At what enterprise value was BULGARI acquired in 2011?

During the acquisition of BULGARI by LVMH in 2011, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 3b - 100b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Retail & Consumer industry currently tracks an average EBITDA multiple of 11.0x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of BULGARI when it was acquired by LVMH?

The estimated EV/EBITDA multiple for BULGARI is in the range of Above 20x. For comparison, the Retail & Consumer sector currently shows an average EBITDA multiple of 11.0x. Join our community for free to access full valuation data and industry trends.

When was BULGARI acquired by LVMH?

BULGARI was acquired by LVMH in 2011.

What was the revenue of BULGARI at the time of the deal?

The revenue of BULGARI at the time of the deal is estimated to be in the range of 750M - 1.3b EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of BULGARI during the acquisition?

BULGARI's EBITDA is estimated to be in the range of 100M - 200M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the BULGARI acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the BULGARI deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.lvmh.com/fr/le-calendrier-des-evenements-financiers/la-famille-bulgari-sassocie-a-lvmh-cp

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Home Database Retail & ConsumerBULGARI

03/2011

BULGARI acquired by LVMH

ITALY Luxury Goods / Watches & Jewelry EV 3b - 100b EUR

Context

LVMH acquired Bulgari in a significant, friendly, and strategic transaction. The deal was structured via a two-step acquisition process. In Step 1, the Bulgari family contributed its 50.4% controlling stake (152.5 million shares) to LVMH. In exchange, LVMH issued 16.5 million new shares, making the Bulgari family the second-largest family shareholder in LVMH with a 3.5% stake, and granting them two seats on the LVMH Board of Directors. In Step 2, as Bulgari was a listed entity in Milan, the transaction triggered a mandatory public buyout offer for the remaining 49.6% minority shares. LVMH launched an all-cash tender offer, financed equally through its available cash reserves and new debt. The transaction immediately doubled LVMH’s jewelry and watch revenues, scaling the division to represent 10% of group sales and creating a true global challenger to Richemont’s Cartier. In exchange, Bulgari gained immediate access to LVMH’s institutional global distribution reach, real estate leverage, and downstream supply chain efficiencies in raw material purchasing.

BULGARI, which reported an EBITDA margin of LOGIN in 2010, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN than the average currently observed in the Retail & Consumer sector (11.0x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Bulgari is an iconic Italian luxury house globally renowned for its high jewelry, fine watchmaking, fragrances, and premium accessories. Founded in Rome in 1884 by Greek silversmith Sotirio Bulgari, the brand developed a distinct design language characterized by bold color combinations, voluminous architectural shapes, and Roman heritage motifs. Its business model relies on heavy vertical integration across high-end craftsmanship (specifically in Valenza for jewelry and Switzerland for watches), paired with a global retail network of mono-brand boutiques. The organization derives roughly 66% of its business from the high-margin jewelry and watch segments.

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Similar deals in Retail & Consumer

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
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02/2014	BLACKSTONE	VERSACE	ITALY	Luxury Goods	The investment by Blackstone in Versace represents a strategic partnership between the two companies, with the goal of driving growth and expansion in the global luxury market. The transaction involves Blackstone acquiring a 20% stake in Versace, with the option to increase its holding in the future
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07/2013	KERING	POMELLATO	ITALY	Luxury Goods	Pomellato has been acquired by he French luxury group PPR (now rebranded Kering). PPR emerged as the winning bidder, defeating a competing buyout attempt from the Damiani family and their private equity partner
10/2012	PAI PARTNERS	MARCOLIN	ITALY	Luxury Goods	PAI Partners entered into an agreement to acquire a majority stake (78,39%) in Marcolin from the founding Marcolin family, the Della Valle brothers, and Antonio Abete through a primary leveraged buyout transaction
07/2012	MAYHOOLA	VALENTINO	ITALY	Luxury Goods	Mayhoola for Investments has acquired full ownership of Valentino Fashion Group (VFG) from Red&Black Lux S.a.r.l., a holding company controlled by Permira Funds (80%) and the Marzotto family (20%). The transaction focuses specifically on the Valentino brand and the M Missoni license
06/2011	EURAZEO	MONCLER	ITALY	Luxury Goods	Eurazeo acquired a 45% stake in Moncler from various shareholders, valuing the company at EUR1.2 billion. The equity investment by Eurazeo amounted to EUR418 million based on a total equity value of EUR930 million
08/2008	VSP VISION	MARCHON EYEWEAR	UNITED STATES	Luxury Goods	VSP Vision has acquired Marchon Eyewear through a combination of cash consideration and structured transaction terms. The acquisition gives VSP Vision control of a global eyewear platform specializing in the design, branding, and distribution of optical frames and sunglasses, supported by a strong portfolio of licensed brands and an extensive international commercial footprint

REFERENCES

Valuation range: EV 3b - 100b EUR

Revenue range: 750M - 1.3b EUR

EBITDA range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of BULGARI by LVMH are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: bulgari

Acquirer: lvmh