Bulgari

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

Bulgari S.p.A.

Headquarters in Rome
Type	Private società per azioni
Industry	Retail
Founded	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

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 the region of Epirus, Greece, in 1884 by the silversmith Sotirios Boulgaris (Greek: Σωτήριος Βούλγαρης, 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 [soˈtirios ˈvulɣaris]).[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 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, as Greeks used to call everybody who is not christianized, from the Volga river, who "finally settled in Moesia near the Balkan – Haemus mountains, located in Bulgaria", so the founding father of this family was described as a descendant of Prince Stefan Lazarević in the 16th century testament 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 and came from the Epirus Village of Paramythia, the largest Aromanian center of silversmithing in the Balkans.[9] He 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); 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 died, 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 1940s 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. 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.[18]

The company has seen 150% revenue growth between 1997 and 2003. Bvlgari continues to build up many brands which has made them one of the most profitable luxury brands in the jewelry industry.

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 ($6.0 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.

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.

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's watch production. It was founded in 1980 and is headquartered in Neuchâtel. Bulgari Haute Horlogerie SA employs about 500 people.

Fragrances

Bulgari Perfume Le Gemme

Fragrances include 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 and leather goods

The creation of Bulgari accessories and leather goods is handled in the Bulgari atelier in Florence, and twice a year presents its collections at Milan Fashion Week.

Bulgari Hotels & Resorts

Bulgari in IFC Mall, Hong Kong

In 2001, Bulgari formed a joint venture with The Ritz-Carlton, a hotel brand owned by Marriott International, to launch Bulgari Hotels & Resorts, a collection of hotels and resort destinations around the world.[28]

Their distinctive settings and Italian design by the architectural firm Antonio Citterio-Patricia Viel characterise the properties of Bulgari Hotel Group. These are Milan (opened in 2004), Bali (2006), London (2012), Beijing (2017), Dubai (2017) and Shanghai (2018). Hotels in Moscow, Paris and Tokyo are due to open between 2020 and 2022.[29] As of 30 June 2020, it has 6 hotels with 523 rooms, in addition to 3 hotels with 239 rooms in the pipeline.[30]

Historical

		North America	0Europe0	Middle E. & Africa	0Asia &0 Pacific	Caribbean Latin Am.		Total
2004	Properties		01					0001
	Rooms		00058					58
2005	Properties		01					0001
	Rooms		00058					58
2006[31]	Properties		01		01			02
	Rooms		00058		00059			00117
2007[32]	Properties		01		01			02
	Rooms		00058		00059			00117
2008[33]	Properties		01		01			02
	Rooms		00058		00059			00117
2009[34]	Properties		01		01			02
	Rooms		00058		00059			00117
2010[35]	Properties		01		01			02
	Rooms		00058		00059			00117
2011[36]	Properties		01		01			02
	Rooms		00058		00059			00117
2012[37]	Properties		02		01			03
	Rooms		00143		00059			00202
2013[38]	Properties		02		01			03
	Rooms		00143		00059			00202
2014[39]	Properties		02		01			03
	Rooms		00143		00059			00202

From 2015

		North America	0Europe0	Middle E. & Africa	0Asia &0 Pacific	Caribbean Latin Am.		0Total0
2015[40]	Properties		02		01			03
	Rooms		00143		00059			202
2016[41]	Properties		02		01			03
	Rooms		00143		00059			202
2017[42]	Properties		02	01	02			05
	Rooms		00143	120	179			442
2018[43]	Properties		02	01	03			06
	Rooms		00143	120	260			523
2019[44]	Properties		02	01	03			06
	Rooms		00143	120	260			523

Shops

Bulgari Hong Kong Boutique

Bulgari has about 300 stores. The largest is the 10-storey 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, Pennsylvania, Palm Beach, San Francisco, Short Hills, Scottsdale, Arizona, and Toronto.

South American Bulgari distributors are found in Lima, Bogotá, São Paulo, Margarita island & Quito.

Partnership with Save the Children

In 2009, Bulgari began a partnership with Save the Children, including a co-branded jewellery collection,[45] of which a portion of the proceeds went to the charity. As of 2018, Bulgari's contribution has totalled $80 million.

Bulgari Art Award

The Bulgari Art Award is an annual art award in partnership with the Art Gallery of New South Wales, Sydney, Australia.[46] Sponsored by Bulgari the $50,000 acquisitive cash award plus $30,000 residency in Italy is presented to mid-career Australian artists. The inaugural prize winner in 2012 was Michael Zavros. List of winners are:

• 2019 – Nusra Latif Qureshi[47]
• 2017 – Tomislav Nikolic[48]
• 2016 – Jude Rae
• 2015 – Ildiko Kovacs
• 2014 – Daniel Boyd
• 2013 – Jon Cattapan
• 2012 – Michael Zavros

References

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2. "Head of Italian luxury goods firm says new hotel venture will boost profits". CNN. 13 February 2011.
3. FashionModelDirectory.com, The FMD-. "Bulgari – Fashion Brand | Brands | The FMD". The FMD - FashionModelDirectory.com.
4. "The Bulgari logo". Museo Del Marchio Italiano.
5. Amanda Triossi and Daniela Mascetti (2009). BVLGARI. Milan: Electa. p. 17. ISBN 9788837064921.
6. ""Булгари" да се наричам първа радост е за мене – trud.bg". Archived from the original on 27 April 2016.
7. Stefanos Konstantinos, Voulgaris. Ek Voulgareōn : hena oikogeneiako chroniko : plērophories gia tē mesaiōnikē Valkanikē (1. ekd ed.). Vivliopōleion tēs "Hestias", I.D. Kollarou & Sias. ISBN 9789600513219.|url=https://www.public.gr/product/books/greek-books/anthropology-social-sciences/biographies/ek-boylgareon/prod1722813pp/}}
8. Danova, Penka (2015). Le fonti della cronaca Bulgari. pp. 5–34.
9. "Βούλγαρης Γ. Σωτήριος "Ο κοσμηματοπώλης των βασιλέων"" (in Greek).
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11. "From the origins". Bulgari Official website.
12. Meylan, Vincent (2015). Roma passion jewels. Milan: Electa. ISBN 9788891804549.
13. "Bulgari: the man, the enigma". The Age. 8 January 2007.
14. "70 eclectic creativity". Bulgari Official website.
15. "Gianni Bulgari". Enigma. Archived from the original on 11 January 2013.
16. "THE HISTORY OF BVLGARI". Swisstime.
17. "Bulgari S.p.A.". International Directory of Company Histories. 106. 2010.
18. Amanda Triossi and Daniela Mascetti (2009). BVLGARI. Milan: Electa. ISBN 9788837064921.
19. "Bulgari To Acquire Gerald Genta And Daniel Roth". Federation of the Swiss watch industry. 5 July 2000.
20. "Bulgari Acquires 100% Of Crova". Diamonds. 3 January 2005.
21. "BULGARI. TRA ETERNITÀ E STORIA. 125 ANNI DI GIOIELLI ITALIANI". Palazzo delle Esposizioni. 22 May 2009.
22. 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.
23. Paul Betts (7 March 2011), Bulgari is new jewel in LVMH crown Archived 1 January 2015 at the Wayback Machine Financial Times.
24. "Bulgari's Spanish Steps donation a €1.5m 'gift' to the people of Rome". The Guardian. 20 March 2014.
25. "Bulgari inaugura una Domus per collezioni storiche e gioielli delle star". Corriere della Sera. 24 October 2014.
26. "LEED GOLD". U.S. Green Building Council. 2017.
27. Kathleen Beckett, "Bulgari Creates a New Jewelry-Making Center", New York Times March 30, 2017
28. Meta-luxury, Brands and the Culture of Excellence , p. PT91, at Google Books
29. "Bulgari Hotels & Resorts Official website". bulgarihotels.
30. "Bulgari". Marriott Hotels Development. Retrieved 19 August 2020.
31. "2006 Annual Report". www.marriott.gcs-web.com. p. 20.
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34. "2009 Annual Report". www.marriott.gcs-web.com. p. 19.
35. "2010 Annual Report". www.marriott.gcs-web.com. p. 18.
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38. "2013 Annual Report". www.marriott.gcs-web.com. p. 20.
39. "2014 Annual Report". www.marriott.gcs-web.com. p. 17.
40. "2015 Annual Report". www.marriott.gcs-web.com. p. 5.
41. "2016 Annual Report". www.marriott.gcs-web.com. p. 7.
42. "2017 Annual Report". www.marriott.gcs-web.com. p. 7.
43. "2018 Annual Report". www.marriott.gcs-web.com. p. 6.
44. "2019 Annual Report". www.marriott.gcs-web.com. p. 6.
45. "Jewellery – Save The Children". Bulgari Official Website.
46. "Bulgari Art Award :: Opportunities for artists :: About us :: Art Gallery NSW". www.artgallery.nsw.gov.au.
47. "Bulgari Art Award :: Opportunities for artists :: About us :: Art Gallery NSW". www.artgallery.nsw.gov.au. Retrieved 25 October 2019.
48. Blake, Elissa (27 April 2017). "Bulgari Art Award 2017: Tomislav Nikolic". Sydney Morning Herald.