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1、Bulgari/LVMHChiaraPalmieri(protocollon°XXX)Copyright©2012SDABocconi,MilanoSDABocconiSchoolofManagementBulgari/LVMHChiaraPalmieriBulgari/LVMHIntroduction“Youcannotsimplyliveonpastglories:that’sfoolish.Tobeasuccess,youhavetocombinetheworldsofthepast,presentandfuture.Thatisthechallengeandtherearemanyh
2、orizons.”(NicolaBulgari).OnMarch7th,2011BulgariannouncedamergerwithLVMH.Thecompany’swebsitedescribesthetransactionasfollows:“PaoloandNicolaBulgariandFrancescoTrapanihavecontributedandtransferredtoLVMHMoëtHennessyLouisVuittonS.A.thefamily’smajorityshareholdinginBulgariS.p.A.inordertoreinforcethelong
3、termdevelopmentoftheBulgariGroup.Asforthesharesheldbyminoritystockholders,incompliancewiththeItalianStockExchangeregulations,LVMHhassubmittedaPublicPurchaseOffer,aimingatdelistingBulgarithS.p.A”.OnSeptember29,2011Bulgarisharesweredelistedfollowingthesuccessofthetenderoffer.Thecompanybeforethetransa
4、ction:businessoverviewandkeyfinancialsBulgariSpaisanItaliancompanyengagedintheproductionandsaleofluxuryproducts.DescendingfromanancientfamilyofGreeksilversmiths,thecompany’sfounder,SotirioBulgari,movedtoItalyandin1884openedhisfirstshopinRome.In1905,withthehelpofhissonsCostantinoandGiorgio,heinaugur
5、atedtheshopinViaCondotti,whichtodayremainsBulgari’sflagshipstore.Bythe1950’s-60’s,theboldandinnovativestyleofBulgarijewelshadgainedsuccesswithinthejetsetandmovieworld.Withthegrowthofitsinternationalfame,Bulgaribeganitsfirstphaseofglobalexpansioninthe1970’s,openingstoresinNewYork,Geneva,MonteCarloan
6、dParis.In1984Giorgio’ssons,PaoloandNicolaBulgari,respectivelybecameChairmanandVice-ChairmanoftheCompany,whiletheirnephew,FrancescoTrapani,wasappointedChiefExecutiveOfficer.Followingaperiodofstronggrowthduringthe1980’s,Bulgaribegantodiversifyitsproductportfolio,addingtothefamousjewelcollectionsother
7、luxuryproductsincludingwatches,perfumes,fashionandleatheraccessoriesandeyewearcollections.In2000Bulgaribegantopursueamoreaggressivestrategyofverticalintegrationwiththeacquisitionofsomecompaniesbothinthewatc
