Rearuh

Bulgari S.p.A.

Headquarters in Rome
Type	Private società per azioni
Industry	Retail
Founded	1884; 135 years ago (1884)
Founder	Sotirios Voulgaris
Headquarters	Rome, Italy
Key people	Paolo Bulgari (Chairman) Jean-Christophe Babin (CEO)
Products	Jewellery watches accessories fragrances cosmetics
Revenue	€1.069 billion (2010)[1]
Operating income	€85.3 million (2010)[1]
Net income	€38.0 million (2010)[1]
Total assets	€1.490 billion (end 2010)[1]
Total equity	€934.0 million (end 2010)[1]
Owner	LVMH (50.4%)
Number of employees	3,815 (end 2010)[1]
Website	www.bulgari.com

Bulgari (/ˈbʊlɡəri/, Italian: [ˈbulɡari]; stylized as BVLGARI) is an Italian luxury brand known for its jewellery, watches, fragrances, accessories and leather goods.

While the majority of design, production and marketing is overseen and executed by Bulgari, the company does, at times, partner with other entities. For example, Bulgari eyewear is produced through a licensing agreement with Luxottica, and Bulgari formed a joint venture with Marriott International in 2001 to launch its hotel brand, Bulgari Hotels & Resorts, a collection of properties and resort destinations around the world.

Currently part of the LVMH Group, Bulgari was founded in Rome in 1884 by the silversmith Sotirios Voulgaris (Italian: Sotirio Bulgari) as a single jewellery shop that has, over the years, become an international brand. The company has evolved into a player in the luxury market, with an established and growing network of stores.^[2]

Etymology

The trademark is usually written BVLGARI in the classical Latin alphabet, and it is derived from the surname of the company's founder, Sotirios Voulgaris (1857–1932; Greek: Σωτήριος Βούλγαρης, pronounced [soˈtirʝos ˈvulɣaris]).^[3] The root of the surname Voulgaris is Βούλγαρ (Voulgar), which in Greek translates as "Bulgarian".^[3] In Italy, he changed it to Bulgari, which appropriately translates as "Bulgarians" in Italian.^[3]

The BVLGARI logo

The BVLGARI logo was used for the first time in 1934, when its gilded brass letters graced the central doorway of the Via Condotti flagship store.^[4] In reference to ancient Rome, the “U” was replaced with the letter “V”, and a logo was born. Since then, the trademark is written BVLGARI in the classical Latin alphabet.^[3][5]

History

From its origins through the 1940s

The Voulgaris were a silversmithing family from the Epirus region of Ottoman Greece. Whether or not the Voulgaris family of Corfu and the Voulgaris family of the Italian jewelers Bulgari from Epirus share the same paternal line is unclear, but the count Stefanos Voulgaris denied that the Bulgari family of the Italian jewelers family is genealogically related to the Voulgaris family of Corfu.^[6] According to chronicles of the Voulgaris family written in Venetian Corfu, the "Voulgaris family of Saint Spyridon of Corfu" descend from the royal figures of barbarian peoples from the Volga river, who "finally settled in Moesia near the Haemus mountains, located in Bulgaria", so the founding father of this family was described as the "Triballian" (de facto Bulgarian) Prince Stefan Lazarevic in the 16th century testemant of the family, becoming such by taking refugee in the Venetian island Corfu.^[7][8][6]

The founder of the Bulgari brand is Sotirios Voulgaris (Greek: Σωτήριος Βούλγαρης, pronounced [soˈtirʝos ˈvulɣaris]) who was born in March 1857 in the Epirus Village of Paramithia (https://en.wikipedia.org/wiki/Paramythia), Ottoman Empire and was one of eleven children of his father Georgios Voulgaris(1823-1889) and his Aromanian mother Eleni Stronggaris.^[9] In 1881, Sotirios Bulgari moved to Rome and, in 1884, opened his first store on via Sistina 85. In 1888, he married Aromanian Eleni Basio with whom he had six children: Constantine-Georgios(1889-1973), Leonidas-Georgios(1890-1966), Maria-Athena(1891-1976), Sofia(1893-1908), Alexandra(1895-1984) and Spyridon(1897-1932), so Leonidas-Georgios is the father of the current chairman of the company Paolo Bulgari.^[9] In 1905, he unveiled the Via Condotti shop that would become the company’s flagship.^[10] In its early years, Bulgari was known for silver pieces that borrowed elements from Byzantine and Islamic art, combining them with floral motifs. At the time, Paris was the apex of fashion and creativity, and its trends influenced Sotirio’s designs for decades: jewels of the early 20s were characterised by platinum Art Deco settings while those of the 30s featured geometric diamond motifs—sometimes set in combination with coloured gemstones. Convertible jewels were also popular during the time, and one of Bulgari’s major piece was the Trombino, a small trumpet-shaped ring.

In 1932 Sotirio passed away, leaving the business to his two sons, Giorgio (1890–1966) and Costantino (1889–1973), who each had a keen interest in precious stones and jewels. During the Second World War, most new jewellery was crafted out of gold, as gems were scarce, and designs became more natural feeling. As the 40s came to a close, Bulgari introduced Serpenti bracelet-watches.^[11]

Bulgari Via Condotti flagship store

The 50s and the 60s: Colour revolution and Dolce Vita

In the 50s some of Bulgari best-known clients included Elizabeth Taylor, Anna Magnani, Ingrid Bergman and Gina Lollobrigida^[12] as Rome earned a reputation as "Hollywood on the Tiber" with the Cinecittà studios.

At the same time, Bulgari went to a new style. The post-war boom saw a return to precious materials, particularly white metals covered in diamonds. In the 50s, Bulgari launched its first floral brooches—called en tremblant because of their trembling diamond corollas. At the end of the 50s, Bulgari began to establish its motifs, introducing structured, symmetrical shapes in yellow gold set with brilliant gems—chosen for their colour rather than intrinsic value. Among these multi-hued jewels, cabochon cuts were another innovation. These new pieces were a significant departure from classical Parisian design.

A Bulgari shop in Baku, Azerbaijan

After Giorgio's death in 1966, his son Gianni led the company as co-chief executive with his cousin Marina.^[13]

The 70s: Eclectic creativity and global expansion

During the 1970s, Bulgari stores opened in New York, Geneva, Monte Carlo and Paris. This era marks the beginning of the Group’s international expansion, with Gianni as chairman and CEO. A number of new motifs made their debut as well—jewels became recognisable for their angular forms, strong colours, oval elements with cabochons, chains and maxi sautoirs, whilst the predominant use of yellow gold made precious pieces feel all the more wearable, and became known as a Bulgari trademark.^{[citation needed]} In 1977, Bulgari entered the world of horlogerie with the launch of the BVLGARI BVLGARI watch.^[14] At the time, Gianni led a complete overhaul of the company, focusing on product design.^[15]

The 80s: Prêt-à-porter jewellery

In the early 80s, to oversee all production of Bulgari watches, Bulgari Time was founded in Switzerland.^[16] In 1984, Paolo and Nicola Bulgari, Giorgio’s sons, became Chairman and Vice-Chairman, respectively,^[17] while their nephew, Francesco Trapani, became Chief Executive Officer.^[18] 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.

From the 90s to the new millennium

Bulgari diversified its brand in 1993 with the launch of its first fragrance, Eau Parfumée au The Vert and the founding of Bulgari Parfums in Switzerland to oversee the creation and production of all perfumes. In 1995, Bulgari pushed ahead with an aggressive programme for growth, becoming listed on the Milan Stock Exchange for the first time. In 1996, the brand launched its first accessories collection, beginning with silk scarves before developing a range of leather accessories and eyewear. In 1999, the brand launched the B.zero1 ring.^{[clarification needed][18]}

The company has seen 150% revenue growth between 1997 and 2003.

The 21st century

The year 2000 was the beginning of an increasingly aggressive period of verticalization for Bulgari, with the acquisition of the luxury watchmaking brands Daniel Roth and Gérald Genta,^[19] followed by the takeover of the jewellery firm Crova and of other companies that specialised in leather goods and watchmaking.^[20] The opening of the first Bulgari Hotel in Milan in 2004 further confirmed the expansion strategy of the brand, and was the result of a joint venture with Luxury Group, a division of Marriot International. In 2009, Bulgari celebrated its 125th anniversary with a retrospective of the brand’s history, held in Rome at Palazzo delle Esposizioni.^[21] That same year, the snake—a motif that appeared in Bulgari collections from the 1960s—re-emerged as the emblem of the Serpenti collection. In 2011, Bulgari signed a strategic alliance with LVMH Moet Hennessy Louis Vuitton SA, the world’s leading luxury group. The agreement was based on a stock transfer of the Bulgari family's shares in Bulgari S.p.A. to LVMH, an all-share deal for €4.3 billion ($6.01 billion), higher than LVMH had offered for any other company.^[22] 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.^[23] 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.^{[citation needed]}

In 2014, Bulgari celebrated the 130th anniversary of the brand. To mark the occasion, the shop at Via Condotti 10 was "reimagined" by the architect Peter Marino, and reopened. On the same day, the brand donated €1.5 million to the city of Rome for the restoration of the Spanish Steps.^[24] A few months after the Grand Opening, the DOMVS was inaugurated in the redesigned Bulgari boutique, creating a gallery space to house of Bulgari’s Heritage Collection.^[25]

In 2017 Bulgari opened a new jewellery manufacturing headquarters in Valenza. The largest in Europe, with a total area of 14,000sqm, the Manufacture has been given a Gold LEED (Leadership in Energy & Environmental Design) certification for sustainability in its design.^[26] 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.^[27]

Products

Jewellery

Bulgari’s jewellery collections include B.zero1, Divas’ Dream, Serpenti, BVLGARI BVLGARI, Parentesi, and a bridal line.^{[citation needed]}

Watches

BVLGARI watch

Bulgari’s watches collections include Octo, BVLGARI BVLGARI, Diagono and Haute Horlogerie creations for men, and LVCEA, Serpenti, Divas’ Dream, BVLGARI BVLGARI, B.zero1 and High Jewellery timepieces for women. It mixes Italian design and Swiss watchmaking. 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.^{[citation needed]}

Fragrances

BVLGARI Perfume Le Gemme

Bulgari’s fragrance assortment includes Goldea, Splendida and Omnia for women, BVLGARI Man, Aqua, the Classics, and Blv Pour Homme for men, whilst BVLGARI Le Gemme and Eau Parfumée.

Accessories & Leather goods

The creation of Bulgari accessories and leather goods is handled in the Bulgari atelier in Florence. Twice a year, Bulgari presents its latest collections at Milan Fashion Week, debuting them at the Spring/Summer and Fall/Winter shows.

Bulgari Hotels & Resorts

BVLGARI in ifc mall, Hong Kong

In 2001 Bulgari S.p.A. formed a joint venture with "Luxury Group", the Luxury Division of Marriott International, to launch Bulgari Hotels & Resorts, a collection of hotels and resort destinations around the world.^{[citation needed]} Their distinctive settings and Italian design by the architectural firm Antonio Citterio-Patricia Viel characterise the properties of Bulgari Hotel Group. Having grown from a curated collection of three—Milan (opened in 2004), Bali (2006) and London (2012)—the Bulgari Hotels & Resorts portfolio has recently added Beijing (2017), Dubai (2017) and Shanghai (2018) properties. There are three additional Hotels in the works, with Moscow, Paris and Tokyo slated to open between 2020 and 2022.^[28]

Boutiques

Bulgari Hong Kong Boutique

Bulgari relies on a distribution network of about 300 stores. 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.^{[citation needed]}

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.^{[citation needed]}

South American Bulgari distributors are found in Lima, Bogotá, São Paulo, Margarita island & Quito.^{[citation needed]}

Partnership with Save the Children

In 2009, Bulgari took action on behalf of disadvantaged children around the world through a partnership with Save the Children. The brand started a campaign which included the launch of a Save the Children custom-designed jewellery collection,^[29] of which a portion of the proceeds went to the charity. As of 2018, Bulgari's contribution has totalled 80 million dollars.

References