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 Woman accidentally shoots herself in the head while posing for a selfie
- 2 Art Garfunkel: Paul Simon is a 'monster' with a Napoleon complex
- 3 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 4 Female Muay Thai champion hustles coaches to give them a beating
- 5 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
Isis 'jihadi bride' claims forced sex with Yazidi girls is never rape because Koran condones it
Woman accidentally shoots herself in the head while posing for a selfie
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...