BULGARI has been 100% owned by LVMH since March 2011.

At what enterprise value was BULGARI acquired in 2011?

During the acquisition of BULGARI by LVMH in 2011, the transaction's Enterprise Value is estimated to be in the range of 3b - 100b EUR.

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.

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.

What was the EBITDA of BULGARI during the acquisition?

BULGARI's EBITDA is estimated to be in the range of 100M - 200M EUR.

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

What is the average EV/EBITDA multiple for the Retail & Consumer sector in 2026?

The average EV/EBITDA multiple for the Retail & Consumer sector in 2026 is 11.2x.

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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 in 2010, is valued in this transaction at an EV/EBITDA multiple of , a level than the average currently observed in the Retail & Consumer sector (11.2x).

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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 Luxury Goods

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
07/2016	G-III APPAREL GROUP	DONNA KARAN	UNITED STATES	Fashion & Leather Goods
02/2016	Piper	Monica Vinader	UNITED KINGDOM	Watches & Jewelry
04/2015	CLESSIDRA SGR / L-GAM	ROBERTO CAVALLI	ITALY	Fashion & Leather Goods
02/2014	BLACKSTONE	VERSACE	ITALY	Fashion & Leather Goods
07/2013	LVMH	LORO PIANA	ITALY	Fashion & Leather Goods
07/2013	KERING	POMELLATO	ITALY	Watches & Jewelry
10/2012	PAI PARTNERS	MARCOLIN	ITALY	Luxury Supply Chain
07/2012	MAYHOOLA	VALENTINO	ITALY	Fashion & Leather Goods
06/2011	EURAZEO	MONCLER	ITALY	Fashion & Leather Goods
08/2008	VSP VISION	MARCHON EYEWEAR	UNITED STATES	Luxury Supply Chain

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: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: bulgari

Acquirer: lvmh