MILAN — Bulgari has acquired a 50 percent stake in the Italian jewelry firm Crova SpA for $8 million.
Crova, which specializes in the production of high-end jewelry, serves a number of Italian jewelry firms, including Bulgari, with which it has a 25-year relationship.
"Aside from improving Bulgari’s vertical integration in jewelry production, this agreement enables us, by serving additional third-party clients, to play an increasingly important role in the high-end jewelry segment, which we believe has an elevated growth potential," said Francesco Trapani, Bulgari’s chief executive officer, in a statement.
Vittorio Crova, president of the firm his family founded in 1845, concurred.
"We are happy to consolidate our relationship with Bulgari. This [deal] will allow us to grow further and broaden our portfolio of clients. Thanks to Bulgari’s organizational and financial capacities, we will strengthen our presence in the high-end jewelry niche and further improve the service to our clientele," he said.
Crova, based in the Valenza area, employs 350 people and had sales of $35 million this year.
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