Bulgari fuels talk of bid for Fendi
Friday 30 July 1999
Bulgari's half-year sales figures, announced yesterday, showed a healthy rate of growth, with turnover up 22 per cent from last year at lira 365.3bn (pounds 127m). Profits will not be announced until September this year.
Commenting on the results, Bulgari's chief executive officer Francesco Trapani fuelled rumours that his firm was about to make a bid for Fendi by referring to his group's "intense expansion strategy".
The move would add momentum to the wave of consolidation that is sweeping the fashion industry. Earlier this month, flamboyant designer Jean Paul Gaultier sold 35 per cent of his company to fashion chain Hermes. The sale raised pounds 15m. And in June, designer chain Gucci sold a 42 per cent stake to Pinault-Printemps-Redoubt, the French retailing group in defensive measure to stave off a takeover bid from LVMH, its luxury goods rival.
If Bulgari does press ahead with a bid for Fendi, it could face some stiff opposition. Prada, Gucci and Texas Pacific are all said to have expressed an interest in the purchase. US-based Texas Pacific, the venture capitalists behind Punch's successful bid for Allied Domecq's pubs, reportedly approached Fendi in June with an offer of pounds 270m.
So far, Bulgari's expansion has mostly been organic. This year, the company has opened 10 new stores in places such as Mexico City, Brussels, Nassau and Manila.
- 1 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 2 What happens to your body when you give up sugar?
- 3 Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
- 4 Have sex with your iPad thanks to the new sex toy no-one asked for
- 5 The 'sex selfie stick' lets you FaceTime the inside of a vagina
Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
George Clooney and Amal fail to get special treatment at New York restaurant
Cindy Crawford 'un-PhotoShopped' viral Marie Claire image was doctored, claims photographer
'A girl is more responsible for rape than a boy': The statement that shocked the world... except India
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
iJobs Money & Business
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...
£36,000 - £40,000: Christine McCleave: Are you looking for a new opportunity a...
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...