FERRAGAMO BUYS OUT BULGARI
PARIS — The Salvatore Ferragamo and Bulgari beauty business have signed their separation agreement — amicably.
Ferragamo said Monday it has acquired from Bulgari its 50 percent stake in Ferragamo Parfums SA and Ungaro Parfums SA for an undisclosed sum.
As reported, the pair had been drafting a plan to end their 50-50 joint venture, which was signed in 1997, since Ferragamo had developed know-how and Bulgari attained critical mass in the beauty market.
“The operation is of particular importance in terms of marketing strategy, allowing the group to fully exploit the commercial potentials of the two brands, which should benefit from future investments aimed at strengthening and developing penetration of the two brands,” Ferragamo said in a statement. “The [Ferragamo Group] aims at becoming one of the top-five international companies, operating in the high end of the market.”