his career as a jeweller in the Greek village (Epirus, Greece), where his first store can still be seen. In 1877, he left for Corfu and then Naples. In 1881 he finally moved to Rome, where in 1884 he founded his company and opened his second shop in Via Sistina. The store in Via Sistina was then replaced by the current flagship store in Via dei Condotti, opened in 1905 by Bulgari with the help of his two sons, Costantino (1889–1973) and Giorgio (1890–1966).
During the Second World War, Costantino Bulgari and his wife Laura hid three Jewish women in their own Roman home. They were strangers to them; the Bulgari opened their doors out of outrage for the raid of the Roman ghetto in October 1943. For their generous action, on 31 December 2003, they were awarded the title of Righteous among the Nations at Yad Vashem in Jerusalem.
After Giorgio's death in 1966, his son Gianni led the company as co-chief executive with his cousin Marina. As chairman and CEO of Bulgari in the early 1970s, Gianni initiated the internationalization of the company by opening shops in New York, Geneva, Monte-Carlo and Paris. For many years the company maintained a showroom in New York's The Pierre Hotel. In the late 1970s, Gianni led a complete overhaul of the company, establishing a new watch business and focusing on product design. In 1985, Gianni resigned as CEO and in 1987, he left the family business after selling his one-third stake in the company to his brothers Nicola and Paolo.
In 1984, Sotirio's grandsons Paolo and Nicola Bulgari were named Chairman and Vice-Chairman of the company and nephew Francesco Trapani was named CEO. Trapani's goal to diversify the company was started in the early 1990s with the release of the Bulgari perfume line. Under his tenure the company has established itself as a luxury goods brand recognized throughout the world.
In 1995, the company was listed on the Borsa Italiana. The company has seen 150% revenue growth between 1997 and 2003.
On 6 March 2011 French luxury group LVMH Moet Hennessy Louis Vuitton SA announced that it was acquiring Bulgari SpA in an all-share deal for €4.3 billion ($6.01 billion), higher than LVMH had offered for any other company. Under the deal, the Bulgari family sold their 50.4 per cent controlling stake in exchange for 3 per cent of LVMH, thereby becoming the second-biggest family shareholder behind the Arnaults in LVMH. The takeover doubled the size of LVMH’s watches and jewellery unit, which at the time of the acquisition included Tag Heuer timepieces and De Beers diamond necklaces. The acquisition concluded on 4 October 2011 as Bulgari was delisted from the Borsa Italiana.
In January 2017, Bulgari inaugurated the largest jewellery factory in Europe, in Valenza. The facility covers a surface area of 14,000 square metres and consists of two main buildings, the Cascina dell'Orefice and the actual manufacturing area. The facility was built over the former home of the first goldsmith in Valenza, Francesco Caramora. The buildings follow the model of a Roman domus, and are built around a central courtyard. It has received an LEED Gold environmental certification.
Bulgari Hotels & ResortsEdit
In the beginning of 2001. Bulgari Spa formed a joint venture with Luxury Group (the Luxury Division of Marriott International which also manages The Ritz-Carlton Hotel Company, L.L.C.) to launch a new luxury hotel brand, Bulgari Hotels & Resorts. Bulgari opened its first hotel in Milan in 2004, a resort in Bali in 2006, followed by a hotel in London in 2012, followed by Dubai and Beijing in 2017 with further hotels scheduled to open in Shanghai and Moscow in 2018 and 2020 respectively. In 2011, Bulgari Bali has been chosen by the readers of Smart Travel Asia magazine as number-2 of top places to stay in Asia. In 2017, Bulgari London Hotel Private Screening Room was named as one of the top private screening rooms in London by Ikon London Magazine. Current locations include Milan, London, Bali, Beijing, and Dubai with restaurants in Osaka and Tokyo. Future locations will include Shanghai and Moscow. The Bulgari luxury resort in Dubai has been cited to be the costliest hotel in the Middle East, surpassing the room cost of Burj al Arab.
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Bulgari jewelry design is distinctive and often imitated (and counterfeited). In the 1970s, many of the more expensive Bulgari pieces (such as necklaces, bracelets and earrings) were characterized by instantly recognizable, bold, architectural designs combining large and weighty gold links with interlocking steel. Bulgari is also famous for colored stones, especially sapphires mixed in unique formats. Genuine Bulgari watches have a unique serial number that is registered with the company.
Bulgari relies on a distribution network of about 300 stores, located in the most exclusive shopping areas in the world. The largest Bulgari store in the world is the 10-story Bulgari Ginza Tower in Tokyo, 940 square meters of retail floor space, including a restaurant and lounge bar.
North American Bulgari boutiques and distributors are found in Aspen, Atlanta, Beverly Hills, Bal Harbour, Boca Raton, Bethesda (Chevy Chase), Charlotte, Chicago, Costa Mesa, Dallas, Honolulu, Houston, King of Prussia, New York, Las Vegas, Los Angeles, Mexico City, Cabo San Lucas. Mx, Montreal, Palm Beach, San Francisco, Short Hills, and Scottsdale, Arizona.
South American Bulgari distributors are found in Lima, Bogotá, São Paulo, Margarita island & Quito.
The company's Swiss subsidiary, Bulgari Haute Horlogerie SA, is responsible for Bulgari watch production. It was founded in 1980 and is headquartered in Neuchâtel. Bulgari Haute Horlogerie SA employs about 500 people.
Bulgari develops its own calibers and parts, including highly complicated mechanisms and basic calibers. The Bulgari watch collection comprises the following lines: Bulgari-Bulgari, Sotirio-Bulgari, Assioma, Astrale, Serpenti B.Zero1, Daniel Roth, Rettangolo, Ergon, Gérald Genta, Serpenti and Diagono and Octo.
Between 2009 and 2011, Bulgari donated 13 million Euros to Save The Children. By the end of 2011 the partnership was renewed. So far the donation has directly reached 334,101 children, trained 9,899 teachers and provided rehabilitation activities in 206 schools.
- "Annual Report 2010" (PDF). Bulgari. Retrieved 19 May 2011.
- "Boulgari". Paramythia On Line (in Greek). Retrieved 14 June 2014.
- Israel Gutman, Bracha Rivlin e Liliana Picciotto, I giusti d'Italia: i non ebrei che salvarono gli ebrei, 1943–45 (Mondadori: Milano 2006), pp. 75–76.
- "Bulgari: the man, the enigma". The Age. 8 January 2007.
- "Gianni Bulgari". Enigma.
- "Bulgari S.p.A.". International Directory of Company Histories. 106. 2010.
- Andrew Roberts and Tara Lachapelle (7 March 2011), Bulgari Takeover 82% Costlier Than Hermes for LVMH: Real M&A Archived 10 March 2011 at the Wayback Machine. Business Week.
- Paul Betts (7 March 2011), Bulgari is new jewel in LVMH crown Archived 1 January 2015 at the Wayback Machine. Financial Times.
- Kathleen Beckett, "Bulgari Creates a New Jewelry-Making Center", New York Times March 30, 2017
- "Bvlgari Hotel & Resorts Shanghai 2017, Overview". Bvlgari Hotel & Resorts. Retrieved 14 August 2013.
- A Orlova, Tamara (7 May 2017). "Top Private Screening Rooms in London as Selected by Celebrity Photographer Joe Alvarez". Ikon London Magazine. Retrieved 9 November 2017.
- "Bali Top Holiday Spot in Asia: Poll". 7 September 2011. Archived from the original on 29 September 2012.
- "'Dubai's most expensive hotel' is opening in Jumeirah in December".
- "Dubai's 'most expensive' hotel to open in December".
- Scottsdale Fashion Square[permanent dead link]
- "Bulgari Watch Production review".