Italian jeweler and luxury goods maker Bulgari SpA left open the possibility of relinquishing some of the Bulgari family’s control over the group, but said it wasn’t in discussions with any party at the moment, Dow Jones News Bureau reports.
“If it’s instrumental for something we may consider it, but otherwise there is no reason to do so,” Chief Executive Francesco Trapani recently said. “At present, no, there is no reason.”
He reportedly said rumors of Bulgari possibly being bought by another company have been ongoing for many years and stressed that Bulgari isn’t in talks with any party right now.
There has been recent market speculation that Bulgari may sell a stake to Swatch Group AG, which counts premium-priced Longines and Omega timepieces among its stable of watch brands, or France’s LVMH Moet Hennessy Louis Vuitton, the world’s largest luxury goods company. Trapani has denied the rumors, Dow Jones reports.
Trapani and his uncles own a combined stake of around 54% in Bulgari, founded by his great-grandfather.