Bulgari is restructuring its U.S. executive team.
This story first appeared in the September 4, 2009 issue of WWD. Subscribe Today.
Veronica McMahon Trenk has been appointed managing director of Bulgari in the U.S. Trenk was formerly managing director of the Roman jewelry house’s fragrance and skin care division in the U.S. She takes on the added responsibilities of François Kress, former managing director of Bulgari’s jewelry, watch and accessories division, who exited the firm nearly a month ago.
Last month, WWD reported rumblings in Bulgari’s U.S. business with the closing of boutiques in three key markets: Palm Beach, Fla.; Aspen, Colo., and New York’s Madison Avenue. The jeweler revealed plans to open stores in San Francisco, Las Vegas and Dallas this year.
Bulgari has 15 company-owned boutiques in the U.S., including stores in Atlanta, Honolulu and a 13,590-square-foot flagship on Fifth Avenue in New York.
In March, the jeweler said it was cutting jobs, reducing the number of products and closing unprofitable stores after the company’s earnings fell 45.1 percent in 2008.
In July, Bulgari SpA reported a net loss of $53.8 million in the first half ending June 30, citing poor sales in the U.S. and a slowdown in demand for fine watches and jewelry in the U.S.
All product categories suffered in the first half. Revenues of jewelry, which generated 44.5 percent of sales, showed a 23 percent drop. Accessories sales were hit hardest, however, posting a 40.9 percent decline.