Luxury giant LVMH is set to buy a controlling stake in jewellery brand-to-the-stars Bulgari, according to JCK.
In a deal approved by the LVMH board of directors, LVMH will exchange 16.5m shares in exchange for 152.5m Bulgari shares in a deal set to topple the $5billion mark. It is also thought that CEO of Bulgari Francesco Trapani will be appointed to manage LVMH’s watch and jewellery division that include such brands as Tag Heuer and Fred.
The Bulgari company is currently owned by the Rome-based Bulgari family, who following this deal, will become the second largest family shareholder of the LVMH Group.