MILAN — Paolo Bulgari, Nicola Bulgari and former Bulgari chief executive officer Francesco Trapani sold a small part of their shareholding in LVMH Moët Hennessy Louis Vuitton.
This story first appeared in the February 9, 2012 issue of WWD. Subscribe Today.
The sale of 4.48 million shares, corresponding to 0.88 percent of the share capital of the French luxury group that acquired Bulgari last year, took place through an accelerated book-building procedure managed by Credit Suisse.
The operation yielded about 576 million euros, or $757.7 million at current exchange rates.
Paolo Bulgari, Nicola Bulgari and Trapani said that the proceeds from the disposal will help cover the different costs, including taxes, of reorganizing their respective interests in LVMH, which have been allocated into some Italian companies that they own and directly control.
As part of the takeover deal, Trapani joined the executive committee of LVMH and took the management helm of the French group’s watch and jewelry division.